Further to the announcement made earlier today regarding the proposed financial restructuring of the Group (the “Restructuring”) pursuant to a restructuring plan (the “Restructuring Plan”) proposed under Part 26A of the Companies Act 2006 (the “2006 Act”), and in line with the directions of the Court received earlier today (the “Court Order”),
The Company announces the publication of the notice (the “Shareholder Plan Meeting Notice”) of the plan meeting of shareholders (the “Shareholder Plan Meeting”).
The Shareholder Plan Meeting will be held virtually via video conference at 12:00 noon (London time) on 11 June 2021 or, if later, as soon as possible thereafter as the plan meeting (the “Bondholder Plan Meeting”) of the Company’s bondholders (the “Bondholders”), scheduled for 11:00 am (London time) on the 11 June 2021, shall have been concluded or adjourned .
The Shareholder Plan Meeting Notice is now available on the Company’s website at www.hurricaneenergy.com.
At the Shareholder Plan Meeting the Company will seek approval of the Restructuring Plan from its shareholders (the “Shareholders”). In order to be approved by the Shareholders, the Restructuring Plan will require the support of 75% (by value) of the Shareholders present (virtually) or by proxy and voting at the Shareholder Plan Meeting. Each Shareholder shall have one vote for each share held by such Shareholder.
The final form of the explanatory statement (and appendices) under section 901D of the 2006 Act (the “Explanatory Statement”), together with the Court Order, are also available on the Company’s website at www.hurricaneenergy.com.
Important information regarding the Shareholder Plan Meeting and the Restructuring Plan will continue to be published for Shareholders on the Company’s website at www.hurricaneenergy.com.
In addition, and as soon as practicable, the Company will post the Shareholder Plan Meeting Notice to Shareholders.
Failure to implement the Restructuring
Bondholders and Shareholders should note that in certain circumstances the Court may sanction a restructuring plan where one class of creditor or member dissents. Bondholders and Shareholders should refer to paragraph 1.5 of part 5 of the Explanatory Statement (defined below) and section 901G of the 2006 Act.
Shareholders and Bondholders are reminded that in the event the Restructuring Plan is not approved at one or more of the plan meetings, or if it is so approved but not sanctioned by the Court, the Restructuring will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group’s operations followed by an insolvent liquidation of the Company.
Principal times and dates for meetings and the sanction hearing of the Court
As set out in the Court Order, the Company notes the following principal dates in relation to plan meetings and the sanction hearing of the Court.
The Company may publish further announcements in connection with the Bondholder Plan Meeting and/or the Shareholder Plan Meeting when appropriate. Bondholders and Shareholders are advised to check the Plan Website and the Company’s website.
Questions about the Restructuring should be directed to the Company by email to [email protected].
If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.
Terms of Website Use
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned