News

Change in ownership of Lime Petroleum Norway AS

14.12.2015

   

Lime Petroleum Norway AS (“LPN”) has completed a restructuring exercise (“Restructuring”) of its share capital on 10 December 2015. The Restructuring was approved by LPN’s shareholders at an extraordinary general assembly (“EGA”) held on 12 October 2015.

At the EGA, shareholders of LPN passed several resolutions for the Restructuring of LPN’s share capital. The resolutions included certain capital reduction exercises (“Capital Reduction”) and a subsequent increase in share capital through a new share issue. Following a creditor notice period, LPN’s share capital was restructured to NOK 80,320,000 from a share capital of NOK 382,000,000 by catering for uncovered losses of NOK 30.9 million and transferring NOK 270.8 million to other equity. The exercise included cancellation of 900,000 LPN shares held by Rex International Investments Pte. Ltd. (“RII”), a wholly-owned subsidiary of Rex International Holding Ltd, and NOK 77.4 million was repaid to RII. RII then reinvested the NOK 77.4 million into LPN’s subsequent share capital increase. 

After this RII is registered as holder of 96.49% of the shares in LPN while Lime Petroleum Plc is registered as holder of 3.51% of the shares. The Capital Reduction and the new share issue are linked transactions and seen together the total equity capital and liquidity situation of LPN are unchanged as a result of the Restructuring.