Union Jack Oil plc (UJO) said an initial hearing date had been set for the company’s capital reduction exercise.
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The exercise was approved in a special resolution at the company’s general meeting on 23 June 2022.
Following Union Jack’s application to the High Court of Justice, the initial hearing is scheduled for 12 August 2022.
“A final hearing for the court to consider the capital reduction has been scheduled for 30 August 2022,” added the company.
“The timing and approval of the capital reduction remains at the discretion of the court.”