TIDMHUR
RNS Number : 6097Z
Hurricane Energy PLC
24 May 2021
24 May 2021
Hurricane Energy plc
("Hurricane", the "Company" or the "Group")
Shareholder Plan Meeting Notice
Further to the announcement made earlier today 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"),
and in line with the directions of the Court received earlier today
(the "Court Order"), the Company announces the publication of the
notice (the "Shareholder Plan Meeting Notice") of the plan meeting
of shareholders (the "Shareholder Plan Meeting").
The Shareholder Plan Meeting 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 plan meeting (the
"Bondholder Plan Meeting") of the Company's bondholders (the
"Bondholders"), scheduled for 11:00 am (London time) on the 11 June
2021, shall have been concluded or adjourned .
The Shareholder Plan Meeting Notice is now available on the
Company's website at www.hurricaneenergy.com .
At the Shareholder Plan Meeting the Company will seek approval
of the Restructuring Plan from its shareholders (the
"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.
The final form of the explanatory statement (and appendices)
under section 901D of the 2006 Act (the "Explanatory Statement"),
together with the Court Order, are also available on the Company's
website at www.hurricaneenergy.com .
Important information regarding the Shareholder Plan Meeting and
the Restructuring Plan will continue to be published for
Shareholders on the Company's website at www.hurricaneenergy.com
.
In addition, and as soon as practicable, the Company will post
the Shareholder Plan Meeting Notice to Shareholders.
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.
Principal times and dates for meetings and the sanction hearing
of the Court
As set out in the Court Order, the Company notes the following
principal dates in relation to plan meetings and the sanction
hearing of the Court.
Bondholder Plan Meeting 11:00 a.m. (London time) on 11
- the virtual meeting of the Bondholders June 2021
to vote on
the Restructuring Plan
Shareholder Plan Meeting 12:00 p.m. (London time) on 11
- the virtual meeting of the Shareholders June 2021, or as soon as possible
to vote on after the Bondholder Plan Meeting
the Restructuring Plan has been concluded or adjourned
----------------------------------
Sanction Hearing To commence on 21 June 2021 (time
- Court hearing to sanction the Restructuring to be confirmed)
Plan
----------------------------------
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.
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END
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