REG - Hurricane Energy PLC - Reduction of Capital and Notice of General Meeting

Hurricane EnergyAnnouncement

12/12/2022 10:00

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RNS Number : 3751J  Hurricane Energy PLC  12 December 2022

12 December 2022

Hurricane Energy plc

 

("Hurricane" or the "Company")

 

Reduction of Capital and Notice of General Meeting

 

Further to the Company's announcement on 7 December 2022, Hurricane Energy
plc, the UK based oil and gas company, announces that a Shareholder Circular
and a Notice of General Meeting and the associated form of proxy, for the
rescheduled General Meeting to be held on 11 January 2023, have been published
today in the Investors section of the Company's website
at www.hurricaneenergy.com (http://www.hurricaneenergy.com/) .

 

The Shareholder Circular sets out the details of a proposal to carry out a
reduction of the Company's capital involving the cancellation of the Company's
share premium account (which currently stands at approximately US$822.5
million) in order to create distributable reserves (the "Reduction of
Capital").

As set out in the Company's announcement on 2 November 2022 of the launch of a
Formal Sale Process ("FSP"), in the event that the FSP does not result in a
transaction, the Board intends to commence a significant capital return
programme with up to $70 million (equivalent to 3.1 pence per share,
converted at an exchange rate of GBP 1.00:USD 1.15) to be returned to
shareholders in Q1, 2023, upon completion of a capital reduction.

 

Further to that announcement, Shareholder approval is being sought to carry
out the Reduction of Capital, which would enable the Company to make
distributions to its shareholders in future, subject to the Company's
performance. The Reduction of Capital is conditional upon the Company
obtaining the approval of shareholders by special resolution at the General
Meeting and confirmation by the Court.

 

The General Meeting is to be held on Wednesday, 11 January 2023 at 10.00 am at
The Library Suite, Royal Society of Chemistry, Burlington House, Piccadilly,
London, W1J 0BA.

 

Printed copies of the Shareholder Circular containing notice of General
Meeting and the associated form of proxy will be posted today to registered
shareholders who have elected to receive paper communications.  All
shareholders are encouraged to submit their vote by proxy, well in advance of
the meeting. Details of how to do this are contained in the notice of meeting.
All valid proxy votes (whether submitted electronically or in hard copy form)
will be included in the poll vote to be taken at the meeting.

 

Please note that any proxy appointments returned in respect of the General
Meeting which was proposed to be held on 14 December 2022 and which will now
not take place, will not be valid in respect of the General Meeting to be held
on 11 January 2023.  Accordingly, shareholders are requested to submit a new
proxy appointment to ensure that all votes will be counted.

 

The result of the General Meeting will be announced after its conclusion and
published on the Company's website.

 

-ends-

 

Contacts:

 

 Hurricane Energy plc                                                +44 (0)1483 862820

 Antony Maris, Chief Executive Officer

 communications@Hurricaneenergy.com

 Stifel Nicolaus Europe Limited                                      +44 (0)20 7710 7600

 Financial Adviser, Nominated Adviser & Joint Corporate Broker

 Callum Stewart / Jason Grossman

 Investec Bank plc                                                   +44 (0)20 7597 5970

 Joint Corporate Broker

 Chris Sim / Charles Craven / Jarrett Silver

 Vigo Consulting                                                     +44 (0)20 7390 0230

 Public Relations

 Patrick d'Ancona / Ben Simons

 Hurricane@vigoconsulting.com

 

Inside Information

 

This announcement does not contain inside information as stipulated under the
market abuse regulation (EU no. 596/2014).

 

Rule 26.1 disclosure

 

In accordance with Rule 26.1 of the City Code on Takeovers and Mergers, a copy
of this announcement will be available (subject to certain restrictions
relating to persons resident in restricted jurisdictions) at
www.Hurricaneenergy.com by no later than 12 noon (London time) on the business
day following the date of this announcement. The content of the website
referred to in this announcement is not incorporated into and does not form
part of this announcement.

 

 

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