REG - Hurricane Energy PLC - Update re Reduction of Capital

Hurricane EnergyAnnouncement

02/02/2023 07:00

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RNS Number : 6630O  Hurricane Energy PLC  02 February 2023

2 February 2023

 

Hurricane Energy plc

 

("Hurricane" or the "Company")

 

Update re Reduction of Capital

 

Hurricane Energy plc, the UK based oil and gas company, is pleased to provide
an update regarding the Company's proposed reduction of capital, which was
approved by the Company's shareholders at a General Meeting held on 11 January
2023 and then subsequently approved by the High Court of England and Wales on
31 January 2023 (the "Reduction of Capital").

 

The Shareholder Circular sent to all shareholders dated 12 December 2022 sets
out the details of the reduction of the Company's capital involving the
cancellation of the Company's share premium account in order to create
distributable reserves.

 

The Company is pleased to confirm that the sealed court order confirming the
Reduction of Capital and the associated statement of capital that was approved
by the High Court at the hearing held on 31 January 2023 has been sent to the
Registrar of Companies. The Reduction of Capital will become effective upon
the registration of the order by the Registrar of Companies, expected to be in
the next few working days.

 

The Company confirms that, following the Reduction of Capital taking place,
the issued share capital of the Company remains at 1,991,871,556 ordinary
shares of £0.001 each.

 

Philip Wolfe, Chairman of Hurricane Energy, commented:

 

"The registering of the court order with the Registrar of Companies will
complete the Reduction of Capital process, which allows the Company to make
capital returns to shareholders. The completion of the process does not itself
automatically trigger a capital return and, as previously announced, the next
steps in terms of timing and exact quantum of a return of capital to
shareholders will be decided in conjunction with the ongoing Formal Sales
Process and we look forward to updating shareholders in due course."

 

-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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