Scheme of Arrangement and Cancellation of Trading

Barryroe Offshore Energy PLC

03 November 2023

 

Barryroe Offshore Energy PLC (in Examination under Part 10 of the Companies Act, 2014)

3 November 2023

High Court Confirms the Scheme of Arrangement

Cancellation of Existing Shares and Cancellation from AIM and Euronext Growth Markets

As referenced in the announcement of 27 October 2023, this is a further announcement in relation to Barryroe Offshore Energy Public Limited Company (in Examination under part 10 of the Companies Act 2014) ("the Company"). By way of background, on 21 July 2023, a petition was presented to the High Court in Dublin to place the Company into Examinership. Kieran Wallace of Interpath Advisory was appointed Examiner of the Company on 31 July 2023 following confirmation by the High Court.

As required by the Act, the Examiner formulated proposals for a Scheme of Arrangement ("the Scheme") for the Company ("the Proposals"), full details of which are available at www.barryroeoffshoreenergy.com.  

The Proposals have today been approved by the High Court which has set 8 November 2023 as the Effective Date for their implementation. Accordingly the Scheme is now binding on the shareholders and creditors of the Company.

On 8 November 2023 the interest of the shareholders in the total issued share capital of the Company will be eliminated. The shareholders shall receive no distribution on account of their shares and the existing shares and all and any rights attaching or relating thereto will be cancelled. Any rights and / or entitlements of the shareholders as members of the Company pursuant to the articles of association of the Company or any other document, or otherwise, shall cease as of 8 November 2023.

At 7am on 9 November 2023 the admission to trading on AIM and Euronext Growth will be cancelled.

Ends

INVESTOR ENQUIRIES:

Barryroe Offshore Energy PLC (in Examination)                                                                                                     [e-mail] 

Alan Curran, Chief Executive

J & E Davy                                                                                                                                      Tel: [phone] 

Anthony Farrell

 

END