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Petroceltic Intnl (PCI)

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Monday 07 March, 2016

Petroceltic Intnl

Update on Petition & Suspension of Trading

RNS Number : 1833R
Petroceltic International PLC
07 March 2016
 

 

Dublin

7 March 2016

Petroceltic International Plc

("Petroceltic" or the "Company")

 

Update on Worldview Examinership Petition

Suspension of Trading on AIM and ESM

 

On 4 March 2016 Worldview EHS International Master Fund ("Worldview") presented a petition to the High Court of Ireland (the "Court") to appoint an examiner to Petroceltic International plc, Petroceltic Investments Limited and Petroceltic Ain Tsila Limited (the "Petition Companies") and to admit such companies to the protection of the Court pursuant to the relevant provisions of the Companies Act 2014 of Ireland (the "Petition").


The full hearing of the Petition has been adjourned until 4 April 2016 at which time the Court will consider the Petition. The Court did not appoint an interim examiner pending the hearing of the Petition, however it did grant the full protection of the examinership process to the Petition Companies.

The Petition was made without any prior consultation with or advice to the Company. Petroceltic is taking legal advice in relation to the Petition.


On 4 March 2016 the Company had substantially agreed with its senior lenders the commercial terms and conditions of a further waiver of payments to 18 March 2016. However this waiver could not be concluded in light of the presentation of the Petition. The Company is actively engaged with its senior lenders to determine their position in the light of the Petition.


Sunny Hill Limited is an affiliated company of Worldview and on 26 February 2016 announced its firm intention to make an all cash offer of Stg 3 pence per share for the entire issued and to be issued share capital of Petroceltic other than the Petroceltic Shares in the beneficial control of Worldview International Management Limited SEZC and/or any of the Worldview Funds.

 

Given the significant uncertainties in relation to the Group's financial circumstances arising from the Petition, the Company has applied for its shares to be suspended from trading on AIM and ESM with effect from 7.30am on Monday 7 March 2016 until such time as the uncertainties can be determined.

ENDS

 

For further information, please contact:

 

Brian O' Cathain /Tom Hickey, Petroceltic International        Tel: +353 (1) 421 8300

James Henderson / Rollo Crichton-Stuart, Bell Pottinger      Tel: +44 (20) 3772 2500

Douglas Keatinge / Joe Heron, Murray Consultants              Tel: +353 (1) 498 0300

John Frain / Roland French, Davy                                          Tel: +353 (1) 679 6363

 

The Directors of Petroceltic International plc accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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