Business
Results of the Scheme Meeting
Results of the Scheme Meeting.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n London, 23 August 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Proposed Scheme of Arrangement of the Company\n \n \n \n \n \n \n \n \n \n Results of the Scheme Meeting\n \n \n \n \n \n \n \n \n Nostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", or the \"Company\" and together with its subsidiaries, the \"Group\"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, informs that f\n urther to the announcement dated 1 August 2022, regarding the Company's invitation to Scheme Creditors to submit their Account Holder Letters (the \"AHL Submission Notice\") and notifying the Scheme Creditors of, among other things, the date and time of the Scheme Meeting (the \"Notice of Scheme Meeting\"), a meeting of the Scheme Creditors was held yesterday, on 22 August 2022, to vote on the Scheme proposed by the Company in connection with the Restructuring.\n \n \n \n \n \n There were 148 Scheme Creditors present and voting at the Scheme Meeting (by proxy). The Scheme was approved by the requisite majority of Scheme Creditors at the Scheme Meeting (being a majority in number, representing at least 75 per cent. in value of the Scheme Creditors present and voting).\n Accordingly, the Scheme was approved. \n \n \n \n \n \n Successful completion of the Scheme is now conditional upon, among other things, the Scheme being sanctioned by the Court in its discretion at the Scheme Sanction Hearing and the Scheme becoming effective and unconditional in accordance with its terms. Each of the key elements of the Restructuring (of which the Scheme is an integral part) is inter-conditional, meaning that, even if the Scheme becomes effective, the terms of the Restructuring will only be implemented in accordance with its terms if and when each of the Restructuring Conditions has been satisfied or waived (in accordance with the Scheme and the Implementation Deed). This includes the receipt by the Company of any required licence(s) from applicable authorities, or confirmation that such licence(s) is not required.\n \n \n \n \n \n The Scheme Sanction Hearing is anticipated to take place on 26 August 2022. The hearing is likely to be ...