MercoPress. South Atlantic News Agency
Rockhopper: High Court confirms the cancellation of the Company's Share Premium Account
Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas company, announces that at a hearing today, the Companies Court of the Chancery Division of the High Court of Justice confirmed the cancellation of the Company's share premium account (“Cancellation of Share Premium Account”). The Cancellation of the Share Premium Account is expected to become effective tomorrow, 4 July 2013.
As previously announced, it is the Directors' current intention that no decision for the Company to make dividend payments or to purchase its own shares would be made before the Company has completed an evaluation of its medium-term funding requirements.
Key to this evaluation is the completion of the concept selection process for the Sea Lion development and the on-going assessment of the capital gains tax provision arising from the farm-out of the Company's licence interests to Premier Oil in 2012.
Only once this evaluation is substantially concluded will the Directors be in a position to consider the availability of capital that might be deployed in any share buy back or dividend payment should the Directors consider it appropriate.
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Read all commentsCan somebody who uderstands all this give me a plain unbiased explanation in simple english as to what it means?
Jul 03rd, 2013 - 09:49 pm 0Yes, it is simple.
Jul 03rd, 2013 - 11:02 pm 0I imagine sth like: the company wont pay you nothing (shares, dividend) until the mid term evaluation of the requirement (?) is being completed.
They wont pay.
The shares had been dropping steadily until a couple of days ago and now they have started to slowly bounce back from 1.20 up to 1.275, so does the market think this Court ruling is a positive move?
Jul 04th, 2013 - 07:17 am 0Commenting for this story is now closed.
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