REG - Coro Energy PLC - Result of Noteholder Meetings and Board Changes

Coro EnergyAnnouncement

25/03/2022 13:00

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RNS Number : 1003G  Coro Energy PLC  25 March 2022

25 March 2022

 

Coro Energy Plc

("Coro" or the "Company")

 

Result of Noteholder Meetings and Board Changes

Coro Energy Plc, the South East Asian energy company focused on leading the
regional transition to a low carbon economy, announces the results of the
meetings of the holders of the Company's Luxembourg listed EUR 22.5m 5.0%
secured notes (the "Notes") held earlier today (the "Noteholder Meetings") to
consider the Company's proposals for the restructuring of the Notes (the
"Proposals"). The Notes were issued by the Company in two equal tranches and
details of the Proposals were set out in the Company's announcement of 3 March
2022.

In addition, the Company is pleased to announce certain Board changes.

Noteholder Meetings

At the Noteholder Meeting in respect of the Tranche B Notes held earlier today
voting instructions representing EUR 11.25m of the Tranche B Notes, being 100
per cent. of the Tranche B Notes in issue, were lodged by holders of the
Tranche B Notes ("Tranche B Noteholders") with 100.0 per cent. of votes cast
in favour of the Proposals. The Proposals were therefore approved by the
necessary quorum at the Tranche B Noteholder Meeting.

 

At the Tranche A Noteholder Meeting, also held earlier today, voting
instructions representing EUR 0.32m of the Tranche A Notes were lodged by
holders of the Tranche A Notes ("Tranche A Noteholders") with 100.0 per cent.
of votes cast in favour of the Proposals.

 

Following the expiration of the voting deadline for the Tranche A Noteholder
meeting, voting instructions representing a further EUR 4.05m of the Tranche A
Notes were also submitted 100.0 per cent. in favour of the Proposals.

 

The Tranche A Noteholder Meeting was therefore adjourned due to the meeting
not reaching the necessary quorum and an adjourned Tranche A Noteholder
Meeting, to consider the Proposals in unchanged form, will now be held at
10.00 a.m. on 11 April 2022 (the "Adjourned Tranche A Noteholder Meeting").

 

The Proposals therefore remain conditional upon Tranche A Noteholder approval
at the Adjourned Tranche A Noteholder Meeting and a further announcement will
be made, as appropriate, in due course.

 

Votes already submitted by Tranche A Noteholders will be carried forward to
the Adjourned Tranche A Noteholder Meeting without the requirement for any
further action from those Tranche A Noteholders who have submitted their votes
and the Company notes that, taking into account votes of the Tranche A
Noteholders submitted after the original voting deadline and before the
Tranche A Noteholder Meeting and absent any changes to voting,  then the
Adjourned Tranche A Noteholder Meeting (with its lower quorum threshold) would
see the Proposals successfully approved.

 

Board Changes

 

In anticipation of the next phase of the Company's development and to
reinforce Coro's executive capabilities, the Company announces a series of
changes to the Board.

 

·    Stephen Birrell will be appointed as an independent non-executive
director with immediate effect.  Stephen is highly experienced geoscientist
who has worked in the upstream oil and gas industry for over 35 years with a
particular focus on gas developments across multiple jurisdictions with
Britoil, BP and Elf and Sterling Resources, where he discovered and initiated
the development of the Black Sea gas field complex, Ana/Doina in Romania.
Stephen has a BSc Honours in Applied Geology and is a member of the
Association of International Petroleum Negotiators and the Society of
Petroleum Engineers.

 

·    Fiona MacAulay will step down from the Board as a non-executive
director with immediate effect and Andrew Dennan, non-executive director, has
confirmed that he will not offer himself for re-election at the Company's AGM
to be held in June 2022.

 

·    James Parsons, non-executive Chairman will transition to the role of
Executive Chairman, also with immediate effect.

 

The Board intends to appoint an additional independent non-executive director
in the next 12 months.

 

James Parsons, Coro's Chairman, commented:

 

"This is an exciting time for Coro and we would like to thank the Company's
Tranche B Noteholders for their continued support. Buoyed by strong gas
production in Italy, the Company is approaching multiple critical inflexion
points across both the Duyung PSC, where commercial progress is expected
imminently, and its South East Asian renewables portfolio, where we expect to
secure maiden cashflows by the end of the year and continue to make progress
on a number of projects.

 

As we prepare for the next phase of our journey, I would like to welcome
Stephen whose experience and insight will be extremely useful, and thank Fiona
for her invaluable contribution, particularly on our exciting Mako
development."

 

 

In addition to his appointment to the Coro Board, Stephen James Birrell, aged
59, has held the following directorships and/or partnerships in the past five
years:

 

 Current Directorships/Partnerships  Past Directorships/Partnerships
 Ascent Resources plc                Iconic Labs plc

 Live Company Group plc              Surus Geo BV

 Ossian Energy BV                    Transition Analytics Ltd

 Ossian Energy Limited

 

Stephen Birrell was appointed as a director to Iconic Labs plc ("Iconic Labs")
(formerly Widecells Group PLC) on 9 February 2021 and resigned as a director
on 19 March 2021. Iconic Labs was placed into administration on 4 June 2021
following an unsatisfied demand for payment from Iconic Labs' secured
creditor. The administrators' progress report, issued on 30 December 2021,
cites that the board, European High Growth Opportunities Securitisation Fund,
Arch Capital Partners LLP and Greencastle Acquisition Limited have held global
settlement negotiations with a view to resolving the disputes, claims and
counter claims between those parties, with heads of agreement on a settlement
being signed on 20 December 2021. The administrators' progress report states
that it is anticipated that CVA proposals will be circulated in early 2022.

 

Stephen Birrell does not hold any Ordinary Shares in the Company and there are
no further disclosures to be made pursuant to Schedule 2 paragraph (g) of the
AIM Rules.

 

 

For further information please contact:

 Coro Energy plc                            Via Vigo Consulting Ltd

 Mark Hood, Chief Executive Officer

 Cenkos Securities plc (Nominated Adviser)  Tel: 44 (0)20 7397 8900

 Ben Jeynes

 Katy Birkin

 Vigo Consulting Ltd (IR/PR Advisor)        Tel: 44 (0)20 7390 0230

 Patrick d'Ancona

 Chris McMahon

 WH Ireland (Broker)                          Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618

 Harry Ansell

 Katy Mitchell

 

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