REG - Corre Energy B.V. - Proposed Cancellation of Admission to Trading
20/02/2025 12:30
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RNS Number : 9022X Corre Energy B.V. 20 February 2025
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (Market
Abuse Regulation)
Corre Energy B.V.
("Corre Energy" and the "Company")
Proposed Cancellation of Admission to Trading on Euronext Growth
The Board of Corre Energy proposes to seek shareholder approval to cancel
the admission of the Company's ordinary shares (the Ordinary Shares) to
trading on Euronext Growth (the Cancellation). The Company will be posting a
circular to shareholders next week in connection with the proposed
Cancellation (the Circular).
The Circular will set out the background to and reasons for the Cancellation
and additional information on the implications of the Cancellation for the
Company and its shareholders.
Cancellation of Admission
Reasons for the proposed Cancellation
Following the Company's strategic review announced 30 September 2024 the
Company has conducted a thorough review of the merits of continuing with its
Euronext Growth listing. The Board believes that Cancellation will be in the
best interests of the Company and all its shareholders. In reaching this
conclusion the Board has considered the following key factors:
· Management has identified potential funding solutions for the
portfolio going forward which is outside the public markets. The Board
believe that maintaining a listing on Euronext Growth is unlikely to offer the
most effective or cost-efficient path to securing this funding.
· The Board also believes it is more appropriate and practical to
undergo any further changes required to its operating model outside the
constraints of market announcement obligations and confidentiality
constraints.
· Given its current constrained financial capabilities the Directors
believe the time and resources associated with maintaining the Company's
public listing would be better utilised to maintain and invest in its existing
projects.
· The Board believes there is considerable support in the Company's
shareholder base for a delisting.
In consideration of all the above factors the Board has concluded that it is
most appropriate to cancel the listing on Euronext Growth and to pursue
alternative measures to provide liquidity for Corre Energy shareholders in the
medium term.
Effects of the Cancellation
In the event that the Cancellation Resolution (as defined below) is passed and
the Admission of the Company's Ordinary Shares to trading on Euronext Growth
is cancelled, shareholders will no longer be able to buy and sell Ordinary
Shares in the Company through Euronext Growth. Accordingly, the Company would
no longer be subject to the rules and corporate governance requirements to
which companies admitted to trading on Euronext Growth are subject (and
accordingly shareholders will no longer be afforded the protections given by
the Euronext Growth Rules).
Davy will cease to be the Company's Euronext Growth Listing Sponsor and
broker. There will be no formal market for shareholders to effect transactions
in the Company's shares following Cancellation unless an alternative trading
facility is put in place.
Alternative trading facility
The Company is seeking to put arrangements in place for a 'Matched Bargain
Facility' to assist shareholders to trade in the Ordinary Shares from the date
of the Cancellation, if the Resolution (as defined below) is passed. The
Company will provide further detail on such arrangements in due course.
Cancellation Process
In accordance with the Euronext Growth Rules, the Company has notified
Euronext of the proposed Cancellation.
Pursuant to the Euronext Growth Rules, the Cancellation can only be affected
by the Company after securing the resolutions of shareholders in a general
meeting passed by a requisite majority, being not less than 75 per cent of the
votes cast (in person or by proxy) by shareholders (the Resolution).
Under the Euronext Growth Rules, the Cancellation can only take place after
the expiry of a period of twenty Business Days from the date on which notice
of the Cancellation is given. In addition, a period of at least five
Business Days following the shareholder approval of the Cancellation is
required before the Cancellation may be put into effect. Accordingly, if the
Resolutions to cancel the Admission is approved, the Cancellation will become
effective at 07:00 IST on 28 March 2025.
Extraordinary General Meeting
The Circular, which will be published to shareholders next week, will include
a copy of the notice convening the Extraordinary General Meeting to be held at
Hilton Amsterdam Airport Schiphol with address Schiphol Boulevard 701, 1118 BN
Schiphol, the Netherlands on 20 March 2025 at 12:30 CET at which, inter alia,
the Resolution will be proposed.
The Directors of the Company are responsible for the release of this
announcement.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
2025
Publication of the Circular 28(th) February
Latest time and date for receipt of Forms of Proxy for the EGM 15:00 CET, 19(th) March
Extraordinary General Meeting 20(th) March
Expected date that admission to trading of the ordinary shares on Euronext 28(th) March
Growth will be cancelled
INVESTOR ENQUIRIES:
Corre Energy B.V.
ir@corre.energy or +31 (0) 50 799 5060
Davy (Euronext Growth Listing Sponsor)
Anthony Farrell
anthony.farrell@davy.ie or +353 (0)1 6149993
Murray Group
Pat Walsh
pwalsh@murraygroup.ie or + 353 87 226 9345
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