Hurricane Energy PLC Review re rejected restructuring plan of mid-2021 (1197W)
December 20 2021 - 1:00AM
UK Regulatory
TIDMHUR
RNS Number : 1197W
Hurricane Energy PLC
20 December 2021
20 December 2021
Hurricane Energy plc
("Hurricane" or the "Company")
Review of events leading up to the rejected restructuring plan
of mid-2021
Hurricane Energy plc, the UK based oil and gas company,
announces the completion of a review, led by the non-executive
directors of the Company (the "NEDs"), of the events leading up to
the restructuring plan (the "Plan") being rejected by the Court on
28 June 2021, including decisions made by the Company's previous
board on its U.S.$230,000,000 7.50 per cent. Convertible Bonds due
2022 (the "Bonds") and the Plan.
The review, having been requested by some shareholders, was
overseen by the NEDs and carried out by an independent solicitor
assisted by leading counsel. The NEDs have concluded that the
Company's previous board discharged their fiduciary duties
diligently and in good faith during this time to address the fact
that there was projected to be a significant shortfall upon
maturity of the Bonds, and they received extensive advice from
outside professionals on whom the Company's previous board could
and did properly rely.
It has been suggested by some shareholders that an earlier
tender offer for the Bonds would have been in the best interests of
the Company. During the period of engagement with bondholders and
other stakeholders, the Company concluded that it was important to
preserve cash to keep open the possibility of investing in a
remedial plan which would benefit all stakeholders. Once the Plan
was rejected (in which it was concluded that no investment in
remedial works would be possible without bondholder consent), the
Company carried out a tender offer for the Bonds. As announced on 8
December 2021, 10 December 2021 and 15 December 2021, the Group has
continued to carry out repurchases of the Bonds where opportunities
to do so on attractive terms have arisen.
The NEDs have agreed that no further action is necessary and
believe that time and resources should now be spent on maximising
the future revenue and potential of the Company. Every effort is
being made to repay the Bonds at maturity, to give due and proper
consideration to the interests of other stakeholders and to
increase value attributable to shareholders.
-ends-
Contacts:
Hurricane Energy plc
Antony Maris, Chief Executive Officer
communications@hurricaneenergy.com +44 (0)1483 862820
Stifel Nicolaus Europe Limited
Nominated Adviser & Joint Corporate Broker
Callum Stewart / Jason Grossman +44 (0)20 7710 7600
Investec Bank plc
Joint Corporate Broker
Chris Sim / Jarrett Silver +44 (0)20 7597 5970
Vigo Consulting
Public Relations
Patrick d'Ancona / Ben Simons
hurricane@vigoconsulting.com +44 (0)20 7390 0230
About Hurricane
Hurricane has a 100% interest in and operates the Lancaster
field, the UK's first field to produce from a fractured basement
reservoir.
Hurricane also has a 50% interest in the Greater Warwick Area
licence, which contains the Lincoln and Warwick assets.
Visit Hurricane's website at www.hurricaneenergy.com
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END
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