G3 Exploration Limited Corporate Update
January 08 2020 - 9:08AM
RNS Non-Regulatory
TIDMG3E
G3 Exploration Limited
08 January 2020
8 January 2020
G3 EXPLORATION LTD.
("G3 Exploration", "G3E" or the "Company")
JPL Update
On 11 December 2019, by order of the Grand Court of the Cayman
Islands (the "Court") filed on 17 December 2019, the Company was
placed into provisional liquidation and Messrs Alexander Lawson and
Christopher Kennedy of Alvarez & Marsal Cayman Islands Limited,
2(nd) Floor Flagship Building, 70 Harbour Drive, George Town,
Cayman Islands, KY1-1104, together with Ms Wing Sze Tiffany Wong of
Alvarez & Marsal Asia Limited, Rooms 405-7, 4/F, St George's
Building, 2 Ice House Street, Central, Hong Kong, were appointed as
joint provisional liquidators ("JPLs").
Role of the JPLs
The JPLs are independent officers of the Court. The primary
roles of the JPLs are, broadly, to preserve and protect the
Company's assets and identify any opportunities which may exist to
restructure or refinance the Company.
The Company's application seeking to appoint the JPLs had sought
the Court's approval to grant the JPLs and the board of directors
of the Company the power to control the subsidiaries of the
Company. This aspect of the application was not successful. The
subsidiaries of the Company are under the control of the Receivers
who were appointed on 9 September 2019 (their appointment was
ratified on 21 October 2019) over the shares that the Company holds
in Greka Gas China Ltd. pursuant to the first priority share
mortgage dated 19 November 2014 in favour of Nordic Trustee. The
Receivers subsequently exercised shareholder rights to remove and
replace existing directors at the subsidiary entities with
individuals from the Receivers' firm.
The JPLs have until 5 February 2020 to explore such
possibilities and prepare a report as to the likelihood of a viable
restructuring. The JPLs expect to undertake this process in
consultation with the Company's existing management and other key
stakeholders including the receivers. During this eight-week
period, and until further order of the Court, the existing board of
directors and management of the Company shall remain in office and
may exercise, with the supervision and prior approval of the JPLs,
those powers conferred upon it by the Company. To date, the
existing board of directors and management have not sought the
approval of the JPLs to exercise any of its pre-existing powers
and, as such no such approval has been granted by the JPLs.
Next Steps
The JPLs' enquiries (which are already underway), will continue
with the JPLs consulting with, and obtaining relevant information
from, key stakeholders with a view to determining the possibility
of a restructuring (or refinancing) option. The JPLs' findings, and
their ultimate recommendation as to the likelihood of a successful
restructuring (or refinancing) will be presented to the Court in
their report on or before 5 February 2020.
For the avoidance of any doubt, no such restructuring or
refinancing has been developed or agreed, however, the JPLs are
working with both the Company and the receivers to investigate all
potential options.
Should you have any queries, please contact the JPLs via their
colleague Carlos Bourgy at cbourgy@alvarezandmarsal.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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