Petrofac Limited – Communications with Shareholder Claimants23 Jan 2025 17:31
Does anyone know what the below means? Thanks in advance.
''E-mail to Shareholders
Dear Investor,
We, Petrofac Limited (“Petrofac”), are writing to you because our records show that you either are currently, or were, between the period of 7 October 2005 and 5 October 2021, someone who had acquired, held or disposed of Petrofac shares.
Petrofac is undertaking a financial restructuring by way of Restructuring Plan under Part 26A of the UK Companies Act 2006.
Part of that process involves the settlement and compromise of any and all claims of shareholders against Petrofac arising out of, or in connection with, alleged misleading statements and dishonest omissions purported to have been made in Petrofac and its subsidiaries’ published information between 7 October 2005 and 5 October 2021 as a result of the commission of (or risk of) historical instances of bribery and/or failure to prevent those instances, whether pursuant to s90A or Schedule 10A of the Financial Services and Markets Act 2000 or otherwise. These issues have been addressed by Petrofac, which is committed to maintaining the highest ethical standards and standards of corporate governance.
Whilst Petrofac does not accept that it is liable to pay the sums claimed in the claims and would defend them robustly if they proceeded, the compromise of those claims in return for a share in a settlement fund of GBP£1m is required as part of its Restructuring Plan.
Details of the Restructuring Plan are set out in a Practice Statement Letter (the “Main PSL”) which Petrofac will publish on or around 24 December 2024. Please note that there is a separate standalone Practice Statement Letter (the “Shareholder PSL”) also published by Petrofac on 23 December 2024 which contains information on how the Restructuring Plan impacts the Shareholders Claims. The Main PSL and the Shareholder PSL can be accessed at https://deals.is.kroll.com/petrofac-fsma-shareholders.
Should you require a hard-copy of the Shareholder PSL or the Main PSL, please let us know by emailing petrofac-fsma@is.kroll.com.''
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