Proposed Capital Reduction and Notice of Meeting

RNS Number : 3294I

Harbour Energy PLC

13 April 2022

 

Harbour Energy plc

("Harbour" or the "Company")

Proposed Capital Reduction and Notice of General Meeting

13 April 2022

Harbour announces that later today it will post a circular (the "Circular") to shareholders, incorporating a notice of a general meeting (the "General Meeting"), regarding a proposed capital reduction.  The General Meeting will be held at 10.30 a.m. (or as soon thereafter as the 2022 annual general meeting (the "2022 AGM") is concluded or adjourned) on 11 May 2022.

The proposed capital reduction, if approved by shareholders, would create additional distributable reserves to support Harbour's stated $200 million per annum dividend policy and provide flexibility for future dividend payments and/or share buybacks.

The process comprises: (i) the cancellation of the entire amount standing to the credit of the Company's share premium account (the "Share Premium Reduction") and (ii) the capitalisation of the entire amount standing to the credit of the Company's merger reserve by issuing B ordinary shares in the capital of the Company and the subsequent cancellation of such B ordinary shares (the "Merger Reserve Reduction"). The Share Premium Reduction and the Merger Reserve Reduction together comprise the "Capital Reduction".

The Capital Reduction is conditional upon the passing of the resolutions set out in the notice of General Meeting by the Company's shareholders, as well as approval being obtained in the Court of Session, Edinburgh (the "Court").

It is expected that the Capital Reduction, if approved by shareholders and confirmed by the Court, will create additional distributable reserves to the value of $6.3 billion.

A circular (including the notice of the General Meeting) regarding the Capital Reduction will shortly be submitted to the FCA's National Storage Mechanism and will be available for inspection on its website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism . The Circular (including the notice of the General Meeting) will also be available for viewing on the Company's website at www.harbourenergy.com .

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

PublicationoftheCircular	13 April 2022
Latesttimeanddateforreceiptof forms of proxy	10.30 a.m. on 9 May 2022
GeneralMeeting	10.30 a.m. on 11 May 2022 (or as soon thereafter as the 2022 AGM is concluded or adjourned)
Expected date of the first Court hearing for initial directions	in or around May 2022
Capital Reduction record time	6.30 p.m. on the business day preceding the Court hearing to confirm the Capital Reduction
Expected date of the second Courthearingtoconfirmthe CapitalReduction	in or around July 2022
Effectivedate of the Capital Reduction	business day after the Court order confirming the Capital Reduction

Enquiries :

Harbour Energy plc	Tel: [phone]
Elizabeth Brooks, Head of Investor Relations
Brunswick	Tel: [phone]
Patrick Handley
Will Medvei

Notes to editors :

Each of the times and dates set out above is based on current expectations and is subject to change. If any of the above times and/or dates is changed, the revised times and/or dates will  be notified to shareholders by announcement through a regulatory information service.  All above references to times are to London (BST) times.

 

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