Hurricane Energy PLC Reduction of Capital and Notice of General Meeting (6415H)
November 25 2022 - 3:00AM
UK Regulatory
TIDMHUR
RNS Number : 6415H
Hurricane Energy PLC
25 November 2022
25 November 2022
Hurricane Energy plc
("Hurricane" or the "Company")
Reduction of Capital and Notice of General Meeting
Hurricane Energy plc, the UK based oil and gas company,
announces that a Shareholder Circular and a Notice of General
Meeting and the associated form of proxy have been published today
in the Investors section of the Company's website at
www.hurricaneenergy.com .
The Shareholder Circular sets out the details of a proposal to
carry out a reduction of the Company's capital involving the
cancellation of the Company's share premium account (which
currently stands at approximately US$822.5 million) in order to
create distributable reserves (the "Reduction of Capital").
As set out in the Company's announcement on 2 November 2022 of
the launch of a Formal Sale Process ("FSP"), in the event that the
FSP does not result in a transaction, the Board intends to commence
a significant capital return programme with up to $70 million
(equivalent to 3.1 pence per share, converted at an exchange rate
of GBP 1.00:USD 1.15) to be returned to shareholders in Q1, 2023,
upon completion of a capital reduction.
Further to that announcement, Shareholder approval is now being
sought to carry out the Reduction of Capital, which would enable
the Company to make distributions to its shareholders in future,
subject to the Company's performance. The Reduction of Capital is
conditional upon the Company obtaining the approval of shareholders
by special resolution at the General Meeting and confirmation by
the Court.
The General Meeting is to be held on Wednesday, 14 December 2022
at 10.00 am at The Library Suite, Royal Society of Chemistry,
Burlington House, Piccadilly, London, W1J 0BA.
Printed copies of the Shareholder Circular containing notice of
General Meeting and the associated form of proxy will be posted
today to registered shareholders who have elected to receive paper
communications. All shareholders are encouraged to submit their
vote by proxy, well in advance of the meeting. Details of how to do
this are contained in the notice of meeting. All valid proxy votes
(whether submitted electronically or in hard copy form) will be
included in the poll vote to be taken at the meeting.
The result of the General Meeting will be announced after its
conclusion and published on the Company's website.
-ends-
Contacts:
Hurricane Energy plc
Antony Maris, Chief Executive Officer
communications@Hurricaneenergy.com +44 (0)1483 862820
Stifel Nicolaus Europe Limited
Financial Adviser, Nominated Adviser & Joint
Corporate Broker
Callum Stewart / Jason Grossman +44 (0)20 7710 7600
Investec Bank plc
Joint Corporate Broker
Chris Sim / Charles Craven / Jarrett Silver +44 (0)20 7597 5970
Vigo Consulting
Public Relations
Patrick d'Ancona / Ben Simons
Hurricane@vigoconsulting.com +44 (0)20 7390 0230
Inside Information
This announcement does not contain inside information as
stipulated under the market abuse regulation (EU no. 596/2014).
Rule 26.1 disclosure
In accordance with Rule 26.1 of the City Code on Takeovers and
Mergers, a copy of this announcement will be available (subject to
certain restrictions relating to persons resident in restricted
jurisdictions) at www.Hurricaneenergy.com by no later than 12 noon
(London time) on the business day following the date of this
announcement. The content of the website referred to in this
announcement is not incorporated into and does not form part of
this announcement.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NOGBABPTMTITMRT
(END) Dow Jones Newswires
November 25, 2022 04:00 ET (09:00 GMT)
Hurricane Energy (LSE:HUR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Hurricane Energy (LSE:HUR)
Historical Stock Chart
From Apr 2023 to Apr 2024