Distribution of shareholder's interest

RNS Number : 7755R

Harbour Energy PLC

08 July 2022

 

This announcement is deemed to contain inside information

Harbour Energy plc

"Harbour" or "the Company"

Distribution of shareholder's interest

8 July 2022

Harbour announces today that it has been notified by EIG that their notifiable interest in the Company has changed from approximately 37 per cent to approximately 16 per cent.   This change reflects a distribution of EIG's shareholding in Harbour to certain of its underlying investors, rather than a sale of shares. 

Pursuant to the Relationship Agreement, the change in EIG's notifiable interest means that EIG is now entitled to one shareholder nominated director on the Harbour Board.  Notwithstanding this, the Board has requested that both R Blair Thomas and Steve Farris, the two EIG-nominated directors, remain on the Board in light of their extensive oil and gas sector experience and the value and contribution they provide to the Board.

R Blair Thomas will remain as Chairman of Harbour. Steve Farris intends not to stand for re-election at the next AGM to be held in 2023.

Enquiries

Harbour Energy plc  020 3833 2421 

Elizabeth Brooks, Head of Investor Relations

Rachel Rickard, Company Secretary

Brunswick  020 7404 5959 

Patrick Handley, Will Medvei

Notes to editors

The Relationship Agreement dated 31 March 2021 between the Company and Harbour North Sea Holdings Ltd (HNSHL), a subsidiary of EIG, will continue in place. Following consummation of the distribution, HNSHL will novate its rights and obligations under the Relationship Agreement to an alternative EIG subsidiary.

Under the Relationship Agreement, EIG has the right to nominate two directors to the Company's board while its interest in the Company is in excess of 25 per cent, and one director while its interest is less than 25 per cent but in excess of 10 per cent.

Harbour expects a number of regulatory notifications in relation to the distribution of part of EIG's shareholding in the Company. Once in receipt of such notifications, the Company will release the notifications to the market accordingly.

 

END

 

 

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