REG - Barryroe Offshore - Results of Meeting of Creditors and Shareholders

Barryroe Offshore EnergyAnnouncement

27/10/2023 12:45

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RNS Number : 5832R  Barryroe Offshore Energy PLC  27 October 2023

Barryroe Offshore Energy PLC (in Examination under Part 10 of the Companies
Act, 2014)

27 October 2023

 

Proposals for a Scheme of Arrangement - Results of Meeting of Creditors and
Shareholders

As referenced in the announcement of 6 October 2023, this is a further
announcement in relation to Barryroe Offshore Energy Public Limited Company
(in Examination under part 10 of the Companies Act 2014) ("the Company"). By
way of background, on 21 July 2023, a petition was presented to the High Court
in Dublin to place the Company into Examinership. Kieran Wallace of Interpath
Advisory was appointed Examiner of the Company on 31 July 2023 following
confirmation by the High Court.

 

As required by the Act, the Examiner formulated proposals for a Scheme of
Arrangement ("the Scheme") for the Company ("the Proposals"), full details of
which are available at www.barryroeoffshoreenergy.com
(http://www.barryroeoffshoreenergy.com) .

 

Meetings of Shareholders and Creditors ("the Meetings") took place on 24
October 2023 to consider the Proposals, Chaired by the Examiner. The results
of the votes held at the Meetings were furnished to the Company only on the
afternoon of 26 October and they are summarised below.  1  (#_ftn1)

 

The Proposals having been approved by the requisite class of creditors the
Examiner has today approached the High Court to seek a Confirmation Hearing in
order to ask the Court to confirm the Proposals and set an Effective Date for
their implementation, expected to be during the first ten days of November
2023.

 

 

Summary of the Votes at the Meeting of 24 October

Of the four meetings of the members and classes of creditors held, two classes
voted in favour of the Proposals (albeit one of those classes was not impaired
by the Proposals). For the purposes of satisfying the statutory requirements
under Section 541 of the Companies Act, 2014, the Examiner is relying on the
support of the Unsecured Creditors Class. In particular, the voting
pre-condition set out in Section 541(3B)(a)(ii) is satisfied in circumstances
where the Unsecured Creditors Class is both impaired by the Proposals and is a
class of creditors which, in a valuation of the Company as a going concern,
would receive a payment in a liquidation of the Company. The results of the
meetings can be summarised as follows:

 

             Classes approving the Proposals  Impaired / Not Impaired  % in favour by value  % in favour by number
 1.          Preferential Creditor            Not Impaired             100%                  100%
 2.          Unsecured Creditors              Impaired                 100%                  100%

 

         Classes not approving the Proposals  Impaired / Not Impaired  % in favour by value  % in favour by number
 1.      Members                              Impaired                 35%                   89%
 2.      Contingent Decommissioning Creditor  Impaired                 0%                    0%

The Preferential Creditor Class comprised of one creditor. This class of
creditor voted in favour of the Proposals.

The Unsecured Creditors Class comprised of 16 creditors. 7 proxies were
received in advance of the meeting. 7 creditors voted in favour of the
Proposals with a total value of €302,490 and no creditors voted against the
Proposals. Therefore, 100% in value and 100% in number of the Unsecured
Creditors Class represented at the meeting voted in favour of the Proposals.

The Members Class comprised of 10,326 shareholders. 128 shareholders voted in
favour of the Proposals, 16 shareholders voted against the Proposal and 3
shareholders abstained.  In summary, 65% in value (being issued ordinary
shares) and 11% in number voted against the Proposals.

The Contingent Decommissioning Creditor Class comprised of one creditor. The
creditor did not cast a vote.

 

 

Existing Shareholders and Cancellation from AIM and Euronext Growth Markets

When the Court confirms the Proposals (with or without modification), the
Scheme shall be binding on the shareholders and creditors of the Company.

Where the Court confirms the Proposals, the interest of the shareholders in
the total issued share capital of the Company will be eliminated. The
shareholders shall receive no distribution on account of their shares under
the Scheme or under these Proposals. On the Effective Date, the existing
shares and all and any rights attaching or relating thereto will be cancelled.

Any rights and / or entitlements of the shareholders as members of the Company
pursuant to the articles of association of the Company or any other document,
or otherwise, shall cease as of the Effective Date.

 

Upon cancellation, the listings on AIM and Euronext Growth will be cancelled.

 

 

Expected timetable of Events

 

 Confirmation Hearing at the High Court                           11 am on 3 November 2023
 Effective Date for implementation of the Proposals               on or about 6 November 2023 (date to be decided by the High Court)
 Cancellation of Admission to trading on AIM and Euronext Growth  on or about 7 November 2023 (the day after the Effective Date)

 

Ends

INVESTOR ENQUIRIES:

Barryroe Offshore Energy PLC (in Examination)
 
 
    investors@barryroeoffshoreenergy.com

Alan Curran, Chief Executive

J & E Davy
 
                                       Tel: +353 1 679
6363

Anthony Farrell

 1  (#_ftnref1) A Scheme of Arrangement in an Examinership process requires a
majority vote of at least one class of impaired creditors. It does not require
approval of shareholders.

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