LONDON - Coro Energy Plc, a South East Asian energy company focusing on natural gas and clean energy, has announced the scheduling of a General Meeting for February 5, 2025, to address proposals critical to the company's future. The meeting will cover the proposed equity fundraising, share capital reorganization, and the partial redemption and conversion into equity of the company's existing secured listed bonds, collectively termed as the Recapitalization.
The company has issued a Shareholder Circular, which includes the notice of the General Meeting and details of the Recapitalization, and is now available on Coro's website. The circular has also been dispatched to shareholders.
If shareholders do not approve the Recapitalization, the company's board has indicated that it would likely be unable to repay the bonds at their maturity. Without substantial capital infusion in the short term, this could lead to the cancellation of the company's admission to trading on the AIM market and an orderly winding up of the company. In such a scenario, it is highly unlikely that shareholders would recover their investment.
The Retail Offer, part of the equity fundraising efforts, will close on January 24, 2025. Proxy votes for the General Meeting must be received by 9:00 a.m. on February 3, 2025, and electronic voting instructions for the bondholder meetings are due by 10:00 a.m. or 10:15 a.m. on the same day. The bondholder meetings are scheduled for February 5, 2025, coinciding with the General Meeting.
Following the General Meeting, if the Recapitalization is approved, the Share Capital Reorganization Record Date is set for 6:00 p.m. on February 6, 2025. The new ordinary shares, subscription shares, retail offer shares, and bond conversion shares are expected to begin trading on February 7, 2025, at 8:00 a.m. Definitive share certificates for these shares are expected to be dispatched the week commencing February 17, 2025.
This announcement, based on a press release statement, is a pivotal moment for Coro Energy as it seeks to navigate through its financial restructuring and secure its position in the energy market.
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