Register
Login:
Share:
Email Facebook Twitter


Exclusive: Hardman & Co call the lithium market: is a change in trend happening?
Tower Resources identify 18 million barrels of contingent reserves worth $118M in Cameroon


Highlands Natural Resources Plc Regulatory News (HNR)



Regulatory News for Highlands Natural Resources Plc (HNR)


Share Price: 11.25Bid: 11.20Ask: 11.30Change: -0.30 (-2.60%)Faller - Highlands Nat
Spread: 0.10Spread as %: 0.89%Open: 11.55High: 11.55Low: 11.15Yesterday’s Close: 11.55





Reduction of Capital Approved

Tue, 25th Sep 2018 15:50

RNS Number : 9064B
Highlands Natural Resources PLC
25 September 2018
 

25 September 2018

Highlands Natural Resources plc ('Highlands' or 'the Company')

Reduction of Capital Approved

Highlands, the London-listed natural resources company, announces that further to the announcement on 24 July 2018 and the passing of the requisite resolution at the Company's Annual General Meeting ("AGM") last month, the Court has confirmed the reduction of capital of the Company at a hearing earlier today, and the Court order and statement of capital have been delivered to and registered by Companies House. The reduction of capital is therefore effective with the nominal value of each Ordinary Share in the Company reduced from five pence to one penny per share and the Company's Share Premium Account has been cancelled. Trading in the shares with a nominal value of one penny will commence at 8.00 a.m. on 26 September 2018.

 

Details of the reduction of capital were set out in the AGM notice published by the Company on 24 July 2018. In summary, the effect of the reduction of capital is to create distributable profits on the balance sheet of the Company. The Directors believe that, subject to the future performance of the Company, this should give Highlands the ability to make distributions to shareholders in the future, as and when the Directors may consider that it is appropriate to do so. However, the Directors cannot give any guarantee that the Company will make any distributions, or provide guidance as to the size of the distributions if any are made.

 

The reduction of capital does 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. Accordingly, pursuant to the reduction of capital becoming effective, the Company's issued share capital now comprises 118,164,367 ordinary shares with a nominal value of one penny each. This is the same number of issued shares as before the reduction of capital, although the nominal value has changed. Existing share certificates remain valid.

 

**ENDS**

 

For further information, please visit www.highlandsnr.com, or contact:

 

Highlands Natural Resources plc


Robert Price

 +1 (0)  303 322 1066

Cantor Fitzgerald Europe


Nick Tulloch

+44 (0) 20 7894 7000

David Porter


Redleaf Communications


Elisabeth Cowell

+44 (0) 20 3757 6880

Fiona Norman


 

Notes to Editors

Highlands Natural Resources (LSE: HNR.L) is a London-listed natural resources company with a portfolio of high-potential oil, gas and helium assets and technologies. The company's core projects include:

·     Colorado Shale: having developed a horizontal oil and gas project targeting the East Denver Niobrara shale formation, Highlands retains a 7.5% carried interest in the project, which is fully funded and operated by Highlands' partners. East Denver is currently producing from two wells, with six additional wells drilled and currently being completed, with the potential for up to 24 wells in total.  Highlands is now developing plans to advance its 4,477-acre shale project in the Denver Julesburg Basin west of Denver.  Highlands is preparing to file drilling permit and drilling and spacing units to cover wells in West Denver project.

·     Well Performance Enhancement Portfolio: A collection of inter-supporting technological and natural resource assets, consisting of DT Ultravert, a re-fracking and parent well protection technology with four patents allowed and additional patents pending in the United States and internationally, 1,100-acre Kansas low-cost highly-pure nitrogen resources and 46,000-acre prospective carbon dioxide resource leases in Arizona. Highlands in advanced commercial discussions with various parties for full scale commercialization of its technological and natural resource assets.

·     Kansas Nitrogen Resources: 1,100-acre low-cost nitrogen resources with 99.59% purity and initial flow rate of 2,581 Mcfpd. Highlands is in discussions with end-users of nitrogen for the commercialization of its resources.  Highland is in advanced discussions with third parties to sell Nitrogen. 

·     Montana Helios Two: a 220,000+ acre helium and natural gas prospect in SE Montana with drilling and assessment operations ongoing.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCEALNSALXPEFF






DateSourceHeadlineCategory
13-Dec-18 07:00RNSInterim ResultsResults and Trading Reports
20-Nov-18 16:40RNSSecond Price Monitoring ExtnCompany Announcement - General
20-Nov-18 16:35RNSPrice Monitoring ExtensionCompany Announcement - General
20-Nov-18 07:00RNSUpdate on Operations and Notice of ResultsCompany Announcement - General
19-Nov-18 09:05RNSSecond Price Monitoring ExtnCompany Announcement - General
19-Nov-18 09:00RNSPrice Monitoring ExtensionCompany Announcement - General
19-Nov-18 07:00RNSColorado Shale - West Denver UpdateCompany Announcement - General
12-Nov-18 07:00RNSWest Denver UpdateCompany Announcement - General
07-Nov-18 07:00RNSUpdate Colorado Shale OperationsResults and Trading Reports
18-Oct-18 07:00RNSColorado Shale - Permitting of West Denver ProjectResults and Trading Reports
16-Oct-18 07:00RNSHighlands Water Resources and Montana UpdateCompany Announcement - General
25-Sep-18 15:50RNSReduction of Capital ApprovedCompany Announcement - General
20-Sep-18 07:00RNSColorado Shale - East Denver Operations UpdateCompany Announcement - General
21-Aug-18 14:38RNSResult of AGMResults and Trading Reports
21-Aug-18 07:00RNSAGM StatementResults and Trading Reports
24-Jul-18 07:00RNSFinal ResultsResults and Trading Reports
19-Jul-18 07:00RNSEast Denver - Drilling Operations CompleteResults and Trading Reports
16-Jul-18 17:42RNSHolding(s) in CompanyHolding(s) in Company
12-Jul-18 08:01RNSIssue of SharesCompany Announcement - General
11-Jul-18 12:30RNSCompletes acquisition of leasesMergers, Acquisitions and Disposals
04-Jul-18 07:00RNSNotice of Results and Shareholder CallAdvance Notice of Results
29-Jun-18 07:00RNSGas Analysis Update for Kansas Nitrogen ProjectResults and Trading Reports
27-Jun-18 07:00RNSEast Denver Project UpdateResults and Trading Reports
25-Jun-18 07:00RNSAcquisition of Leases Prospective for CO2Mergers, Acquisitions and Disposals
21-Jun-18 07:00RNSSignificant Flow Rates Reported, Nitrogen ProjectCompany Announcement - General
11-Jun-18 07:00RNSOperational UpdateCompany Announcement - General
04-Jun-18 07:00RNSColorado shale projects updateResults and Trading Reports
31-May-18 07:00RNSExploration of Nitrogen Reserves for DT UltravertCompany Announcement - General
21-May-18 07:00RNSStrategy UpdateCompany Announcement - General
11-May-18 07:00RNSSpudding of six new wells completedResults and Trading Reports


Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk






Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.