The Hurricane Energy PLC (LON: HUR) shares were suspended from trading on the AIM after the Court-sanctioned scheme of arrangement, through which Prax was set to acquire all the outstanding shares of Hurricane Energy, finally came into effect.
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The scheme documents were finally delivered to the Registrar of Companies, and all the conditions set out in the scheme documents have been satisfied or waived. Now all the entire issued ordinary share capital of Hurricane is owned by Prax.
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Now that the scheme has come into effect, all the share certificates regarding Hurricane Shares have ceased to be valid and of value and entitlements to Hurricane Shares held in uncertificated form in CREST will be cancelled.
Hurricane Energy shareholders are set to receive 6.02 pence, comprising 0.83 pence as the Cash Consideration, 3.32 pence as the Transaction Dividend and 1.87 pence as the Supplementary Dividend. The shareholders are also entitled to a deferred consideration unit.
Scheme shareholders whose shares were held in certificated form will have the amount settled in cash payable to them via cheques to be dispatched as soon as possible. Still, no later than 14 days after the scheme becomes effective, that is, by 22 June 2023.
Shareholders who hold their shares in uncertificated form will have the outstanding amounts settled via a cash consideration payable to them by crediting their CREST accounts as soon as possible again, no later than 22 June 2023.
Today’s announcement marks the end of the takeover process, as Prax now wholly owns Hurricane Energy shares, which shall be delisted from the London Stock Exchange’s AIM Marlet starting tomorrow.
The company’s shareholders will have to wait slightly longer to receive the deferred consideration unit, which is the standard scenario in most acquisitions. For now, the UK loses one of its public independent oil producers that will now be part of Prax.
*This is not investment advice.
Hurricane Energy share price.
The Hurricane Energy shares were suspended from trading on the AIM after the scheme of arrangement cae
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