REG - Caspian Sunrise plc - Proposed cancellation of share premium account

Caspian SunriseAnnouncement

05/04/2022 07:00

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RNS Number : 1990H  Caspian Sunrise plc  05 April 2022

 

 

CASPIAN SUNRISE PLC

("Caspian Sunrise" or the "Company")

 

Proposed cancellation of the share premium account and

the deferred shares

 

The Board of Caspian Sunrise is pleased to announce that a circular convening
a general meeting on 22 April 2022 will be posted to shareholders later today
to seek approval to cancel the Company's share premium account and to cancel
the deferred shares, which are steps required to allow the future payment of
dividends.

 

A copy of the circular will be available at www.caspiansunrise.com
(http://www.caspiansunrise.com)

 

Under UK company law, a company is precluded from paying dividends, making
other distributions to shareholders or buying back its own shares in the
absence of distributable reserves.

 

If the proposed share premium cancellation and proposed deferred shares
cancellation, are approved by shareholders at the general meeting, they will
be subject to the scrutiny of, and confirmation by the High Court.

 

Following the implementation of the share premium cancellation and the
deferred shares cancellation there would be no change in the nominal value of
the Company's ordinary shares or the number of ordinary shares in issue. The
share premium cancellation and the deferred shares cancellation themselves
will not involve any distribution or repayment by the Company and will not
reduce the underlying net assets of the Company.

 

 

EXPECTED TIMETABLE

 

 Publication of the Circular and the Notice of General Meeting                  5 April 2022
 Latest time and date for receipt of Forms of Proxy                             11.00 am 20 April 2022
 General Meeting                                                                11.00 am 22 April 2022
 Expected date for the directions hearing from the High Court to consider the   27 May 2022
 Company's claim for the Share Premium Cancellation and the Deferred Share
 Cancellation

 Expected date for the hearing for the High Court to confirm the Share Premium  21 June 2022
 Cancellation and Deferred Share Cancellation

 Expected date that the Share Premium Cancellation and the Deferred Share       Expected to be the business day following the Court order confirming the Share
 Cancellation will become effective                                             Premium Cancellation and Deferred Shares Cancellation

 
 

 

Notes:

 

1.      The times and dates are based on the Company's current expectations and are subject to change. The times and dates are indicative only and will depend, among other things, on the date on which the High Court of England and Wales confirms the share premium cancellation and the deferred shares cancellation. The provisional directions hearing date and final hearing date are subject to change and dependent upon the High Court.
2.      The timetable assumes that there is no adjournment of the general meeting. If the date scheduled for the General Meeting changes, the revised date and / or time will be notified to Shareholders by a further Shareholder letter.
3.         All times shown are London times unless otherwise stated.

 

Contacts

 

Caspian Sunrise PLC

 

Clive Carver

Executive
Chairman
+7 727 375 0202

 

WH Ireland, Nominated Adviser & Broker

 

James
Joyce
+44 (0) 207 220 1666

Andrew de Andrade

 

This announcement has been posted to: www.caspiansunrise.com/investors
(http://www.caspiansunrise.com/investors)

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

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