11 Jun 2021 12:09
11 June 2021
Hurricane Energy plc
("Hurricane", the "Company" or the "Group")
Results of Bondholder Plan Meeting
Pursuant to an order made by the High Court of Justice of England and Wales (the Court) dated 21 May 2021 (the Order), and further to the announcement made on 24 May 2021 giving notice of the meeting of bondholders of the Company (the Bondholders) at 11:00 a.m. today (the Bondholder Meeting), for the purpose of considering and, if thought fit, approving (with or without modification) the restructuring plan proposed by the Company under Part 26A of the Companies Act 2006 (the Restructuring Plan) as set out in Appendix F of the explanatory statement dated 24 May 2021 in relation to the Restructuring Plan (the Explanatory Statement), the Company announces the results of the Bondholder Meeting.
Bondholder Meeting
The Bondholder Meeting was convened at 11:00 a.m. today virtually via video conference in accordance with the Order.
The resolution to approve the Restructuring Plan as set out in Appendix F of the Explanatory Statement was put to the Bondholders and was duly passed on a poll.
Bondholders present and voting represented 84.89% of the total amount outstanding (Plan Claims of USD 197,070,375 present and voting out of USD 232,156,250 Plan Claims outstanding in total).
The number of votes lodged for and against the resolution proposed is set out below. No votes were withheld.
Votes for: | 197,070,375 | (100%) |
Votes against: | Nil | (0%) |
Further information
As set out in the Order, the sanction hearing of the Court to sanction the Restructuring Plan is due to commence on 21 June 2021, at a time to be confirmed.
If the Restructuring Plan is not sanctioned by the Court, the Restructuring will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company.
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Contacts:
Hurricane Energy plc Antony Maris, Chief Executive Officer Philip Corbett, Head of Investor Relations
| +44 (0)1483 862820 |
Stifel Nicolaus Europe Limited Nominated Adviser & Joint Corporate Broker Callum Stewart
| +44 (0)20 7710 7600 |
Investec Bank plc Joint Corporate Broker Chris Sim / Rahul Sharma | +44 (0)20 7597 5970 |
Vigo Consulting Public Relations Patrick d'Ancona / Ben Simons hurricane@vigoconsulting.com
| +44 (0)20 7390 0230 |
About Hurricane
Hurricane has a 100% interest in and operates the Lancaster field, the UK's first field to produce from a fractured basement reservoir.
Hurricane also has a 50% interest in the Greater Warwick Area licence, which contains the Lincoln and Warwick assets.
Visit Hurricane's website at www.hurricaneenergy.com
Inside Information
This announcement contains inside information.