Energy XXI (Bermuda) Limited Result of AGM and AIM Admission Cancellation (3114W)

TIDMEXXI

RNS Number : 3114W

Energy XXI (Bermuda) Limited

06 November 2014

5November 2014

Energy XXI LTD

Result of AGM and AIM Admission Cancellation

Energy XXI LTD (NASDAQ: EXXI) (AIM: EXXI) held its 2014 Annual General Meeting of Shareholders (the "Annual Meeting") on 4(th) November 2014.

Further to the Company's annual general meeting held yesterday, the Company reports that all resolutions were passed save for Resolution 4. The Shareholders approved the change of company name to Energy XXI Ltd, and the Bermuda Registrar of Companies has approved the change of company name and has updated its register to reflect Energy XXI Ltd as the company name.

Shareholders also gave their approval to authorise the board of directors to effect a cancellation of the Company's shares from trading on AIM at their discretion effective any time on or before 13(th) March 2015.

The principal reasons for the AIM Admission Cancellation are:

-- The Company's Common Shares trade in the U.S. on NASDAQ and the Company believes that an effective market for trading its Common Shares exists on NASDAQ;

-- The costs of maintaining an AIM listing in addition to its NASDAQ listing are disproportionate to the benefits to the Company;

-- Management time taken up with our AIM listing could more usefully be deployed elsewhere to the benefit of the Company. In particular, the management time and the legal and regulatory burden associated with maintaining its admission to trading on AIM is disproportionate to the benefits to the Company; and

-- The Company's main operating units, as well as operations, are in the U.S. Consequently, the Company believes that (i) maintaining a listing in its home market is more beneficial and is estimated to lead to greater liquidity in its securities and (ii) it is currently preferable for its shareholders to trade through a U.S.-based exchange.

In light of the above, the Company believes that it is no longer in its best interests to retain its AIM quotation.

Further to the AGM the board has resolved to effect the AIM Admission Cancellation and has set a preferred cancellation date of 12(th) December 2014. The Company's shares will continue to trade on NASDAQ following AIM Admission Cancellation.

For further information please contact:

Energy XXI

Greg Smith

Vice President, Investor Relations

[phone]

[e-mail]

Cantor Fitzgerald Europe

Nominated Adviser: David Porter, Rick Thompson, Sarah Wharry

Corporate Broking: Richard Redmayne

[phone]

Pelham Bell Pottinger

Henry Lerwill

[e-mail]

[phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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