Empyrean Energy is to seek approval to return 7.9p per ordinary share trough the issue of one B share for each ordinary share.
Empyrean says that to effect the return of value:
- Shareholders will be issued with one B share for each ordinary share held by them at 5.00p.m. on 19 October.
- A court hearing is scheduled for 9 November to confirm the return of value. Subject to confirmation, the B shares will be cancelled under the reduction of capital and holders of the B shares will be paid the capital paid up on the B Shares (7.9 pence per B share).
- Payments are expected to be made during the week beginning 14 November.
The return of value (including the creation and capitalisation of the B shares and the reduction of capital) requires the approval of shareholders, which will be sought at a general meeting to be held at the offices of BDO London, 55 Baker Street, London W1U 7EUm at 8.30 a.m. on 19 October.
At 8:02am: (LON:EME) Empyrean Energy PLC share price was +0.88p at 8.75p