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Xcite Energy Limited - Statement re Shareholder Update

RNS Number : 4141N
Xcite Energy Limited
25 October 2016
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

 

LSE-AIM: XEL

 

 

25 October 2016

 

Xcite Energy Limited

("Xcite Energy" or the "Company")

Shareholder Update and Bondholder Petition for Appointment of Liquidator

This announcement is made further to the Company's announcement on 27 September 2016, in which it stated that it was concluding restructuring negotiations with the principal Bondholders and expected to exchange 100% of the value of the outstanding Bonds for 98.5% of the enlarged share capital of the Company.  

Following such further discussions, the principal Bondholders have informed the Company that they are not satisfied that the transaction is capable of being implemented in a manner acceptable to them.  On this basis, they expect to instruct the Bond Trustee to petition the Court in the British Virgin Islands within the next 10 days requesting the appointment of a liquidator to the Company, which is expected to take effect approximately 4 to 6 weeks from the filing of such request.  On the basis of advice received by the Company and the directors, the directors believe that liquidation is unlikely to result in the return of any value to the Company's existing shareholders.

As a consequence, the Directors have requested the immediate suspension of the trading on AIM of the ordinary shares in the Company.

The principal Bondholders and the proposed liquidator have confirmed that Xcite Energy Resources Plc ("XER") and its assets are not expected to be the subject of enforcement action and XER is expected to remain a going concern throughout this process.

ENQUIRIES:

 

Xcite Energy Limited


 

+44 (0) 1483 549 063

Rupert Cole / Andrew Fairclough






Liberum (Joint Broker and Nomad)

+44 (0) 203 100 2222

Clayton Bush / Jamie Richards






Morgan Stanley (Joint Broker)


+44 (0) 207 425 8000

Andrew Foster






Forward-Looking Statements

 

This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst the Company believes the expectations reflected herein to be reasonable in light of the information available to it at this time, the actual outcome may be materially different owing to factors beyond the Company's control, or otherwise within the Company's control, for example, if the Company decides on a change of plan or strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Quick facts: Xcite Energy Plc

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Market: AIM
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