30 Aug 2013 16:29
JKX OIL & GAS plc ("JKX")
Court Ruling
The Board of JKX announces that the High Court has today ruled that the restriction notices served by JKX on Eclairs Limited ("Eclairs") and Glengary Overseas Limited ("Glengary") and their nominees on 31 May 2013 be set aside. The Court will consider any application for permission to appeal and whether the restrictions should be set aside before any such appeal is heard at a further hearing in October 2013.
The Court found that the Board had reasonable cause to believe that information provided by Eclairs and Glengary in response to requests from JKX for particulars of their respective interests in JKX was false or materially inaccurate. However, the Court ruled that the Board's power to restrict Eclairs and Glengary from exercising their voting rights as shareholders could be used only for the limited purpose of extracting information from the shareholders. The Court held that the Board acted in good faith with the intention of protecting the Company and its shareholders as a whole.
The Board will continue to take all appropriate steps to protect and promote JKX's best interests including monitoring the arrangements underlying the holdings of Eclairs and Glengary.
Ends
For further information please contact:
Cardew Group T: 020 7930 0777
Anthony Cardew M: 07770 720 389
Nadja Vetter M: 07941 340436