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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hurricane Energy Plc | LSE:HUR | London | Ordinary Share | GB00B580MF54 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.79 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHUR
RNS Number : 6415H
Hurricane Energy PLC
25 November 2022
25 November 2022
Hurricane Energy plc
("Hurricane" or the "Company")
Reduction of Capital and Notice of General Meeting
Hurricane Energy plc, the UK based oil and gas company, announces that a Shareholder Circular and a Notice of General Meeting and the associated form of proxy have been published today in the Investors section of the Company's website at www.hurricaneenergy.com .
The Shareholder Circular sets out the details of a proposal to carry out a reduction of the Company's capital involving the cancellation of the Company's share premium account (which currently stands at approximately US$822.5 million) in order to create distributable reserves (the "Reduction of Capital").
As set out in the Company's announcement on 2 November 2022 of the launch of a Formal Sale Process ("FSP"), in the event that the FSP does not result in a transaction, the Board intends to commence a significant capital return programme with up to $70 million (equivalent to 3.1 pence per share, converted at an exchange rate of GBP 1.00:USD 1.15) to be returned to shareholders in Q1, 2023, upon completion of a capital reduction.
Further to that announcement, Shareholder approval is now being sought to carry out the Reduction of Capital, which would enable the Company to make distributions to its shareholders in future, subject to the Company's performance. The Reduction of Capital is conditional upon the Company obtaining the approval of shareholders by special resolution at the General Meeting and confirmation by the Court.
The General Meeting is to be held on Wednesday, 14 December 2022 at 10.00 am at The Library Suite, Royal Society of Chemistry, Burlington House, Piccadilly, London, W1J 0BA.
Printed copies of the Shareholder Circular containing notice of General Meeting and the associated form of proxy will be posted today to registered shareholders who have elected to receive paper communications. All shareholders are encouraged to submit their vote by proxy, well in advance of the meeting. Details of how to do this are contained in the notice of meeting. All valid proxy votes (whether submitted electronically or in hard copy form) will be included in the poll vote to be taken at the meeting.
The result of the General Meeting will be announced after its conclusion and published on the Company's website.
-ends-
Contacts:
Hurricane Energy plc Antony Maris, Chief Executive Officer communications@Hurricaneenergy.com +44 (0)1483 862820 Stifel Nicolaus Europe Limited Financial Adviser, Nominated Adviser & Joint Corporate Broker Callum Stewart / Jason Grossman +44 (0)20 7710 7600 Investec Bank plc Joint Corporate Broker Chris Sim / Charles Craven / Jarrett Silver +44 (0)20 7597 5970 Vigo Consulting Public Relations Patrick d'Ancona / Ben Simons Hurricane@vigoconsulting.com +44 (0)20 7390 0230
Inside Information
This announcement does not contain inside information as stipulated under the market abuse regulation (EU no. 596/2014).
Rule 26.1 disclosure
In accordance with Rule 26.1 of the City Code on Takeovers and Mergers, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at www.Hurricaneenergy.com by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
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.
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(END) Dow Jones Newswires
November 25, 2022 04:00 ET (09:00 GMT)
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