Business
Notice of General Meeting, Placing & CVA
Notice of General Meeting, Placing & CVA.
About this update from Corpus Resources Plc
[{"type":"text","content":"\n\n19 August 2024\nCurzon Energy Plc\n(\"Curzon\" or the \"Company\")\nNotice of General Meeting, Placing & CVA\n \nFurther to the announcement on 3 June 2024 in relation to the proposed Company Voluntary Arrangement (the \"CVA\"), the Company is pleased to announce that today, Antony Batty & Co (\"the Administrator\"), has dispatched, on behalf of the Company, the proposal of the Directors for the CVA (the \"CVA Proposal\"). The Company has also today posted a notice of general meeting (\"GM\" or \"General Meeting\") and proxy forms to shareholders to approve, inter alia, the CVA. Full details of the circular can be found below.\nThe CVA proposal, along with a general meeting circular will be made available to creditors and shareholders on the Company's website from 19 August 2024.\nIn connection with the CVA, Peterhouse Capital Limited (\"Peterhouse\"), the Company's Broker, has conditionally raised £340,000.17 (The \"Placing\") before expenses through the issue of 1,133,333,900 new Ordinary Shares (the \"Placing Shares\") to new investors (\"Placees\").\nThe General Meeting of Curzon will be held at the offices of Peterhouse Capital Limited, at 80 Cheapside, London EC2V 6EE at 11:30 a.m. on 5 September 2024 for the purpose of considering and, if thought fit, passing the Resolutions.\nBackground of the Proposal\nThe Company sought a restructuring of the business in order to eliminate existing liabilities of approximately £3,292,498.81, which could not otherwise be satisfied, and for the Company to have a reasonable pathway forward. The Board determined that a CVA would be the best option for all stakeholders, as it would allow a full restructuring of all of the Company's obligations and give a revised board of directors a clean listed entity to take forward.\nThe terms of the CVA, which are set out in the circular, provide for creditors to receive (i) a cash payment and (ii) the issue of convertible loan notes (\"CULNs\").\nIn order to facilitate the proposals, it was necessary for the Company to raise capital from new investors. Accordingly, Peterhouse was able to procure Placees that were willing to participate in the Placing only on the basis that they would receive shares in the Company. The Placing is necessary for the CVA to complete and for the Company to continue as a going concern.\nBoard Changes\nS...