Proposed Re-domicile to Isle of Man
April 26 2010 - 11:15AM
UK Regulatory
TIDMBPC
RNS Number : 8066K
BPC Ltd
26 April 2010
26 April 2010
BPC Limited
("BPC" or the "Company")
Proposed Re-domicile to Isle of Man
BPC, the oil and gas exploration company with licences in The Bahamas, announces
that, further to previous announcements on 3 December 2009 and 11 March 2010, it
is now proceeding with board approved proposals to re-domicile the holding
company of the group from the Falklands Islands to the Isle of Man (the
"Re-domicile").
The Company announced on 11 March 2010 that it intended to undertake the
Re-domicile, following the approval of the licences to be awarded to the
BPC/Statoil joint venture. However, since that announcement, the Company has
become aware that the Supreme Court of the Falkland Islands (the "Court"), the
approval of which is required for the successful implementation of the proposal
to Re-domicile, would be sitting in the Falkland Islands in June 2010 and that
it was therefore the appropriate time to proceed with the Re-domicile.
It is proposed that the Re-domicile will be effected by way of a scheme of
arrangement ("Scheme") and associated reduction of share capital, conditional on
shareholder approval and consent from the Court. If the Scheme becomes
effective, existing shareholders in the Company will receive shares in a new
company, BPC Plc (incorporated in the Isle of Man) (the "New BPC Shares") on a
one-for-one basis, and the New BPC Shares will be admitted to trading on AIM.
Shareholders of the Company have today been sent a circular convening an
Extraordinary General Meeting of the Company ("EGM") and a meeting of
shareholders convened by order of the Court ("Court Meeting") for 20 May 2010
(the "Circular"). The Circular sets out the Scheme in full, together with
notices of the meetings and additional documentation in connection with the
Re-domicile, including the proposed cancellation of the existing BPC shares
("Existing BPC Shares") and the admission of the New BPC Shares to trading on
AIM. Such documentation is available for download on the Company's website,
www.bpcltdgroup.com
If shareholders approve the proposals at the EGM and the Court Meeting, it is
anticipated that a Court hearing of the petition to sanction the Scheme and
confirm the associated reductions of capital under the Scheme will be held on 11
June 2010, and that the last day of dealing in Existing BPC Shares will be 15
June 2010, with the cancellation of the Existing BPC Shares and the admission of
the New BPC Shares occurring on 16 June 2010.
Such timetable is subject to change and a further announcement will be made in
due course.
Enquiries:
+----------------------------------------+--------------------+
| BPC Limited | |
| Alan Burns, Chairman and CEO | Tel: +44 (0) 1624 |
| Dr Paul Crevello, Chief Operating | 64 1199 |
| Officer | Tel: +1 720 771 |
| | 7583 |
+----------------------------------------+--------------------+
| Strand Hanson Limited | |
| Rory Murphy / Liam Buswell | Tel: +44 (0) 20 |
| | 7409 3494 |
+----------------------------------------+--------------------+
| Novus Capital Markets Ltd | |
| Charles Goodfellow / David Rae | Tel: +44 (0) 20 |
| | 7107 1872 |
+----------------------------------------+--------------------+
| FirstEnergy Capital LLP | |
| Richard Hail / Derek Smith | Tel: +44 (0) 20 |
| | 7448 0200 |
+----------------------------------------+--------------------+
| Financial Dynamics | |
| Billy Clegg / Ed Westropp | Tel: +44 (0) 20 |
| | 7831 3113 |
+----------------------------------------+--------------------+
+----------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCKKADPQBKDCQB
Challenger Energy (LSE:CEG)
Historical Stock Chart
From Jul 2024 to Aug 2024
Challenger Energy (LSE:CEG)
Historical Stock Chart
From Aug 2023 to Aug 2024
