Nighthawk Energy plc Cancellation of GM and Chapter 11 Update (8637Q)

TIDMHAWK

RNS Number : 8637Q

Nighthawk Energy plc

11 June 2018

NIGHTHAWK ENERGY PLC

("Nighthawk" or "the Company")

Cancellation of General Meeting

Update on Chapter 11 Proceedings

Nighthawk, the US-focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces that it has received notice on behalf of Fastighets AB Korpralen and Mr. Johan Claesson (the "Requisitioning Shareholders") that they no longer wish to propose the resolutions set out in the Notice of General Meeting dated 31 May 2018 and that Messrs. Claesson and Johan Damne no longer wish to be appointed as directors of the Company. The meeting had been requisitioned on behalf of the Requisitioning Shareholders under section 303 of the Companies Act. As a result of there now being no business to be put before the meeting, the Directors have taken the decision to cancel the General Meeting on 28 June 2018. The Company will shortly be writing to shareholders to inform them of the cancellation of the General Meeting. This communication will also be available on the Company's website www.nighthawkenergy.com.

The Requisitioning Shareholders withdrew their requirement for the meeting to take place and for the resolutions to be proposed on the understanding that within the context of and under the timeline established in the bid procedures approved by US bankruptcy court handling the Chapter 11 case of Nighthawk, the directors of the Company will work with the Requisitioning Shareholders on a reconstruction plan for the solvent reconstruction of the Company and its subsidiaries. There is no assurance that the Company and Requisitioning Shareholders will be able to agree on such a plan, or that it will be presented to and approved by the bankruptcy court.

The timeline for the bid procedures has now been fixed by the US bankruptcy court. The bid procedures provide for submission of competing bids for the Nighthawk Production oil and gas assets by 22 June 2018, an auction among competing bidders on 26 June 2018 and a final hearing to approve the sale of those assets on 28 June 2018.

The Company's ordinary shares remain suspended from trading on AIM.

Further announcements will be made in due course.

Enquiries:

 
 Nighthawk Energy plc 
 Rick McCullough, Chairman            +1 303 407 9600 
 Chris Kohler, Interim Chief 
  Financial Officer              +44 (0) 20 3582 1350 
 
 Stockdale Securities Limited    +44 (0) 20 7601 6100 
 Richard Johnson 
 Edward Thomas

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU 596/2014).

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