(Alliance News) - G3 Exploration Ltd said Thursday it has appointed Alexander Lawson, Christopher Kennedy and Wing Sze Tiffany Wong of Alvarez & Marsal as joint provisional liquidators.
Shares in the China-focused gas producer were down 10% in London at 14.10 pence each.
The Grand Court of the Cayman Islands accepted the appointment of Alvarez & Marsal in early December - which allowed the company's shares to avoid suspension on the London Stock Exchange.
"The primary roles of the JPLs are, broadly, to preserve and protect the company's assets and identify any opportunities which may exist to restructure or refinance the company," G3 explained.
Under the Alvarez & Marsal appointment, the directors will retain control of the day-to-day management of the company, while Alvarez & Marsal can focus on a comprehensive restructuring plan.
The liquidators have until February 5 to prepare a possible restructuring plan and present it to the court.
"The JPLs are expected to undertake this process in consultation with the company's existing management and other key stakeholders including the receivers," G3 said.
As part of this restructuring, and effective immediately, G3 has changed its reporting year-end date to March 31.
As a result, the company's financial 2019 results will be published for a fifteen month period, ending March 31 2020.
G3 Chair Randeep Grewal said: "The group is focused on providing the JPLs all the necessary support and facilitating their conclusions to the Court timely on or before February 5. We continue to work on our refinancing objectives concurrently.
"The change in fiscal yearend to March will facilitate the expected material transactions to be concluded and financials reflected fairly."
By Paul McGowan; paulmcgowan@alliancenews.com
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G3 Exploration (G3E)