Hurricane Energy PLC Further announcement regarding Restructuring Plan (7568D)
July 01 2021 - 2:00AM
UK Regulatory
TIDMHUR
RNS Number : 7568D
Hurricane Energy PLC
01 July 2021
1 July 2021
Hurricane Energy plc
("Hurricane", or the "Company")
Further announcement regarding Restructuring Plan
Hurricane Energy plc, the UK based oil and gas company,
announces, further to the decision of the High Court of Justice of
England and Wales (the 'Court') on 28 June 2021 not to sanction 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'), that the lock-up agreement dated 30
April 2021 (the 'Lock-Up Agreement') entered into with an ad hoc
committee of holders of the US$230,000,000 7.5% Convertible Bonds
due 2022 (ISIN: XS1641462277) (the 'Convertible Bonds') for, among
other things, the purpose of implementing the Restructuring Plan,
automatically terminated at 11.59 p.m. on 30 June 2021 in
accordance with the terms contained therein.
Accordingly, the Event of Default (as defined in the trust deed
dated 24 July 2017 between the Company and U.S. Bank Trustees
Limited (the 'Trustee') (the 'Trust Deed')) pursuant to Condition
10(F) of the terms and conditions of the Convertible Bonds notified
to holders of the Convertible Bonds on 30 April 2021 is no longer
continuing, and any consequential right of the Company's
convertible bondholders to accelerate the convertible bonds has
lapsed.
However, in light of the decision made by the Court, the Company
continues to monitor the Potential Event of Default (as defined in
the Trust Deed) relating to the Company's ability to repay the
Convertible Bonds at maturity under Condition 10(F) of the terms
and conditions of the Convertible Bonds, which was also notified to
the Trustee and holders of the Convertible Bonds on 30 April
2021.
Furthermore, the Company shall procure the "unblocking" of all
Convertible Bonds currently "blocked" in the clearing systems in
accordance with the procedures set out in Appendix B of the
explanatory statement dated 24 May 2021. Once "unblocked", holders
of the Convertible Bonds will be able to trade and the Company
expects such "unblocking" to take place during the course of
today.
For the avoidance of doubt, the Trustee has not been involved in
and expresses no opinion as to the matters set out in this
announcement.
The dedicated website containing all documentation relating to
the Lock-up Agreement for the holders of the Convertible Bonds will
be taken down. All information made available to shareholders in
relation to the Restructuring Plan will remain on the Company's
website until further notice.
-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
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