Business
Proposed Cancellation of Share Premium Account
Proposed Cancellation of Share Premium Account.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 9550A Rockhopper Exploration plc 27 March 2013 \n\nEmbargoed: 0700hrs 27 March 2013\nRockhopper Exploration plc\n(\"Rockhopper\" or the \"Company\")\nProposed Cancellation of the Company's Share Premium Account \nRockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas company, announces that it will post a circular before the end of April 2013 to seek authority from shareholders to cancel the share premium account of the Company so as to create distributable reserves. The cancellation of the Company's share premium account will be subject to the approval of the High Court who will need to be satisfied that the interests of the Company's creditors and contingent creditors will not be prejudiced as a result of the cancellation.\nOn successful completion of the cancellation of the share premium account, the distributable reserves created would, subject to any undertakings given to the High Court, then be available for the funding of dividends, to facilitate any buy-back of the Company's own shares or for any other general corporate purposes which the Directors may consider appropriate at that time. As the Company does not currently have the authority to buy-back its own shares the circular will also seek that authority from shareholders. \nAny decision by the Directors in relation to the use of the authorities referred to above will be made once the Company has completed an evaluation of its medium term funding requirements. Concept Selection for the Sea Lion development, which is anticipated to be in July of this year, will be a key part of this evaluation, as we expect it to provide greater clarity on the expected cost and schedule of the project.\nEnquiries:\nRockhopper Exploration plc\nTel: 0207 920 2340 (via M: Communications)\nSam Moody – Chief Executive \nPeter Dixon-Clarke – Finance Director\n \nCanaccord Genuity Limited (NOMAD and Joint Broker)\nTel: 0207 523 8000\nHenry Fitzgerald-O'Connor\nGiles Fitzpatrick\n \nM: Communications \nTel: 0207 920 2340\nPatrick d’Ancona\nBen Simons\n \nNotes to Editors:\nRockhopper was established in February 2004 with a strategy to invest in and carry out offshore oil exploration to the north of the Falkland Islands. The Company floated on AIM in August 2005 with four offshore production li...