Tuesday 23 January 2018

Petroceltic shares suspended from trading over examiner uncertainty

Brian O'Cathain, CEO of Petroceltic Photo: Paul Sharp
Brian O'Cathain, CEO of Petroceltic Photo: Paul Sharp
Michael Cogley

Michael Cogley

Petroceltic, the troubled Irish oil and gas explorer, has applied for its shares to be suspended from trading on the AIM and ESM markets with effect from 7.30 am this morning.

In a statement released this morning the firm announced its intention to suspend the trading of its shares until a decision on whether or not an examiner will be appointed to the company.

On Friday Petroceltic shareholder, Worldview, presented a petition to the High Court to appoint an examiner to the firm.

Worldview's petition won't be considered until April 4 after the court adjourned the case.

The court did not appoint an interim examiner to the company, however it did grant the full protection of the examiner process to the petition companies.

Petroceltic says the petition was made without any consultation or advice to the firm and says that it is taking legal advice in relation to the petition.

The oil explorer said it would suspend the trading of its shares until such a time where the uncertainties surrounding Worldview's petition were resolved.

A spokesperson for Petroceltic told Independent.ie: "The company received the legal documentation from the petition on Sunday afternoon and it is currently under review".

Petroceltic has been continually agreeing waivers on its senior bank debt facility and had almost done so again on Friday.

The waiver that was nearly agreed on Friday would have granted the company breathing space until March 18.

On February 26, Sunny Hill, an affiliated company of Worldview announced its intention to make an all-cash offer for Petroceltic to the value of 3p per share.

Online Editors

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business