REG - Enwell Energy PLC - Reduction of Capital Circular and Notice of GM

Enwell EnergyAnnouncement

07/01/2021 07:01

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RNS Number : 8407K  Enwell Energy PLC  07 January 2021

7 January 2021

 

Enwell Energy plc

("Enwell" or the "Company")

 

Reduction of Capital Circular and Notice of General Meeting

 

Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and
production group, announces that a circular (the "Circular") to shareholders
in connection with a proposed reduction of capital by the Company (the
"Reduction of Capital"), including a Notice of General Meeting, will be posted
to shareholders later today.

 

The General Meeting is to be held at 11.00 a.m. on 28 January 2021 at the
Company's offices at 16 Old Queen Street, London SW1H 9HP. A copy of the
Circular and Notice of General Meeting will shortly be available on the
Company's website at www.enwell-energy.com (http://www.enwell-energy.com) .

The Circular sets out a proposal for the entire share premium account of the
Company to be cancelled. The effect of the proposed Reduction of Capital, if
approved by shareholders at the General Meeting, will be to create
distributable reserves of the Company. This would permit the Company to make
distributions to its shareholders in the future, subject to the Company's
financial performance. However, in seeking approval of the proposed Reduction
of Capital, the Company is not indicating any commitment to, and does not have
any current intention to, make any distributions to shareholders.

The proposed Reduction of Capital is conditional upon the passing of the
special resolution set out in the Notice of General Meeting by the Company's
shareholders, as well as approval being obtained from the High Court of
Justice of England and Wales (the "Court").

The anticipated timetable of the proposed Reduction of Capital is as follows:-

 Date of publication of the Circular                                      7 January 2021

 Latest time and date for receipt of completed Forms of Proxy             11.00 a.m. on 26 January 2021

 General Meeting                                                          11.00 a.m. on 28 January 2021

 Expected Court Hearing to confirm Reduction of Capital                   23 February 2021

 Expected registration of Court Order and effective date of Reduction of  on or about 24 February 2021
 Capital

The proposed Reduction of Capital itself will not involve any distribution or
repayment of capital or share premium by the Company and will not reduce the
underlying net assets of the Company. Following the implementation of the
proposed Reduction of Capital there will be no change to the number of
ordinary shares of the Company in issue or to the rights attaching to such
ordinary shares.

As a result of the ongoing COVID-19 pandemic and the measures that the UK
Government has put in place, it is not possible to hold an open General
Meeting with shareholders in attendance and accordingly this General Meeting
will be run as a closed meeting. It will not be possible for shareholders to
attend this General Meeting and the Company will not be able to grant entry to
anyone seeking to attend this General Meeting in person.

 

The Company will convene this General Meeting with only the minimum quorum
under its Articles of Association of two shareholders, and the General Meeting
will comprise only the formal vote for the resolution set out in the Notice of
General Meeting. Voting on this resolution shall be taken by way of a poll in
order to accurately reflect the views of shareholders.

 

Shareholders are strongly encouraged to vote via completion of a Form of Proxy
or by using the CREST electronic appointment service (as applicable) to ensure
that their votes are counted. Full details are set out in the Notice of
General Meeting, including instructions on how to submit a Form of Proxy.

 

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

 

 

For further information, please contact:

 

 Enwell Energy plc                                   Tel: 020 3427 3550
 Chris Hopkinson, Chairman
 Sergii Glazunov, Chief Executive Officer
 Bruce Burrows, Finance Director

 Strand Hanson Limited                               Tel: 020 7409 3494
 Rory Murphy / Matthew Chandler

 Arden Partners plc                                  Tel: 020 7614 5900
 Ruari McGirr / Dan Gee-Summons (Corporate Finance)
 Simon Johnson (Corporate Broking)

 Citigate Dewe Rogerson                              Tel: 020 7638 9571
 Elizabeth Kittle

 

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