Business
Accounting Reference Date and Ukraine Update
Accounting Reference Date and Ukraine Update.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1067I Regal Petroleum PLC 08 June 2011 \n \n\nRegal Petroleum plc\n \n(\"Regal\" or the \"Company\")\n \n8 June 2011\n \nCHANGE OF ACCOUNTING REFERENCE DATE AND UKRAINE UPDATE\n \nAs announced on 28 June 2010, the Company received an order on 21 May 2010, but dated 30 March 2010, signed by the Ukrainian Minister of Environmental Protection identifying certain matters requiring rectification in relation to Regal's compliance with certain legislation in Ukraine relating to its operations at its Mekhediviska-Golotvshinska (MEX-GOL) and Svyrydivske (SV) gas and condensate fields, and requiring a suspension of operations whilst such matters were rectified (the \"Ministry Order\"). Legal proceedings were issued challenging the Ministry Order and a further hearing of such proceedings took place on 7 June 2011. However no decision has been forthcoming following this hearing. \n \nIn accordance with the Companies Act 2006, the Company is required to convene its Annual General Meeting (\"AGM\") within the 6 month period from its accounting reference date, being no later than 30 June 2011; there must also be not less than 21 clear days between the posting of the Notice of AGM and the Company's Annual Report and Accounts, and the date on which the AGM is held, meaning that the Notice of AGM would need to have been sent to shareholders by 7 June 2011.\n \nThe Company announces that it has altered its accounting reference date from 31 December to 30 December. This was to enable the Company to slightly delay the posting of the Notice of AGM and Annual Report and Accounts to shareholders so that, if and to the extent appropriate, reference to the hearing could be reflected in the Annual Report and Accounts. The Notice of AGM and Annual Report and Accounts will be posted by 30 June 2011 in accordance with the requirements of the AIM rules but, due to the current uncertainty surrounding timing for conclusion of the legal process in Ukraine, there is no guarantee that the Company will be in a position to provide any update prior to release of the Annual Report and Accounts. \n \nNotwithstanding the change to the accounting reference date of the Company, the Company is permitted, and intends, to report as at 31 December in each financial year and so there will b...