8 Dec 2011 10:48
SeaEnergy PLC
("SeaEnergy" or the "Company")
8 December 2011
Court of Session Approval of Reduction of Share Premium Account
SeaEnergy PLC, the energy ventures company focused on growing oil and gas and renewables businesses, is pleased to announce that the Court of Session in Edinburgh ("the Court") has approved the reduction, by £78,075,000, of its share premium account ("the Reduction").
The Company posted a circular ("the Circular") to its shareholders on 12 September 2011 detailing the Company's intention to undertake the Reduction, and the required special resolutions relating thereto were passed by shareholders at a General Meeting held on 6 October 2011.
The Company has filed the Court order approving the Reduction, along with a statement of capital, with the Registrar of Companies and the Reduction became effective on the date of registration being 8 December 2011.
The Company was required to give an undertaking to the Court to satisfy it in respect of protection of the Company's creditors existing at the date the Order was granted ("the Creditors"), with such protection being afforded by the creation of a Special Reserve within the Company's accounts. The amount standing to the credit of this Special Reserve will be reduced as and when the Creditors are satisfied. The Creditors amounted to £5.2 million at the date of the Court Order.
As detailed in the circular and announcement, the Directors anticipate the Company's full year results for 2011 to report a substantial profit which, together with the reduction of the share premium account, will mean that following completion of the audit of the Company's accounts to 31 December 2011, the Company can consider making payment of a dividend, purchasing its own shares or making some other form of distribution to shareholders.
The Board reaffirms the commitment made in the Circular, to determine the appropriate form and amount of such distribution after taking professional advice and considering the cash requirements of the Company at that time.
For further information contact:
SeaEnergy PLC Chris Moar - Finance Director | +44 1224 748480 |
Investec Bank plc- NOMAD Charles Batten, David Flin | +44 20 7597 4000 |
Pelham Bell Pottinger - Public Relations James Henderson, Mark Antelme, Philippe Polman | +44 20 7861 3232 |
www.seaenergy-plc.com |