2 Feb 2023 07:00
2 February 2023
Hurricane Energy plc
("Hurricane" or the "Company")
Update re Reduction of Capital
Hurricane Energy plc, the UK based oil and gas company, is pleased to provide an update regarding the Company's proposed reduction of capital, which was approved by the Company's shareholders at a General Meeting held on 11 January 2023 and then subsequently approved by the High Court of England and Wales on 31 January 2023 (the "Reduction of Capital").
The Shareholder Circular sent to all shareholders dated 12 December 2022 sets out the details of the reduction of the Company's capital involving the cancellation of the Company's share premium account in order to create distributable reserves.
The Company is pleased to confirm that the sealed court order confirming the Reduction of Capital and the associated statement of capital that was approved by the High Court at the hearing held on 31 January 2023 has been sent to the Registrar of Companies. The Reduction of Capital will become effective upon the registration of the order by the Registrar of Companies, expected to be in the next few working days.
The Company confirms that, following the Reduction of Capital taking place, the issued share capital of the Company remains at 1,991,871,556 ordinary shares of £0.001 each.
Philip Wolfe, Chairman of Hurricane Energy, commented:
"The registering of the court order with the Registrar of Companies will complete the Reduction of Capital process, which allows the Company to make capital returns to shareholders. The completion of the process does not itself automatically trigger a capital return and, as previously announced, the next steps in terms of timing and exact quantum of a return of capital to shareholders will be decided in conjunction with the ongoing Formal Sales Process and we look forward to updating shareholders in due course."
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Contacts:
Hurricane Energy plc Antony Maris, Chief Executive Officer communications@Hurricaneenergy.com
| +44 (0)1483 862820 |
Stifel Nicolaus Europe Limited Financial Adviser, Nominated Adviser & Joint Corporate Broker Callum Stewart / Jason Grossman
| +44 (0)20 7710 7600 |
Investec Bank plc Joint Corporate Broker Chris Sim / Charles Craven / Jarrett Silver
| +44 (0)20 7597 5970 |
Vigo Consulting Public Relations Patrick d'Ancona / Ben Simons Hurricane@vigoconsulting.com | +44 (0)20 7390 0230 |
Inside Information
This announcement does not contain inside information as stipulated under the market abuse regulation (EU no. 596/2014).
Rule 26.1 disclosure
In accordance with Rule 26.1 of the City Code on Takeovers and Mergers, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at www.Hurricaneenergy.com by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.