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New City Energy to wind up

New City Energy to wind up

New City Energy’s board of directors has been reviewing, with the investment manager, the future prospects of the company ahead of the next continuation vote. Given the current market capitalisation of the company, the prevailing share price discount and the short to medium term outlook for the oil price, the board has decided that it would be in the best interests of shareholders to propose that the company be wound up and that the surplus assets (after full provision for liquidation costs) be distributed in cash to shareholders.

A circular is being prepared to convene an extraordinary general meeting to wind up the company voluntarily. The circular will set out in full detail the proposals. A further announcement will be made in due course.

NCE : New City Energy to wind up

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