21st Nov 2013 11:55
LONDON (Alliance News) - Nighthawk Energy PLC Thursday said that on Wednesday the High Court issued an order confirming the reduction of the company's share capital.
The US-focused oil development and production company said it has given certain items to the court in relation to the reserve arising on the capital reduction for the protection of the company's creditors and the capital reduction became effective on November 20.
Nighthawk announced on October 2 that in order to support the company's ability to buy back shares or pay dividends in the future it proposed to create distributable reserves by means of a capital reduction.
The company said that the company has to date received consent from roughly 98.6% of its main creditors for the share capital reduction.
Nighthawk Energy shares were down 2.3% to 10.50 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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