This is to let you know you have a Corporate Action on one of your holdings.
Security: XCITE ENERGY LTD Description: Mandatory Event Xcite Energy Limit Depository Interests Each ISIN: VGG9828A1194
As a holder of Xcite Energy Limit Depository Interests Each we write to inform you that the Company was concluding restructuring negotiations with the principal Bondholders and expected to exchange 100 per cent. of the value of the outstanding Bonds for 98.5 per cent. of the enlarged share capital of the Company.
Following such further discussions, the principal Bondholders have informed Xcite Energy that they are not satisfied that the transaction is capable of being implemented in a manner acceptable to them. On this basis, they expect to instruct the Bond Trustee to petition to the Court in the British Virgin Islands within 10 days requesting the appointment of a liquidator to Xcite Energy, which is expected to take effect approximately 4 to 6 weeks from the filing of the request.
On the basis of advice received by Xcite Energy and the directors, the directors believe that liquidation is unlikely to result in the return of any value to the Company`s existing shareholders. As a consequence, the Directors have requested the immediate suspension of the trading on AIM of the ordinary shares in the Company.
The principal Bondholders and the proposed liquidator have confirmed that Xcite Energy Resources Plc and its assets are not expected to be the subject of enforcement action and Xcite Energy Resources is expected to remain a going concern throughout this process.
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As this is a mandatory event, no action is required by you.
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