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KrisEnergy
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TraderBen
Supreme |
20-Apr-2021 23:13
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GG already. | ||||
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Joelton
Supreme |
12-Apr-2021 08:20
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Two KrisEnergy shareholders call for EGM over restructuring concerns
TROUBLED oil and gas group KrisEnergy has received a requisition notice from two shareholders to convene an extraordinary general meeting (EGM), over concerns about the restructuring of the mainboard-listed company.
The shareholders are Ng Kay Yip and Serle Investments, who said that they hold 21.13 per cent of KrisEnergy' s shares, the company revealed in a Saturday bourse filing. Serle is represented by Michael Yeoh Sock Siong.
In a requisition notice dated April 7, they raised concerns over the state of KrisEnergy' s restructuring, and called for a resolution to form a committee of minority investors, of up to five members.
The committee would be able to appoint an independent financial adviser (IFA) and other advisers to review KrisEnergy' s financial position and propose an alternative restructuring plan if needed. Serle and Mr Ng have asked for the EGM to be held within 21 days from the letter.
The duo also want KrisEnergy to bear the costs for the advisers, and to cooperate in providing the committee with information.
In the notice, Mr Ng and Serle said that they are " very concerned" about KrisEnergy' s disclosure on March 31 that production from the Apsara Oil Field project was lower than expected, casting " material uncertainty" over the restructuring.
This stands in contrast to " previous representations regarding the profitability forecast" of the company' s Apsara Oil Field project, both shareholders said.
They also questioned if the fall in production may have been counterbalanced by rising oil prices, as KrisEnergy' s announcement had " omitted to discuss" the impact of oil prices.
Mr Ng had written to KrisEnergy in mid-February to request an IFA be appointed, the requisition notice stated. He had also raised additional questions, including about the advisory fees incurred for the original restructuring. But KrisEnergy has not responded to Mr Ng' s queries, the notice added.
" Given that KrisEnergy has acknowledged the support of its shareholders, especially minority shareholders, is critical to any restructuring proposal, we are puzzled by the existing level of communication from (the company)," Mr Ng and Serle said in the notice.
" Moreover, we believe that it would be to the benefit of all stakeholders if minority shareholders were granted more visibility over and are able to contribute ideas towards the restructuring process."
In the bourse filing on Saturday, KrisEnergy confirmed that Mr Ng and Serle meet the required shareholding threshold, of at least 10 per cent, to requisition an EGM. The company is seeking legal advice on the matter.
Trading in KrisEnergy shares was suspended in August 2019.
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TraderBen
Supreme |
31-Mar-2021 23:13
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Stupid company now say oil not enough from the wells. The foresight of this management team is so bad that the whole team deserved the axe. F up management. | ||||
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bullrun6088
Senior |
03-Mar-2021 20:42
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if you got no money just take from your parent coy corrupted con keppel corpse!!!! Your share is not worth a cent $0.0001 !!!! Don' t con the bond holder their money!!!! Just carry on with the first oil and earn some profit to pay the bond holders their rightful dues! If not just close shop and write off!!!! You reputation is so bad no bond holder will lend you money!!!! | ||||
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HB8289
Master |
24-Feb-2021 16:50
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9 February 2021 To Shareholders of KrisEnergy Ltd.1 , On behalf of the Board of Directors, I would like to express my sincere appreciation of your continued support of the Company and to inform you of progress in the restructuring process since it was launched in August 2019. KrisEnergy commenced the restructuring process 18 months ago to reorganise our liabilities, which had become too burdensome for the Company to be sustainable. We requested a suspension of trading in all our securities &ndash equity and bonds &ndash on the Singapore Exchange (&ldquo SGX&rdquo ) and applied to the High Court of the Republic of Singapore for a moratorium against enforcement actions and legal proceedings by creditors against the Company pursuant to section 211B of the Companies Act (Cap. 50). The moratorium was granted and has been subsequently extended to date. Following the granting of the moratorium, we embarked, together with our advisors, on a strategic review to evaluate a wide range of strategic alternatives including raising capital at the corporate and/or asset level in the form of debt, equity, joint-venture investment and crude prepayment financing selling assets individually or as the Group a corporate merger or sale as well as a reorganisation of the Group&rsquo s liabilities that would provide a holistic and sustainable solution to deleverage our balance sheet and benefit all stakeholders with the potential upside of future growth. At the start of this process, we knew the road ahead was long with many hurdles to overcome. We understood that there were many steps to go through, all inter-conditional and requiring the participation and approvals from all stakeholders at various intervals. Our challenges were further compounded by the COVID-19 pandemic and the resultant crash in crude oil prices and increase in the cost of capital. Despite the challenges, after months of negotiations with various stakeholders, we announced the final restructuring proposal on 21 August 2020 (&ldquo Restructuring Exercise&rdquo ), which comprises four interconditional components to implement the holistic restructuring of the Group: &bull Bilateral agreement to extend the maturity date of the Group&rsquo s existing US$200.0 million revolving credit facility (&ldquo RCF&rdquo ) from 31 December 2020 &bull Full conversion of unsecured liabilities - including the unsecured notes due 2022 and 2023, unsecured term loans and certain amounts owing to trade creditors(collectively, &ldquo Unsecured Creditors&rdquo ) - to equity under a Scheme of Arrangement &bull Partial conversion of the Zero Coupon Notes (&ldquo ZCNs&rdquo ) due January 2024 to equity and the extension of the maturity date for the remaining ZCNs to December 2025 through a Consent Solicitation Exercise and 1 KrisEnergy Ltd. (&ldquo KrisEnergy&rdquo or the &ldquo Company&rdquo , or together with its subsidiaries, the &ldquo Group&rdquo ), &bull An extraordinary general meeting (&ldquo EGM&rdquo ) of Shareholders to approve the issuance of the new shares pursuant to the Scheme of Arrangement and the Consent Solicitation Exercise. Cambodia milestone At the heart of the Restructuring Exercise was the potential future growth of KrisEnergy through its existing assets, specifically the development of the Apsara oil field in Block A offshore Cambodia (&ldquo CBA&rdquo ). Of the assets in the KrisEnergy portfolio, CBA offered the most mature development plan with approvals in place from the Royal Government of Cambodia as well as further upside potential in the long term. We were able to secure a loan facility for the CBA development from Kepinvest Singapore Pte. Ltd. (&ldquo Kepinvest&rdquo ). Kepinvest is a subsidiary of Keppel Corporation Ltd, which is a controlling shareholder of KrisEnergy through its wholly-owned subsidiary, Keppel Oil & Gas Pte Ltd (&ldquo KOG&rdquo ). As a result of these relationships, the loan facility was deemed an Interested Person Transaction (&ldquo IPT&rdquo ) under Chapter 9 of the Listing Manual and, on 29 June 2020, independent Shareholders passed the resolution to approve the loan facility. Approval of the loan facility resulted in the full funding of the initial Mini Phase 1A development of CBA, which commenced production on 28 December 2020. Achieving first oil at CBA is a strategic milestone for KrisEnergy, but importantly, as Cambodia&rsquo s first producing oil field, it is historic to the people of Cambodia and the economy of the nation. Restructuring progress In parallel to the development of CBA, we have been working to progress the four components of the Restructuring Exercise. As previously announced, we have delivered to date the following: &bull The Group has entered into the bilateral agreement for the RCF and the maturity date of the RCF has been extended by six months from 31 December 2020 to 30 June 2021. Once the Restructuring Exercise is fully completed, there will be a further extension of the RCF maturity date to 30 June 2024 &bull The Scheme of Arrangement was approved on 14 January 2021 by the Unsecured Creditors at a meeting of the Unsecured Creditors and sanctioned by the Singapore Court on 1 February 2021 &bull The meeting of ZCN holders for purposes of the Consent Solicitation Exercise is to be held at 9.30 a.m. on 11 February 2021. As at 9 February 2021, irrevocable voting instructions from noteholders representing a total of 110,991,502 votes have been received by the meeting agent, and 100% of votes received are in favour of the extraordinary resolution being proposed in connection with the Consent Solicitation Exercise. Thisis in excess of the requisite voting threshold for such resolution to be passed and &bull We are now progressing the last remaining component of the Restructuring Exercise, being the convening of the EGM to seek Shareholders&rsquo approval for the issuance of the new shares pursuant to the Scheme of Arrangement and the Consent Solicitation Exercise. This is the final step for KrisEnergy to emerge from the restructuring &ndash and this restructuring is the only viable path for KrisEnergy to remain a listed company and for our shares to resume trading on the SGX. Given the positive outcomes thus far of three of the four components of the Restructuring Exercise, I urge all shareholders to vote in favour of the EGM resolutions so we may look forward to the continued operation of the Group and the opportunity to increase value through further development of KrisEnergy&rsquo s assets. If shareholders&rsquo approval is not received forthe issuance of new shares pursuant to the Scheme of Arrangement and the Consent Solicitation Exercise, the Restructuring Exercise cannot be completed and KrisEnergy will likely enter some form of liquidation process. In which event, KrisEnergy will not be able to retain its listing status and its shares will not be able to be traded on the SGX. Many companies in the upstream and offshore/marine sectors are facing similar financial crises as KrisEnergy due to the depressed and turbulent business environment, which began in the second half of 2014 and was exacerbated in 2020 with the COVID-19 pandemic. Some companies will survive while others will fall by the wayside. In the 18 months since we embarked on this journey, there has been a heavy load of communication related to the financing of the CBA development and the restructuring process. I wanted to contact you directly to summarise the progress to date in the Restructuring Exercise and what remains to be achieved for KrisEnergy to emerge from the restructuring. I also want to thank you for your patience and enduring support. The Board and management of KrisEnergy continue to work diligently to get through the restructuring, while our technical teams remain fully engaged to realise value from our portfolio of assets. All relevant information on the Restructuring Exercise can be found on the SGXNet and on our website at https://www.krisenergy.com/Investors/restructuring-information-centre, and Shareholders may submit any queries on the Restructuring Exercise through email at [email protected]. Recognising the complexity of the restructuring process and the large number of announcements and legal documents published to date, I invite each shareholder to contact us directly such that we can walk you through the restructuring proposal per the terms published on KrisEnergy&rsquo s website. Our advisors, Tanya Pang (VP Investor Relations & Corporate Communications) and I may be contacted through email at [email protected] and [email protected]. We look forward to hearing from you. Yours sincerely, Kelvin Tang Chief Executive Officer & Executive Director 9 February 2021 |
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TraderBen
Supreme |
30-Dec-2020 08:57
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1st oil coming. Fingers crossed still. Still can make a comeback like CAO | ||||
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HB8289
Master |
16-Dec-2020 14:22
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Any updates on this share value YTD | ||||
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WhereI
Master |
30-Nov-2020 20:43
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Finally, an amicable settlement! | ||||
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HB8289
Master |
30-Nov-2020 16:44
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KrisEnergy unit to dodge winding-up petition after US$15.3m settlement with RubiconTUE, NOV 24, 2020 - 9:21 PM
THE winding-up petition against a key subsidiary of debt-hit oil-and-gas company KrisEnergy will be withdrawn after KrisEnergy, together with four of its business units, on Tuesday reached a US$15.3 million settlement with Rubicon Vantage International and its affiliate. Upon execution of the settlement deed, Rubicon will immediately withdraw the winding-up petition and its statutory demands against KrisEnergy' s wholly owned subsidiary, KrisEnergy (Gulf of Thailand) (KEGOT) in the Cayman Islands. KrisEnergy (Apsara) Company Ltd will enter into a new bareboat charter for the hire of a vessel, Rubicon Vantage, from Rubicon. Rubicon Vantage will be used in the Cambodia Block A Apsara oil field. Rubicon had earlier filed claims against KrisEnergy and KEGOT in relation to a bareboat charterparty dated October 2014. Under Tuesday' s settlement agreement, Rubicon, KrisEnergy and KEGOT will stop all legal action and claims related to this bareboat charter. |
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HappyDay22
Member |
14-Aug-2019 08:08
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Gone case, suspension | ||||
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SgTrader17
Elite |
13-Feb-2018 17:21
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Wow, KrisEnergy hit all time low of 0.089? Btw, FR no longer holds 30% of Kris energy.
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jlim777
Senior |
13-Feb-2018 13:15
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What was the gap down after lunch for? Shortists no longer consider TA? or, unpaid long was forced sell? Or MM faking down? It doesn' t make sense at all. RSI daily is already oversold and previous 3 gap down still need to be filled. This week, rigs count potentially will be going down. Oil price is not tanking, it is only moving to lower range to dissuade new exploration, and it is still potentially going up temporarily because of conflict between Syria and Israel. Average FR selling was never below $0.1. US shares price drop seems already subsided. I want to see what happened at close today. |
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Sgvale
Supreme |
13-Feb-2018 09:01
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Venezuela oil production depleting. Anyway recent trading down so fast but up very slow. | ||||
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danger
Supreme |
13-Feb-2018 08:54
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CRUDE OIL DIVING TO NEAR $59.40 | ||||
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NextEvolution
Elite |
13-Feb-2018 08:52
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Kris Market Dept looks uninteresting but see if surprises can happen to push it to close at 9.4/9.5 today at 5.04pm. Expect the Unexpected... LOL | ||||
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HB8289
Master |
12-Feb-2018 21:51
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Chiong arh | ||||
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TraderBen
Supreme |
20-Oct-2017 10:09
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is 30% a threshold %? | ||||
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ehclim
Elite |
20-Oct-2017 01:30
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FR holds about 30.8% now. I believe they may not continue to unload through the open market once they hit below 30%.
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SgTrader17
Elite |
19-Oct-2017 17:37
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Opportunities arises again ... FR is selling... But all these while, there's people buying. Or else, sell to who? Thin air? Dump and pump... Dump and pump Just wait patiently for the cycle to repeat dyodd | ||||
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sbscap
Master |
19-Oct-2017 16:32
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FR is selling too slowly. It may take over 2 years at this rate. I wish FR will just keep selling hard and fast, drive the price way below 10c. Maybe 5c. This is better than the water-torture we are experiencing now. Kris may only be interesting if FR' s holding falls below 10%. | ||||
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