Hurricane Energy plc, the UK based oil and gas company, is pleased to provide an update on the Acquisition by Prax, to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act (the “Scheme”), as first announced on 16 March 2023.
On 4 May 2023, Hurricane announced that the Scheme had been approved by the requisite majority of Scheme Shareholders at the Court Meeting held on that date and that the Special Resolutions relating to the implementation of the Scheme and the Special Dividends had been approved by the requisite majority of Hurricane Shareholders at the General Meeting also held on that date.
On 24 May 2023, Hurricane announced that the NSIA Condition had been satisfied. Prax has now received written confirmation from the North Sea Transition Authority, the UK oil and gas industry regulator, stating that it is not minded to exercise its powers under the relevant model clauses incorporated in any onshore or offshore production licence currently held by Hurricane (the “Licence”) to revoke the Licence or seek further changes of control of Hurricane following the Scheme becoming Effective. Prax has therefore confirmed that the NSTA Condition has now been satisfied.
Next steps and timetable
The Scheme remains subject to certain other conditions, including sanction by the Court at the Court Sanction Hearing scheduled for 7 June 2023 and the delivery of a copy of the Court Order to the Registrar of Companies. Subject to the Scheme receiving the sanction of the Court, the delivery of a copy of the Court Order to the Registrar of Companies and the satisfaction (or, where applicable, the waiver) of the other Conditions set out in Part III of the Scheme Document, the Scheme is expected to become effective on 8 June 2023. The expected timetable of principal events for the implementation of the Scheme remains as set out in the announcement of 24 May 2023. If any change to the key dates and/or times in that timetable are made, Hurricane will give notice of this change by issuing an announcement through a Regulatory Information Service and such announcement will be made available on Hurricane’s website at www.hurricaneenergy.com/investors/formal-sale-process.
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