TIDMG3E

RNS Number : 8463K

G3 Exploration Limited

06 January 2021

6 January 2021

G3 EXPLORATION LIMITED

("G3 Exploration", "G3E" or the "Company")

Corporate Update

Please be advised that the first meeting of the Company's creditors and contributories (the "Meeting") was held on Thursday 17 December 2020 at 9:00am (Cayman Islands time).

In accordance with Order 8 Rule 2 of the Companies Winding Up Rules (2018) ("CWR"), the primary purpose of the Meeting was for the Joint Official Liquidators ("JOLs") to facilitate the establishment of a Liquidation Committee ("LC"), should the Company's creditors and contributories desire that an LC be formed. In accordance with the CWR, the LC of an entity determined to be of doubtful solvency shall comprise not less than three nor more than six members, of whom a majority shall be creditors and at least one of whom shall be a contributory.

The role of an LC is to, amongst other things:

a) act as a sounding board for the JOLs in determining how the liquidation should proceed; and

b) approve the JOLs' fees.

At the Meeting, the JOLs only received one nomination to participate in the LC. Hence, the JOLs did not receive sufficient nominations for an LC to be constituted and as such an LC will not be formed at this time. The JOLs will report the outcome of the Meeting directly to the Grand Court of the Cayman Islands.

At this time, the outcome and timeline of the joint official liquidation of the Company, will be subject to the actions of, and the realisation of assets by the Receivers of Greka Gas China Ltd.

Should you have any queries, please do not hesitate to contact my colleague, Rebecca Rohan, via email at rrohan@alvarezandmarsal.com.

Yours faithfully,

Alexander Lawson

Joint Official Liquidator

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDFFFFFLAIRIIL

(END) Dow Jones Newswires

January 07, 2021 02:00 ET (07:00 GMT)

G3 Exploration (LSE:G3E)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more G3 Exploration Charts.
G3 Exploration (LSE:G3E)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more G3 Exploration Charts.