Jadestone Energy Inc announces Special Meeting Voting Results

Rhea-AI Summary

Jadestone Energy Inc. (AIM:JSE) announced the successful passing of a special resolution at its shareholders' meeting on April 20, 2021. Approximately 100% of shares voted supported the internal reorganization of the company’s corporate structure. This will involve a court-approved plan of arrangement, where existing shares of Jadestone Energy Inc. will be exchanged for ordinary shares in Jadestone Energy plc on a one-for-one basis. The reorganization will not alter control or management structures within the Jadestone Group.

Positive

• 100% shareholder support for the corporate restructuring.
• No dissent rights exercised by shareholders.
• Planned transition to Jadestone Energy plc may enhance market presence.

Negative

• None.

SINGAPORE, SINGAPORE / ACCESSWIRE / April 20, 2021 / Jadestone Energy Inc. (AIM:JSE) (the "Company" or "Jadestone"), an independent oil and gas production company focused on the Asia Pacific region, is pleased to announce that the resolution put to shareholders at the Company's Special Meeting on 20 April 2021 was duly passed, with approximately 100.0%¹ of shares voted in support of the motion, and the Company did not receive any notice of exercise of dissent rights.

Shareholders voted overwhelmingly to pass the special resolution to approve the internal reorganisation of the Company's corporate structure (the "Reorganisation"), and its implementation by way of a British Columbia, Canada, court-approved plan of arrangement (the "Arrangement").

The Arrangement, which is subject to Court approval, provides for, among other things, the transfer by shareholders and subsequent cancellation of all issued and outstanding shares in the Company, Jadestone Energy Inc., in exchange for ordinary shares of Jadestone Energy plc on a one-for-one basis. As a result, Jadestone Energy plc will become the ultimate parent company of the Jadestone group of companies (the "Jadestone Group"). In connection with the Arrangement, Jadestone Energy plc will apply for the new shares to be admitted to trading on the AIM market of the London Stock Exchange.

The Reorganisation will not result in a change in control in the ultimate holding company of the Jadestone Group and, accordingly, will not result in a change in control in the ultimate shareholding in any of the companies or assets of the Jadestone Group. Further, the Reorganisation will not result in a change in the management of any of the Jadestone Group's companies or assets.

¹ 99.9953% of shares voted in support of the motion.

For further information, please contact:

Jadestone Energy Inc.	+65 6324 0359 (Singapore)
Paul Blakeley, President and CEO	+44 7392 940 495 (UK)
Dan Young, CFO	ir@jadestone-energy.com
Robin Martin, Investor Relations Manager
Stifel Nicolaus Europe Limited (Nomad, Joint Broker)	+44 (0) 20 7710 7600 (UK)
Callum Stewart
Jason Grossman
Ashton Clanfield
Jefferies International Limited (Joint Broker)	+44 (0) 20 7029 8000 (UK)
Tony White
Will Soutar
Camarco (Public Relations Advisor)	+44 (0) 203 757 4980 (UK)
Billy Clegg	jse@camarco.co.uk
James Crothers

This announcement does not contain inside information.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Jadestone Energy Inc.

View source version on accesswire.com:
https://www.accesswire.com/641303/Jadestone-Energy-Inc-announces-Special-Meeting-Voting-Results

FAQ

What was the outcome of Jadestone Energy's Special Meeting on April 20, 2021?

The special resolution for corporate restructuring was passed with approximately 100% support from shareholders.

What is the significance of the reorganization for Jadestone Energy (JSE)?

The reorganization involves a transfer of shares to Jadestone Energy plc without changing control or management structures.

How will Jadestone Energy's share structure change after the arrangement?

Shareholders will exchange existing shares in Jadestone Energy Inc. for ordinary shares in Jadestone Energy plc on a one-for-one basis.

Will there be any impact on management following Jadestone Energy's restructuring?

No change in management is expected as a result of the reorganization.

What is the next step following the approval of the reorganization by shareholders?

The reorganization is subject to court approval to finalize the arrangement.