Challenger Energy Group plc (LON:CEG) has announced that a notice convening an Extraordinary General Meeting, along with a circular and proxy form, will be posted to the shareholders today.
The EGM is being convened for the purposes of approving the transaction entered into by the Company (as announced on 18 February 2025) for the sale of all of the Company’s remaining business in Trinidad and Tobago (the “Transaction”). The Transaction constitutes a fundamental change of business pursuant to AIM Rule 15 and is therefore contingent upon obtaining the consent of the Company’s shareholders.
The EGM is to be held at 10:00 GMT on 27 March 2025 at Challenger Energy Group PLC, The Engine Room, Alexandra Street, Castletown, Isle of Man IM9 1TG. The notice of EGM, Circular and proxy form are also now available on the Company’s website https://www.cegplc.com/.
The full contents of the Chairman’s Letter, as included in the Circular, is set in Appendix A below, and constitutes an integral part of this announcement. This includes relevant details of the Transaction, unaudited income statement and balance sheet to 31 December 2024 in respect of the assets being sold, which correspond to the entirety of the Company’s revenue generating assets, and details of the operational and financial impacts of the Transaction on the Company.
The Board recommends that shareholders vote in favour of the resolution being proposed at the EGM. The Directors consider that the resolution is in the best interests of shareholders and unanimously recommend that shareholders vote in favour of the resolution as they intend to do in respect of their own beneficial holdings of 19,292,672 Ordinary Shares, representing 7.85% per cent. of the existing issued ordinary share capital of the Company.
