29 Feb 2012 15:24
SeaEnergy PLC
("SeaEnergy" or the "Company")
29 February 2012
US registration
SeaEnergy has recently received communications from the United States Securities and Exchange Commission (the "SEC") in relation to Company's historic registration under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
Between March 1997 and December 2000 the Company's shares were listed on the American Stock Exchange ("AMEX") in the form of American Depositary Receipts ("ADR"). In December 2000, having taken appropriate legal advice, the Company submitted an application to the SEC pursuant to Section 12(d) of the Exchange Act requesting that its ADRs and Ordinary Shares be deregistered and delisted from the AMEX. The Commission granted the Company's application in January 2001. Pursuant to the Company's request, AMEX then delisted the Company's ADRs and the delisting was announced at the time on both AMEX and AIM.
In December 2011 the Company became aware that the SEC believed that the Company continued to have a registration under a different provision of the Exchange Act and accordingly has not complied with its filing obligations. As a result, the SEC instituted an administrative proceeding seeking to end the Company's registration under the Exchange Act.
Having taken appropriate advice, the Board of SeaEnergy does not expect there to be any material adverse consequences from accepting the SEC's action to end the Company's registration under the Exchange Act. In light of the likely cost and management time involved in continuing to seek a resolution with the SEC, the Board of SeaEnergy decided to accept the SEC's proposed action and did not contest the revocation of the registration of its shares in the US, which became effective pursuant to an administrative order that was issued on 23, February 2012.
For further information contact:
SeaEnergy PLC Chris Moar - Finance Director | +44 1224 748480 |
Investec Bank plc - NOMAD James Grace, 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 |