Business
Internal Reorganisation & Reserves Update
Internal Reorganisation & Reserves Update.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5391S\n Jadestone Energy Inc.\n 17 March 2021\n \n \n \n \n \n \n \n Jadestone Energy\n \n \n \n \n \n Internal Reorganisation & Reserves Update\n \n \n \n \n \n \n 17 March 2021-Singapore: \n \n Jadestone Energy Inc. (AIM:JSE) (the \"Company\" or \"Jadestone\" or including subsidiaries, the \"Jadestone Group\"), an independent oil and gas production company focused on the Asia Pacific region, is pleased to provide an update on the Company's proposed internal reorganisation, and on its reserves estimates for the year ended 31 December 2020. \n \n \n \n \n \n Internal reorganisation update\n \n \n \n \n \n As announced on 1 February 2021, Jadestone is proposing an internal reorganisation (the \"Reorganisation\") of its corporate structure, such that the ultimate parent holding company of the Jadestone Group will be a new company, incorporated in England and Wales. The Reorganisation will not result in a change in control in the ultimate holding company of the Jadestone Group and, accordingly, it will also not result in a change in the ultimate shareholding in any of the Company's assets, nor will it result in a change in the management of any of its assets.\n \n \n \n \n \n The Reorganisation is expected to reduce regulatory compliance burdens, resulting in estimated annual cost savings of between US$0.5 million and US$1.0 million, when taken in connection with savings from last year's delisting from Canada's TSX Venture Exchange. In addition, Jadestone's board believes the Reorganisation will further raise the Company's profile and status amongst UK and European investors who are unable to invest in non-UK domiciled companies. Given that its peer group of companies are predominantly London listed and domiciled in the UK, this move should facilitate incremental access to equity from the international capital market. It is also expected to allow Jadestone to further optimise its tax structure.\n \n \n \n \n \n The Company filed certain court documents on Monday 15 March in relation to the proposed Reorganisation, including a plan of arrangement (the \"Arrangement\"), which will require court approval. Subject to court approval, the Reorganisation will be proposed to shareholders for voting at a Special Meeting (the \"Mee...