SDX Energy PLC Confirmation of Capital Reduction (1400B)
June 05 2019 - 1:00AM
UK Regulatory
TIDMSDX
RNS Number : 1400B
SDX Energy PLC
05 June 2019
5 June 2019
SDX ENERGY PLC
("SDX" or the "Company")
Confirmation of Capital Reduction
The Company announces that the High Court of Justice Chancery
Division in England and Wales (the "Court") made an order yesterday
confirming the reduction of share capital of the Company pursuant
to section 648 of the Companies Act 2006 by cancelling the paid up
capital of the Company to the extent of 19 pence on each ordinary
share of GBP0.20 in the issued share capital of the Company (the
"Capital Reduction").
The order of the Court together with the statement of capital
approved by the Court, have been registered with the Registrar of
Companies and accordingly, the Capital Reduction is now
effective.
As a result of the Capital Reduction, the nominal value of
ordinary shares in the issued share capital of the Company is now
GBP0.01 each. There has been no change in the number of the
Company's ordinary shares in issue.
The purpose of the Capital Reduction is to restructure the
issued share capital and reserves of the Company and to create
distributable reserves to facilitate the payment of future
dividends, when it becomes commercially prudent to do so.
About the Company
SDX is an international oil and gas exploration, production and
development company, headquartered in London, England, UK, with a
principal focus on North Africa. In Egypt, SDX has a working
interest in two producing assets (50% North West Gemsa & 50%
Meseda) located onshore in the Eastern Desert, adjacent to the Gulf
of Suez. In Morocco, SDX has a 75% working interest in the Sebou
concession situated in the Rharb Basin. These producing assets are
characterised by exceptionally low operating costs making them
particularly resilient in a low oil price environment. SDX's
portfolio also includes high impact exploration opportunities in
both Egypt and Morocco.
For further information, please see the website of the Company
at www.sdxenergy.com or the Company's filed documents at
www.sedar.com.
For further information:
SDX Energy plc
Mark Reid
Chief Financial Officer and Interim Chief Executive Officer
Tel: +44 203 219 5640
Stifel Nicolaus Europe Limited (Nominated Adviser and Joint
Broker)
Callum Stewart/Nicholas Rhodes/Ashton Clanfield
Tel: +44 (0) 20 7710 7600
Cantor Fitzgerald Europe (Joint Broker)
David Porter
Tel: +44 207 7894 7000
GMP FirstEnergy (Joint Broker)
Jonathan Wright
Tel: +44 207 448 0200
Celicourt (PR)
Mark Antelme/Jimmy Lea/Ollie Mills
Tel: +44 207 520 9261
Forward--Looking Statements
Certain statements contained in this press release may
constitute "forward--looking statements". Any statements that
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions,
the payment of dividends or future events or are not statements of
historical fact should be viewed as forward-looking
information.
The forward-looking information contained in this document is
based on certain assumptions and although management considers
these assumptions to be reasonable based on information currently
available to them, undue reliance should not be placed on the
forward-looking information because the Company can give no
assurances that they may prove to be correct. This includes, but is
not limited to, assumptions related to, among other things, ability
to obtain listing approvals and the availability in the future of
distributable reserves.
All timing given in this announcement, unless stated otherwise
is indicative and while the Company endeavors to provide accurate
timing to the market, it cautions that due to the nature of its
operations and reliance on third parties this is subject to change
often at little or no notice.
Forward-looking information is subject to certain risks and
uncertainties (both general and specific) that could cause actual
events or outcomes to differ materially from those anticipated or
implied by such forward--looking statements. Such risks and other
factors include, but are not limited to political, social and other
risks inherent in daily operations for the Company, risks
associated with the industries in which the Company operates, such
as: operational risks; delays or changes in plans with respect to
growth projects or capital expenditures; costs and expenses;
health, safety and environmental risks; commodity price, interest
rate and exchange rate fluctuations; environmental risks;
competition; ability to access sufficient capital from internal and
external sources; and changes in legislation, including but not
limited to tax laws and environmental regulations. Readers are
cautioned that the foregoing list of risk factors is not
exhaustive.
The forward--looking information contained in this press release
is as of the date hereof and the Company does not undertake any
obligation to update publicly or to revise any of the included
forward--looking information, except as required by applicable law.
The forward--looking information contained herein is expressly
qualified by this cautionary statement.
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.
END
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