i3 Energy PLC Reduction of Capital - Update (2678O)
October 02 2023 - 1:01AM
UK Regulatory
TIDMI3E
RNS Number : 2678O
i3 Energy PLC
02 October 2023
2 October 2023
i3 Energy plc
("i3", "i3 Energy", or the "Company")
Reduction of Capital - Update
i3 Energy PLC (AIM:I3E) (TSX:ITE), an independent oil and gas
company with assets and operations in the UK and Canada, announces
the following update to its proposed reduction of capital.
Proposed Capital Reduction
At the AGM held on 30 June 2023 the shareholders approved a
resolution to allow the cancellation of the Company's share premium
account (the "Capital Reduction). The proposed Capital Reduction is
intended to increase retained earnings by an amount equal to the
amount standing to the credit of the Company's share premium
account in order to create further distributable reserves in the
Company to facilitate the future payment of dividends (in cash or
otherwise) to Shareholders, where justified by the profits of the
Company, or to allow the redemption or buy-back of the Company's
shares (or other distributions to Shareholders).
The proposed cancellation of the Company's share premium account
is subject to the scrutiny of, and confirmation by, the High Court
of England and Wales (the "High Court") which will take due account
of the protection of creditors. Subject to that confirmation and
registration by the Registrar of Companies in England and Wales of
the order of the High Court, the Capital Reduction is expected to
take effect as per the timetable below.
The Board anticipates that the cancellation of the Company's
share premium account will result in the creation of further
distributable reserves. However, this is subject to: (i) there
being no materially negative change in the financial position or
prospects of the Company; and (ii) any provision that the court
requires the Company to make for the protection of its creditors
(although the Board does not expect any undertakings or similar
measures to be required). This will give the Company the maximum
flexibility to consider the payment of dividends and otherwise
return value to the Shareholders, should the Board consider it
appropriate. It should however be noted that if the Company is
required to give undertakings to the High Court, this may delay the
Company's ability to pay dividends and otherwise return value to
Shareholders.
Following the implementation of the Capital Reduction, there
will be no change in the nominal value of the Company's shares or
the number of shares in issue. The Capital Reduction in itself will
not involve any distribution or repayment of share premium by the
Company and will not reduce the underlying net assets of the
Company.
The Directors reserve the right to abandon or discontinue any
application to the High Court for confirmation of the Capital
Reduction if the Directors believe that the terms required to
obtain confirmation are unsatisfactory to the Company or if, as the
result of a material unforeseen event, the Directors consider that
to continue with the Capital Reduction would be inappropriate or
inadvisable.
Timetable of Principal Events
The expected timetable of principal events with respect to the
Capital Reduction are as follows:
PRINCIPAL EVENT DATE
Date for the directions hearing 17 October 2023
for the High Court to consider
the Capital Reduction application
---------------------
Date for the hearing by the 7 November 2023
High Court to confirm the Capital
Reduction
---------------------
Expected date that the Capital 7 or 8 November 2023
Reduction becomes effective
---------------------
Enquiries:
i3 Energy plc c/o Camarco
Majid Shafiq (CEO) Tel: +44 (0) 203 781 8338
WH Ireland Limited (Nomad
and Joint Broker) Tel: +44 (0) 207 220 1666
James Joyce, Darshan Patel
Tennyson Securities (Joint
Broker) Tel: +44 (0) 207 186 9030
Peter Krens
Stifel Nicolaus Europe Limited
(Joint Broker) Tel: +44 (0) 20 7710 7600
Ashton Clanfield, Callum Stewart
Camarco
Georgia Edmonds, Violet Wilson, Tel: +44 (0) 203 781 8338
Sam Morris
Notes to Editors:
i3 Energy is an oil and gas Company with a low cost,
diversified, growing production base in Canada's most prolific
hydrocarbon region, the Western Canadian Sedimentary Basin and
appraisal assets in the North Sea with significant upside.
The Company is well positioned to deliver future growth through
the optimisation of its existing 100% owned asset base and the
acquisition of long life, low decline conventional production
assets.
i3 is dedicated to responsible corporate practices and the
environment, and places high value on adhering to strong
Environmental, Social and Governance ("ESG") practices. i3 is proud
of its performance to date as a responsible steward of the
environment, people, and capital management. The Company is
committed to maintaining an ESG strategy, which has broader
implications for long-term value creation, as these benefits extend
beyond regulatory requirements.
i3 Energy is listed on the AIM market of the London Stock
Exchange under the symbol I3E and on the Toronto Stock Exchange
under the symbol ITE. For further information on i3 Energy please
visit https://i3.energy/ .
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
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