28th May 2013 07:00
Dublin
28 May 2013
Petroceltic International plc
Update on Share Consolidation and Scheme of Arrangement
On 17 May 2013, Petroceltic International plc ("Petroceltic" or the "Company") announced that it would not at that time be proceeding with the proposals to establish a new Irish-incorporated holding company for the Company and its subsidiaries by way of a scheme of arrangement (the "Scheme"). The Company now announces that it intends to withdraw the Scheme at the court meeting of the Company convened for 2 pm on Thursday, 30 May 2013 and to adjourn indefinitely that meeting. It is the intention of Petroceltic to seek to complete the introduction to the Official Lists of the UK Listing Authority and Irish Stock Exchange and to trading on their respective Main Markets at the earliest practicable date.
The AGM of the Company, which has also been convened for Thursday, 30 May 2013, will proceed as scheduled at 2.15 pm (or as soon thereafter as the court meeting shall have concluded or been adjourned). However, as a consequence of the withdrawal of the Scheme, Resolution 10 in the notice of AGM (dealing with matters relating to Scheme) will not be put to the meeting for approval. In addition, should Resolution 11 be approved at the AGM, the proposed share consolidation will occur in the Company (and not the new holding company). Shareholders are being asked to approve the consolidation of the share capital of the Company on the basis of one new consolidated share for every existing 25 shares. If approved by shareholders, the timetable for the implementation of the share consolidation will be as follows:
Record time and date for the consolidation | 6pm on Friday, 7 June 2013 |
Admission and first day of dealings in new consolidated shares | 8am on Monday, 10 June 2013 |
New consolidated shares credited to CREST accounts in uncertificated form | 10 June 2013 |
Despatch of definitive share certificates for new consolidated shares | By 21 June 2013 |
Notes:
(1) The times and dates provided are based on the Directors' expectations and may be subject to change. In that event, detail of new times and dates will be notified to the Irish Stock Exchange and the London Stock Exchange and, where appropriate, shareholders by means of a regulatory announcement.
(2) References to times are to Dublin times.
The ISIN number of the Company's existing ordinary shares is IE0003186172. Following the consolidation, the ISIN number of the new ordinary shares will be IE00BB0QZ876. There will be no change in the Company's ticker on the London Stock Exchange (PCI), while the ticker on the Irish Stock Exchange will change to EG5A.
For further information, please contact:
Brian O'Cathain/Tom Hickey, Petroceltic International | Tel: +353 (1) 421 8300 |
Philip Dennis/Rollo Crichton-Stuart, Pelham Bell Pottinger | Tel: +44 (20) 7861 3919 |
Joe Murray/Joe Heron, Murray Consultants | Tel: +353 (1) 498 0300 |
John Frain/Roland French, Davy (Nomad and ESM Adviser) | Tel: +353 (1) 679 6363 |
Related Shares:
PCI.L