Re: PGR Phoenix Global Resources (ex AEN Andes Energía)
Publicado: Mié Sep 06, 2017 7:54 am
Otra explicacion de lo mismo.
Technical Issue Forces Phoenix Global To Delay Interoil Demerger (ALLISS)
By Alliance | Tue, 5th September 2017 - 12:44
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LONDON (Alliance News) - Phoenix Global Resources PLC said on Tuesday it will not be able to reduce its capital due to a "technical reason", and consequently deferred its demerger of Interoil Exploration & Production ASA.
Phoenix was formed in July, after Andes Energia struck a conditional deal to merge with Argentine oil and gas company Trefoli Holdings to create an enlarged group. At that time, Phoenix said it intended to focus on oil and gas exploration and production in Argentina only.
Outside of Argentina, Phoenix has interests in Colombia, comprising its 26% stake in Interoil and certain licences in the Llanos Basin and the Valle Magdalena Medio Basin.
In line with this strategy, Phoenix said it would transfer 513,598 Interoil shares to US Andes shareholders, and demerge the remaining Interoil shares by way of distribution in specie to Andes shareholders outside the US, who would receive exchangeable GuernseyCo Shares.
Phoenix established established TrustCo, a Guernsey trust company, and TrustCo incorporated GuernseyCo, a wholly-owned Guernsey incorporated subsidiary, in preparation for the proposed Interoil demerger. Andes shareholders will be entitled to one Interoil share for every 36 exchangeable GuernseyCo shares.
As Phoenix said it did not have sufficient distributable reserves to declare a distribution in specie, it proposed a reduction of capital to reduce the its share premium account by GBP60 million.
However, whilst shareholders approved this resolution, Phoenix said it has now been advised that the court cannot confirm the reduction of capital proposed for a "technical reason" relating to the size of the company's share premium account.
The demerger has now been deferred "to give the company time to consider how best to address this technical issue". Phoenix said it intends to implement the reduction of capital and subsequent demerger, and will convene another general meeting to propose new resolutions in due course.
Shares in Phoenix were down 5.0% at 57.00 pence on Tuesday.
By Lucy Heming; lucyheming@alliancenews.com
Copyright 2017 Alliance News Limited. All Rights Reserved.
Technical Issue Forces Phoenix Global To Delay Interoil Demerger (ALLISS)
By Alliance | Tue, 5th September 2017 - 12:44
Share this
LONDON (Alliance News) - Phoenix Global Resources PLC said on Tuesday it will not be able to reduce its capital due to a "technical reason", and consequently deferred its demerger of Interoil Exploration & Production ASA.
Phoenix was formed in July, after Andes Energia struck a conditional deal to merge with Argentine oil and gas company Trefoli Holdings to create an enlarged group. At that time, Phoenix said it intended to focus on oil and gas exploration and production in Argentina only.
Outside of Argentina, Phoenix has interests in Colombia, comprising its 26% stake in Interoil and certain licences in the Llanos Basin and the Valle Magdalena Medio Basin.
In line with this strategy, Phoenix said it would transfer 513,598 Interoil shares to US Andes shareholders, and demerge the remaining Interoil shares by way of distribution in specie to Andes shareholders outside the US, who would receive exchangeable GuernseyCo Shares.
Phoenix established established TrustCo, a Guernsey trust company, and TrustCo incorporated GuernseyCo, a wholly-owned Guernsey incorporated subsidiary, in preparation for the proposed Interoil demerger. Andes shareholders will be entitled to one Interoil share for every 36 exchangeable GuernseyCo shares.
As Phoenix said it did not have sufficient distributable reserves to declare a distribution in specie, it proposed a reduction of capital to reduce the its share premium account by GBP60 million.
However, whilst shareholders approved this resolution, Phoenix said it has now been advised that the court cannot confirm the reduction of capital proposed for a "technical reason" relating to the size of the company's share premium account.
The demerger has now been deferred "to give the company time to consider how best to address this technical issue". Phoenix said it intends to implement the reduction of capital and subsequent demerger, and will convene another general meeting to propose new resolutions in due course.
Shares in Phoenix were down 5.0% at 57.00 pence on Tuesday.
By Lucy Heming; lucyheming@alliancenews.com
Copyright 2017 Alliance News Limited. All Rights Reserved.