The Circular contains details of, among other things, a proposed reduction of capital (the 'Capital Reduction').
Terms used in this announcement have the same meaning given to them in the Circular.
Notice of Annual General Meeting ('AGM')
The Circular, which was posted to Shareholders yesterday, is available on the Company's website at https://i3.energy.
The AGM is to be held at the offices of
Shareholders are strongly encouraged to appoint the Chair of the meeting as their proxy for the AGM. This will ensure that your vote will be counted even if attendance at the AGM is restricted or you are unable to attend.
The results of the votes on the resolution proposed at the AGM will be announced as soon as practicable after the conclusion of the AGM and will be available on the Company's website.
Proposed Capital Reduction
The Board considers it highly desirable that the Company has the maximum flexibility to consider the payment of dividends and otherwise return value to Shareholders. However, the Company will be precluded from the payment of any dividends or other distributions or the redemption or buy-back of its shares in the absence of it having sufficient distributable reserves.
The Company's share premium account currently stands at approximately
The purpose of the Company's cancellation of its share premium account is 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).
If the proposed cancellation of the Company's share premium account is approved by Shareholders at the AGM, it will be subject to the scrutiny of, and confirmation by, the
The Board anticipates that the cancellation of the Company's share premium account will result in the creation of further 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 the Shareholders, should the Board consider it appropriate. It should however be noted that if the Company is required to give undertakings to the
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 in itself 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
Contact:
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
The Company is well positioned to deliver future growth through the optimisation of its existing 100% owned 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
This announcement contains inside information for the purposes of Article 7 of the
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