TIDMHUR
RNS Number : 5822Z
Hurricane Energy PLC
24 May 2021
24 May 2021
Hurricane Energy plc
("Hurricane", the "Company" or the "Group")
Update on Proposed Financial Restructuring
Further to the announcements made on 30 April and 13 May 2021
(the "Previous Announcements") regarding the proposed financial
restructuring of the Group (the "Restructuring") pursuant to a
restructuring plan (the "Restructuring Plan") proposed under Part
26A of the Companies Act 2006 (the "2006 Act"), the Company
confirms that a convening hearing (the "Convening Hearing") in
relation to the Restructuring Plan was held virtually on 21 May
2021 at the High Court of Justice (the "Court") in London.
As outlined in the Previous Announcements, the Restructuring
Plan process was commenced with the issue of a practice statement
letter to Bondholders on 30 April 2021. A copy of the practice
statement letter has, since its issuance, been available, and
continues to be available, on the Company's website at
www.hurricaneenergy.com .
Purpose of the Convening Hearing
The purpose of the Convening Hearing was to seek directions from
the Court for the convening and conduct of a virtual meeting (the
"Bondholder Plan Meeting") of the holders (the "Bondholders") of
the Company's $230 million convertible bonds due 24 July 2022 (the
"Convertible Bonds") for the purposes of considering, and if
thought fit approving, the Restructuring Plan.
Convening of a Bondholder Plan Meeting
The Company confirms that the Court has given directions
received today (the "Court Order") for the convening and conduct of
the Bondholder Plan Meeting, which will be held virtually via video
conference at 11:00 a.m. (London time) on 11 June 2021.
At the Bondholder Plan Meeting the Company will seek approval of
the Restructuring Plan from Bondholders. In order to be approved by
the Bondholders, the Restructuring Plan will require the support of
75% (by value) of the Bondholders present (virtually) or by proxy
and voting at the Bondholder Plan Meeting.
As described below, important information regarding the
Bondholder Plan Meeting and the Restructuring Plan will be
published for Bondholders on the dedicated Bondholder website (the
"Plan Website") at https://deals.lucid-is.com/hurricane .
Further information regarding the Plan Website is also set out
below.
Convening of a Shareholder Plan Meeting
The Company confirms that the Court gave directions in the Court
Order for the convening and conduct of a virtual meeting (the
"Shareholder Plan Meeting") of the Company's shareholders (the
"Shareholders"), which will be held virtually via video conference
at 12:00 noon (London time) on 11 June 2021 or, if later, as soon
as possible thereafter as the Bondholder Plan Meeting shall have
been concluded or adjourned .
At the Shareholder Plan Meeting the Company will seek approval
of the Restructuring Plan from Shareholders. In order to be
approved by the Shareholders, the Restructuring Plan will require
the support of 75% (by value) of the Shareholders present
(virtually) or by proxy and voting at the Shareholder Plan Meeting.
Each Shareholder shall have one vote for each share held by such
Shareholder.
As described below, important information regarding the
Shareholder Plan Meeting and the Restructuring Plan will be
published for Shareholders on the Company's website at
www.hurricaneenergy.com .
In addition, and as soon as practicable, the Company will
publish and post to Shareholders a notice of the Shareholder Plan
Meeting (the "Shareholder Plan Meeting Notice"). A copy of the
Shareholder Plan Meeting Notice will also be published on the
Company's website at www.hurricaneenergy.com .
Failure to implement the Restructuring
Bondholders and Shareholders should note that in certain
circumstances the Court may sanction a restructuring plan where one
class of creditor or member dissents. Bondholders and Shareholders
should refer to paragraph 1.5 of part 5 of the Explanatory
Statement (defined below) and section 901G of the 2006 Act.
Shareholders and Bondholders are reminded that in the event the
Restructuring Plan is not approved at one or more of the plan
meetings, or if it is so approved but 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.
Information for Bondholders
As noted in the Previous Announcements, on 30 April 2021
Hurricane entered into a lock-up agreement (the "Lock-up
Agreement") with an ad hoc group of Bondholders (the "Ad Hoc
Committee").
The Company notes that, as at the date of this announcement, the
Lock-up Agreement has been executed or acceded to by entities
holding in aggregate approximately 83.51 % by value of the
Convertible Bonds.
The Company invites Bondholders who have not yet acceded to the
Lock-up Agreement to consider doing so. Any such interested
Bondholder should contact Lucid Issuer Services Limited as
Information Agent by email to hurricane@lucid-is.com for details on
how to accede to the Lock-up Agreement.
All Bondholders are eligible to participate in the Lock-up
Agreement and may accede to the Lock-up Agreement at any time by
completing an Accession Letter to the Lock-up Agreement. No consent
fee will be payable to Bondholders in connection with accession to
the Lock-Up Agreement.
Bondholders wishing to accede to the Lock-up Agreement should
contact Lucid Issuer Services Limited as the Information Agent by
email to hurricane@lucid-is.com . All documentation relating to the
Lock-up Agreement, together with any updates, is available on the
Plan Website at https://deals.lucid-is.com/hurricane . Bondholders
will require a password to access the Plan Website. A password may
be obtained by emailing hurricane@lucid-is.com .
For additional information, Bondholders are encouraged to get in
touch with the Ad Hoc Committee via their financial advisor
Houlihan Lokey ( ProjectHavenHL@hl.com ).
Information to be made available to Bondholders on the Plan
Website
The final form of the explanatory statement (and appendices,
including the Restructuring Plan document, the Account Holder
Letter and the formal notice to convene the Plan Meeting) under
section 901D of the 2006 Act (the "Explanatory Statement"),
together with the Court Order, will be uploaded to the Plan Website
as soon as practicable at https://deals.lucid-is.com/hurricane
.
Information to be made available to Shareholders on the
Company's website
The Explanatory Statement will be uploaded to the Company's
website as soon as practicable at www.hurricaneenergy.com .
Sanction hearing
Pursuant to the Court Order, any Shareholder that wishes to
oppose the sanction of the Restructuring Plan must file evidence in
opposition (including evidence of their shareholding) by no later
than 4 p.m. (London time) on 9 June 2021.
Further information
The Company may publish further announcements in connection with
the Bondholder Plan Meeting and/or the Shareholder Plan Meeting
when appropriate. Bondholders and Shareholders are advised to check
the Plan Website and the Company's website.
Questions about the Restructuring should be directed to the
Company by email to communications@hurricaneenergy.com .
-ends-
Contacts:
Hurricane Energy plc
Antony Maris, Chief Executive Officer +44 (0)1483 862
Philip Corbett, Head of Investor Relations 820
Evercore Partners International LLP
Financial Advisor +44 (0)20 7653
Project-HavenEvercore@Evercore.com 6000
Stifel Nicolaus Europe Limited
Nominated Adviser & Corporate Broker +44 (0)20 7710
Callum Stewart 7600
Investec Bank plc
Joint Corporate Broker +44 (0)20 7597
Chris Sim / Rahul Sharma 5970
Vigo Consulting
Public Relations
Patrick d'Ancona / Ben Simons +44 (0)20 7390
hurricane@vigoconsulting.com 0230
Lucid Issuer Services Limited
Information Agent
David Shilson / Sunjeeve Patel + 44 (0)20 7704
https://deals.lucid-is.com/hurricane 0880
About Hurricane
Hurricane was established to discover, appraise and develop
hydrocarbon resources associated with naturally fractured basement
reservoirs. The Company's acreage is concentrated on the Rona
Ridge, in the West of Shetland region of the UK Continental
Shelf.
The Lancaster field (100% owned by Hurricane) is the UK's first
producing basement field. Hurricane has pursued a phased
development of Lancaster, initially starting with an Early
Production System consisting of two wells tied-back to the Aoka
Mizu FPSO. Hydrocarbons were introduced to the FPSO system on 11
May 2019 and the first oil milestone was achieved on 4 June
2019.
In September 2018, Spirit Energy farmed-in to 50% of the Lincoln
and Warwick assets, committing to a phased work programme targeting
sanction of an initial stage of full field development.
Visit Hurricane's website at www.hurricaneenergy.com
Prior to publication, this document contained inside information
under Regulation (EU) 596/2014 on market abuse.
Disclaimer
Forecasts and other forward looking statements
This announcement may contain projections, estimates, forecasts,
targets, prospects, returns and/or opinions in relation to the
Company (together the "Forecasts"). These Forecasts can be
identified by the use of forward--looking terminology, including
the terms "believes," "estimates," "aims," "targets,"
"anticipates," "expects," "intends," "may," "will" or "should" or,
in each case, their negative, or other variations or comparable
terminology. The Forecasts involve significant assumptions and
subjective judgments which may or may not prove to be correct and
there can be no assurance that any Forecasts are a reliable
indicator of future performance, nor that they are attainable or
will be realised. There are a number of risks, uncertainties and
factors that could cause actual results and developments to differ
materially from those expressed or implied by any statements and
Forecasts made in the Presentation. If one or more of these risks
or uncertainties materialise, or if any underlying assumptions
prove incorrect, the Company's actual results of operations,
financial condition and liquidity and the development of the
industry in which it operates may differ materially from those made
in or suggested by the Forecasts. No reliance may be placed, for
any purpose, on the Forecasts or the information contained in this
announcement.
The Restructuring is subject to conditions
The completion of the Restructuring is subject to various
conditions, including but not limited to the approval of the
transaction and agreement of its terms by prescribed percentages of
the Bondholders. There can be no assurance that the Restructuring
will be completed on the terms currently envisaged, or at all.
U.S. securities laws disclaimer
This announcement, and the transactions to which it relates, has
been issued in respect of securities of a non-U.S. company. Any
offer of securities contemplated hereby is subject to disclosure
requirements of a country other than the United States that are
different from those of the United States.
Financial statements included in this announcement, if any, have
been prepared in accordance with foreign accounting standards that
may not be comparable to the financial statements of United States
companies.
It may be difficult for a U.S. holder of the Convertible Bonds
to enforce their rights and any claim they may have arising under
U.S. federal securities laws, since the Company is located in a
foreign country and all of its officers and directors are residents
of a foreign country. A U.S. holder of the Convertible Bonds may
not be able to sue a foreign company or its officers or directors
in a foreign court for violations of the U.S. securities laws. It
may be difficult to compel a foreign company and its affiliates to
subject themselves to a U.S. court's judgment.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
REPDKQBBCBKKKPB
(END) Dow Jones Newswires
May 24, 2021 05:21 ET (09:21 GMT)
Hurricane Energy (LSE:HUR)
Historical Stock Chart
From Feb 2024 to Mar 2024
Hurricane Energy (LSE:HUR)
Historical Stock Chart
From Mar 2023 to Mar 2024