Court Approval of Capital Reduction

RNS Number : 1421F

Trinity Exploration & Production

14 July 2021

 

RNS ANNOUNCEMENT: This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended.  On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company")

Court Approval of Capital Reduction

Trinity, the independent E&P company focused on Trinidad and Tobago, is pleased to announce that the proposed reduction of capital of the Company (the "Capital Reduction"), which was approved by the Company's shareholders at its Annual General Meeting held on 18 June 2021, was sanctioned by the High Court of Justice in England and Wales (the "Court") on 13 July 2021.

The order of the Court confirming the Capital Reduction, and the statement of capital approved by the Court in connection therewith, are being sent to the Registrar of Companies today. The Capital Reduction will become effective upon the registration of the order of the Court and accompanying statement of capital by the Registrar of Companies.  As Companies House are not presently offering a same-day registration service due to COVID-19 restrictions, it is expected that the registration will be concluded within approximately 7 days of receipt of the documents by Companies House (based on the latest indicative timescales made known to the Company for the processing of such filings).

As set out in the Company's announcement dated 26 May 2021, and in the Circular for the Annual General Meeting held on 18 June 2021, the Capital Reduction will result in the cancellation of the entire share premium account of the Company, as well as the cancellation of the entire deferred share capital of the Company.

The Company confirms that, following the Capital Reduction, the issued ordinary share capital of the Company remains at 38,879,431 ordinary shares of US$0.01 each ("Ordinary Shares"), with no Ordinary Shares held in treasury.  The total number of voting rights in the Company also remains at 38,879,431.

Enquiries:

Trinity Exploration & Production Bruce Dingwall CBE, Executive Chairman Jeremy Bridglalsingh, Managing Director Tracy Mackenzie, Corporate Development Manager	Tel: [phone]
SPARK Advisory Partners Limited  (Nominated Adviser and Financial Adviser) Mark Brady James Keeshan	Tel: [phone]
Cenkos Securities PLC (Broker) Leif Powis Neil McDonald	Tel: [phone]   [phone]
Walbrook PR Limited Nick Rome	Tel: [phone] [e-mail]

About Trinity

Trinity is an independent production company focused solely on   Trinidad and Tobago.  Trinity operates producing and development assets both onshore and offshore, in the shallow water West and East Coasts of   Trinidad. Trinity's portfolio includes current production, significant near-term production growth opportunities from low risk developments and multiple exploration prospects with the potential to deliver meaningful reserves/resources growth.  The Company operates all of its nine licences and, across all of the Group's assets, management's estimate of 2P reserves as at the end of 2020 was 19.55 mmbbls. Group 2C contingent resources are estimated to be 23.25 mmbbls. The Group's overall 2P plus 2C volumes are therefore 42.80 mmbbls.

Trinity is quoted on the AIM market of the London Stock Exchange under the ticker TRIN.

 

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