Empyrean Energy: Return of Value to Shareholders
November 9, 2016
Kerman & Co acted for long standing client, Empyrean Energy PLC (EME: AIM) on its return of 7.9 pence per share to shareholders. Empyrean Energy (the “Company”) is an oil and gas explorer and producer admitted to trading on AIM. The Company returned approximately £17.5 million in aggregate to its shareholders from the net proceeds of the sale of its Sugarloaf AMI Project.
The Return of Value involved the creation and capitalisation of B Shares from monies standing to the credit of the Company’s share premium account and the Reduction of Capital by a court process. Shareholder approval was successfully obtained on 19 October 2016 and the Court approved the Reduction of Capital on 9 November 2016.
Joan Yu (Partner), advised on the corporate aspects of the transaction and James Thorndyke (Senior Associate), advised on all aspects of the court process.