Hurricane Energy plc is planning a “significant”capital reduction programme to distribute reserves of up to $70 million, equivalent to 3.1 pence per share, to shareholders.
MEETING
Hurricane said that the programme involved cancellation of the company’s share premium account of approximately $822.5m, in order to create distributable reserves.
The company intends to start the programme in Q1 2023 should its recently initiated formal sales process result in no transaction.
Hurricane will seek shareholders’ approval for the programme at a general meeting on 14 December 2022.