5 Sep 2017 07:00
5 September 2017
Phoenix Global Resources plc
("Phoenix" or the "Company")
Update on Reduction of Capital and Interoil Demerger
The Company announced on 24 July 2017 that, amongst other things, it was proposing a Reduction of Capital and the Interoil Demerger (the "Demerger").
The Reduction of Capital and the Demerger were to be implemented pursuant to resolution 4 in the notice of general meeting which was held on 9 August 2017 (the "General Meeting"). Whilst Shareholders approved this resolution, together with all the other resolutions proposed at the General Meeting, the Company has subsequently been advised that the Court would not be able to confirm the Reduction of Capital proposed in resolution 4 in the form approved by Shareholders for a technical reason relating to the size of the Company's share premium account. Except for resolution 4, all other resolutions passed at the General Meeting remain unaffected.
The Board has consequently deferred the implementation of the Demerger to give the Company time to consider how best to address this technical issue. The Board intends to implement the Reduction of Capital and the Demerger and will therefore convene another general meeting to propose new resolutions in due course.
A further announcement will be released as soon as practicable, including a new timetable as the dates in the expected timetable on page 4 of the Admission Document relating to the Reduction of Capital and the Demerger are no longer applicable.
For further information, please contact:
Phoenix Global Resources plc | Anuj Sharma, CEO Philip Wolfe Billy Clegg, Head of Communications
| T: +54 11 5530 9920 T: +44 20 3757 4983 T: +44 20 3757 4983 |
Stockdale Securities |
Antonio Bossi David Coaten |
T: +44 20 7601 6100 |
Panmure Gordon |
Adam James Atholl Tweedie |
T: +44 20 7886 2500 |
Camarco |
Gordon Poole/James Crothers |
T: +44 20 3757 4980 |
Capitalised terms used but not defined in this announcement have the same meaning as in the Admission Document published by the Company on 24 July 2017 and available on its website at www.phoenixglobalresources.com
About Phoenix
Phoenix Global Resources is a London Stock Exchange (AIM: PGR) and Buenos Aires Stock Exchange (BCBA: PGR) listed independent oil and gas exploration and production company with assets primarily in Argentina.
The Company's website is www.phoenixglobalresources.com.