Court Approval of Capital Reduction

RNS Number : 1421F
Trinity Exploration & Production
14 July 2021
 

RNS ANNOUNCEMENT: This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended.  On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company")

Court Approval of Capital Reduction

Trinity, the independent E&P company focused on Trinidad and Tobago, is pleased to announce that the proposed reduction of capital of the Company (the "Capital Reduction"), which was approved by the Company's shareholders at its Annual General Meeting held on 18 June 2021, was sanctioned by the High Court of Justice in England and Wales (the "Court") on 13 July 2021.

The order of the Court confirming the Capital Reduction, and the statement of capital approved by the Court in connection therewith, are being sent to the Registrar of Companies today. The Capital Reduction will become effective upon the registration of the order of the Court and accompanying statement of capital by the Registrar of Companies.  As Companies House are not presently offering a same-day registration service due to COVID-19 restrictions, it is expected that the registration will be concluded within approximately 7 days of receipt of the documents by Companies House (based on the latest indicative timescales made known to the Company for the processing of such filings).

As set out in the Company's announcement dated 26 May 2021, and in the Circular for the Annual General Meeting held on 18 June 2021, the Capital Reduction will result in the cancellation of the entire share premium account of the Company, as well as the cancellation of the entire deferred share capital of the Company.

The Company confirms that, following the Capital Reduction, the issued ordinary share capital of the Company remains at 38,879,431 ordinary shares of US$0.01 each ("Ordinary Shares"), with no Ordinary Shares held in treasury.  The total number of voting rights in the Company also remains at 38,879,431.

Enquiries:

Trinity Exploration & Production

Bruce Dingwall CBE, Executive Chairman

Jeremy Bridglalsingh, Managing Director

Tracy Mackenzie, Corporate Development Manager

 

Tel: +44 (0)131 240 3860

 

 

SPARK Advisory Partners Limited  (Nominated Adviser and Financial Adviser)

Mark Brady

James Keeshan

 

Tel: +44 (0)20 3368 3550

Cenkos Securities PLC (Broker)

Leif Powis

Neil McDonald

 

 

Tel: +44 (0)20 7397 8900

  +44(0)131 220 6939

Walbrook PR Limited

Nick Rome

 

Tel: +44 (0)20 7933 8780

trinityexploration@walbrookpr.com

 

 

About Trinity

Trinity is an independent production company focused solely on   Trinidad and Tobago.  Trinity operates producing and development assets both onshore and offshore, in the shallow water West and East Coasts of   Trinidad. Trinity's portfolio includes current production, significant near-term production growth opportunities from low risk developments and multiple exploration prospects with the potential to deliver meaningful reserves/resources growth.  The Company operates all of its nine licences and, across all of the Group's assets, management's estimate of 2P reserves as at the end of 2020 was 19.55 mmbbls. Group 2C contingent resources are estimated to be 23.25 mmbbls. The Group's overall 2P plus 2C volumes are therefore 42.80 mmbbls.

 

Trinity is quoted on the AIM market of the London Stock Exchange under the ticker TRIN.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCFFFLIDSIVLIL
UK 100

Latest directors dealings