Results of Shareholder Plan Meeting

RNS Number : 6956B

Hurricane Energy PLC

11 June 2021

 

11 June 2021

Hurricane Energy plc

("Hurricane", the "Company" or the "Group")

Results of Shareholder Plan Meeting

Pursuant to an order made by the High Court of Justice of England and Wales (the Court) dated 21 May 2021 (the Order), and further to the announcement made on 24 May 2021 giving notice of the meeting of shareholders of the Company (the Shareholders) at 12:00 p.m. today (the Shareholder Meeting), for the purpose of considering and, if thought fit, approving (with or without modification) the restructuring plan proposed by the Company under Part 26A of the Companies Act 2006 (the Restructuring Plan) as set out in Appendix F of the explanatory statement dated 24 May 2021 in relation to the Restructuring Plan (the Explanatory Statement), the Company announces the results of the Shareholder Meeting.

Shareholder Meeting

The Shareholder Meeting was convened at 12:00 p.m. today virtually via video conference in accordance with the Order.

The resolution to approve the Restructuring Plan as set out in Appendix F of the Explanatory Statement was put to the Shareholders and was not passed as a special resolution on a poll.

The number of votes lodged for and against the resolution proposed is set out below. 1,518,667 votes were withheld and 32.87% of the issued share capital voted.

Votes for:	50,130,545	(7.66%)
Votes against:	604,636,415	(92.34%)

Further information

As set out in the Order, the sanction hearing of the Court to sanction the Restructuring Plan is due to commence on 21 June 2021, at a time to be confirmed.

The Company reminds the Shareholders that as the Restructuring Plan was approved at the Bondholder Meeting by the requisite majority, if the Court sanctions the Restructuring Plan at the hearing on 21 June 2021, the Restructuring Plan will be binding on all Shareholders despite the resolution not being duly passed at the Shareholder Meeting.

Further the Shareholders and bondholders of the Company are reminded that if the Restructuring Plan is not sanctioned by the Court, the Restructuring will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company.

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Contacts: 

Hurricane Energy plc Antony Maris, Chief Executive Officer Philip Corbett, Head of Investor Relations	[phone]
Stifel Nicolaus Europe Limited Nominated Adviser & Joint Corporate Broker Callum Stewart	[phone]
Investec Bank plc Joint Corporate Broker Chris Sim / Rahul Sharma	[phone]
Vigo Consulting Public Relations Patrick d'Ancona / Ben Simons [e-mail]	[phone]

About Hurricane

Hurricane has a 100% interest in and operates the Lancaster field, the UK's first field to produce from a fractured basement reservoir.

Hurricane also has a 50% interest in the Greater Warwick Area licence, which contains the Lincoln and Warwick assets.

Visit Hurricane's website at www.hurricaneenergy.com

 

Inside Information

This announcement contains inside information.

 

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