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RNS Number : 2281T i3 Energy PLC 20 June 2024
20 June 2024
i3 Energy plc
("i3", "i3 Energy", or the "Company")
Reduction of Share Capital - Update
i3 Energy PLC (AIM:I3E) (TSX:ITE), an independent oil and gas company with
assets and operations in the UK and Canada, announces the following update
to its proposed reduction of share capital.
Proposed Capital Reduction - Next Steps and Timetable
Terms used in this announcement have the same meaning given in the shareholder
circular of the Company dated 25 March 2024 unless otherwise defined in this
announcement.
At the General Meeting held on 15 April 2024 the shareholders approved a
resolution to allow, among other things, the Capital Reduction. The proposed
Capital Reduction is intended to increase retained earnings in order to create
further distributable reserves in the Company to facilitate the future payment
of dividends (in cash or otherwise) to Shareholders, where justified by the
profits of the Company, or to allow the redemption or buy-back of the
Company's shares (or other distributions to Shareholders).
The proposed Capital Reduction is subject to the scrutiny of, and confirmation
by, the High Court of England and Wales (the "High Court") which will take due
account of the protection of creditors.
On 12 June 2024, the initial directions hearing in relation to the Capital
Reduction took place. It is currently expected that the final Court Hearing
will take place on 2 July 2024. Subject to that confirmation of the Capital
Reduction at the Court Hearing and registration by the Registrar of Companies
in England and Wales of the order of the High Court, the Capital Reduction is
expected to take effect as per the timetable below.
The Board anticipates that the Capital Reduction will result in the creation
of distributable reserves; however, this is subject to: (i) there being no
materially negative change in the financial position or prospects of the
Company; and (ii) any provision that the Court requires the Company to make
for the protection of its creditors (although the Board does not expect any
undertakings or similar measures to be required). This will give the Company
the maximum flexibility to consider the payment of dividends and otherwise
return value to Shareholders, should the Board consider it appropriate. It
should however be noted that if the Company is required to give undertakings
to the Court, this may delay the Company's ability to pay dividends and
otherwise return value to Shareholders.
Following the implementation of the Capital Reduction, there will be no change
in the nominal value of the Company's shares or the number of shares in
issue. The Capital Reduction will not involve any distribution or repayment
of share premium by the Company and will not reduce the underlying net assets
of the Company.
The Directors reserve the right to abandon or discontinue any application to
the High Court for confirmation of the Capital Reduction if the Directors
believe that the terms required to obtain confirmation are unsatisfactory to
the Company or if, as the result of a material unforeseen event, the Directors
consider that to continue with the Capital Reduction would be inappropriate or
inadvisable.
Timetable of Principal Events
The expected timetable of principal events with respect to the Capital
Reduction are as follows:
PRINCIPAL EVENT DATE
Date for the directions hearing for the High Court to consider the Capital 12 June 2024
Reduction application
Expected date for the hearing by the High Court to confirm the Capital 2 July 2024
Reduction
Expected date that the Capital Reduction becomes effective On or around 3 July 2024
Enquiries:
i3 Energy plc c/o Camarco
Majid Shafiq (CEO) Tel: +44 (0) 203 757 4980
WH Ireland Limited (Nomad and Joint Broker)
James Joyce, Darshan Patel Tel: +44 (0) 207 220 1666
Tennyson Securities (Joint Broker)
Peter Krens Tel: +44 (0) 207 186 9030
Stifel Nicolaus Europe Limited (Joint Broker)
Ashton Clanfield, Callum Stewart Tel: +44 (0) 20 7710 7600
Camarco
Andrew Turner, Violet Wilson, Sam Morris Tel: +44 (0) 203 781 8338
Notes to Editors:
i3 Energy is an oil and gas Company with a low cost, diversified, growing
production base in Canada's most prolific hydrocarbon region, the Western
Canadian Sedimentary Basin and appraisal assets in the North Sea with
significant upside.
The Company is well positioned to deliver future growth through the
optimisation of its existing high working interest asset base and the
acquisition of long life, low decline conventional production assets.
i3 is dedicated to responsible corporate practices and the environment, and
places high value on adhering to strong Environmental, Social and Governance
("ESG") practices. i3 is proud of its performance to date as a responsible
steward of the environment, people, and capital management. The Company is
committed to maintaining an ESG strategy, which has broader implications for
long-term value creation, as these benefits extend beyond regulatory
requirements.
i3 Energy is listed on the AIM market of the London Stock Exchange under the
symbol I3E and on the Toronto Stock Exchange under the symbol ITE. For
further information on i3 Energy please visit https://i3.energy/
(https://i3.energy/) .
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the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
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this inside information is now considered to be in the public domain.
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