Petroceltic International PLC Update on Petition & Suspension of Trading (1833R)
March 07 2016 - 1:30AM
UK Regulatory
TIDMPCI
RNS Number : 1833R
Petroceltic International PLC
07 March 2016
Dublin
7 March 2016
Petroceltic International Plc
("Petroceltic" or the "Company")
Update on Worldview Examinership Petition
Suspension of Trading on AIM and ESM
On 4 March 2016 Worldview EHS International Master Fund
("Worldview") presented a petition to the High Court of Ireland
(the "Court") to appoint an examiner to Petroceltic International
plc, Petroceltic Investments Limited and Petroceltic Ain Tsila
Limited (the "Petition Companies") and to admit such companies to
the protection of the Court pursuant to the relevant provisions of
the Companies Act 2014 of Ireland (the "Petition").
The full hearing of the Petition has been adjourned until 4
April 2016 at which time the Court will consider the Petition. The
Court did not appoint an interim examiner pending the hearing of
the Petition, however it did grant the full protection of the
examinership process to the Petition Companies.
The Petition was made without any prior consultation with or
advice to the Company. Petroceltic is taking legal advice in
relation to the Petition.
On 4 March 2016 the Company had substantially agreed with its
senior lenders the commercial terms and conditions of a further
waiver of payments to 18 March 2016. However this waiver could not
be concluded in light of the presentation of the Petition. The
Company is actively engaged with its senior lenders to determine
their position in the light of the Petition.
Sunny Hill Limited is an affiliated company of Worldview and on
26 February 2016 announced its firm intention to make an all cash
offer of Stg 3 pence per share for the entire issued and to be
issued share capital of Petroceltic other than the Petroceltic
Shares in the beneficial control of Worldview International
Management Limited SEZC and/or any of the Worldview Funds.
Given the significant uncertainties in relation to the Group's
financial circumstances arising from the Petition, the Company has
applied for its shares to be suspended from trading on AIM and ESM
with effect from 7.30am on Monday 7 March 2016 until such time as
the uncertainties can be determined.
ENDS
For further information, please contact:
Brian O' Cathain /Tom Hickey, Petroceltic International Tel: +353 (1) 421 8300
James Henderson / Rollo Crichton-Stuart, Bell Pottinger Tel: +44 (20) 3772 2500
Douglas Keatinge / Joe Heron, Murray Consultants Tel: +353 (1) 498 0300
John Frain / Roland French, Davy Tel: +353 (1) 679 6363
The Directors of Petroceltic International plc accept
responsibility for the information contained in this announcement.
To the best of their knowledge and belief (having taken all
reasonable care to ensure that such is the case), the information
contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such
information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEADDKEEXKEAF
(END) Dow Jones Newswires
March 07, 2016 02:30 ET (07:30 GMT)
Petroceltic (LSE:PCI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Petroceltic (LSE:PCI)
Historical Stock Chart
From Jul 2023 to Jul 2024