Kea Petroleum PLC Meetings of Members and Creditors (2750G)
November 19 2015 - 4:03AM
UK Regulatory
TIDMKEA
RNS Number : 2750G
Kea Petroleum PLC
19 November 2015
LON:KEA 19 November 2015
KEA PETROLEUM PLC
("Kea" or the "Company")
Meetings of Members and Creditors in a Winding Up
The Directors have reluctantly concluded that it is no longer
feasible to proceed with plans to convert the Company into an
investing company and have initiated the procedures to voluntarily
wind up the Company. The Company's solvency has been dependent on
the forbearance of its creditors and the future prospective sale of
PEP51153, the Company's principal remaining asset. Unfortunately
the Company has experienced protracted delays in concluding this
sale. Accordingly, the Directors will call meetings of members and
creditors to seek the approval of the appointment of Stephen Cork
and Joanne Milner of Cork Gully LLP as Joint Liquidators. These
meetings are expected to be held in December.
Background
In its update of 5 November 2015 regarding the disposal of its
oil and gas assets, the Company set out that its financial position
remained critical and that it would need to raise further funds for
its present needs, and to continue as a proposed investing company.
It stated it would need to raise further funds by 26 November 2015
in order to seek a restoration of trading in its shares.
The disposal of PEP51153 is conditional on the consent of the
New Zealand Petroleum and Minerals regulatory body for oil and gas
in giving a Section 41 approval. This consent remains
outstanding.
As a result of recent developments in New Zealand, the
likelihood of the securing the required Section 41 consent in the
near future appears now to be remote. Accordingly the Directors
have concluded they have no option but to engage the services of an
Insolvency Practitioner.
Suspension from Trading
The trading in the Company's shares has been suspended from
trading since 26 May 2015 pending clarification of its financial
position. The Company's shares will remain suspended from trading
and are due to be cancelled from AIM at 7am on 27 November
2015.
Further updates will be provided to shareholders as soon as
possible.
For further information please contact:
Kea Petroleum plc Tel: +44 (0)20 7340
David Lees, Executive Director 9970
WH Ireland Limited (Nomad) Tel: +44 (0)20 7220
James Joyce 1666
James Bavister
Buchanan Tel: +44 (0)20 7466
Mark Court 5000
Sophie Cowles
This information is provided by RNS
The company news service from the London Stock Exchange
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