Hurricane Energy PLC Results of Sanction Hearing (3090D)
June 28 2021 - 4:32AM
UK Regulatory
TIDMHUR
RNS Number : 3090D
Hurricane Energy PLC
28 June 2021
28 June 2021
Hurricane Energy plc
("Hurricane", or the "Company")
Results of Sanction Hearing
Hurricane Energy plc, the UK based oil and gas company,
announces the results of the sanction hearing (the 'Sanction
Hearing') of the High Court of Justice of England and Wales (the
'Court') in relation to the restructuring plan proposed by the
Company under Part 26A of the Companies Act 2006 as set out at
Appendix F of the explanatory statement dated 24 May 2021 in
relation to the Restructuring Plan (the 'Restructuring Plan').
The Sanction Hearing was convened on 21 June 2021 at 2:00 p.m.
and concluded on 23 June 2021. Judgment was reserved and was handed
down today, 28 June 2021.
The Court has not sanctioned the Restructuring Plan. A copy of
the sealed court order will be published on the
Company's website at www.hurricaneenergy.com once received .
The existing Hurricane board is considering all options,
including an appeal. Unless the Company or the Ad Hoc Committee
successfully appeals the judgment, the Restructuring Plan will not
be implemented. The Company's convertible bondholders have certain
rights under the terms of the convertible bonds which, if enforced,
could result in an acceleration of the convertible bonds and
ultimately an insolvent liquidation of the Company. As a result
there is a significant risk of no value being returned to
shareholders.
The Company notes that a number of its shareholders have
indicated that they were not supportive of the Restructuring Plan
and, as a result, have indicated an intention to vote against the
re-election of those Directors of the Company that are standing for
re-election at the upcoming AGM on 30 June 2021 and/or to vote in
favour of resolutions proposed by Crystal Amber Fund Limited to
remove all of the non-executive Directors of the Company at the
upcoming EGM on 5 July 2021. It is the Company's understanding
that, in the event all of the Executive Directors are removed from
the Board, the Company's Nominated Adviser is likely to resign with
immediate effect. This is likely to have the result that the shares
of the Company are suspended from trading and, if a replacement
Nominated Adviser is not in place within a period of one month, it
may result in the shares of the Company being de-listed from
AIM.
Further updates will be made when appropriate.
-ends-
Contacts:
Hurricane Energy plc
Antony Maris, Chief Executive Officer
Philip Corbett, Head of Investor Relations +44 (0)1483 862820
Stifel Nicolaus Europe Limited
Nominated Adviser & Joint Corporate Broker
Callum Stewart +44 (0)20 7710 7600
Investec Bank plc
Joint Corporate Broker
Chris Sim / Rahul Sharma +44 (0)20 7597 5970
Vigo Consulting
Public Relations
Patrick d'Ancona / Ben Simons
hurricane@vigoconsulting.com +44 (0)20 7390 0230
About Hurricane
Hurricane has a 100% interest in and operates the Lancaster
field, the UK's first field to produce from a fractured basement
reservoir.
Hurricane also has a 50% interest in the Greater Warwick Area
licence, which contains the Lincoln and Warwick assets.
Visit Hurricane's website at www.hurricaneenergy.com
Inside Information
This announcement contains inside information.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFZGZVRRGGMZG
(END) Dow Jones Newswires
June 28, 2021 04:32 ET (08:32 GMT)
Hurricane Energy (LSE:HUR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Hurricane Energy (LSE:HUR)
Historical Stock Chart
From Apr 2023 to Apr 2024