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Judicial Management will be spinning the fortune wheel to maneuver Emas Offshore, at its Own Request

The Board of Directors of EMAS Offshore Limited wished to be under Judicial Management and their wish is granted High Court of the Republic of Singapore

According to a recently released statement by the company, the Board of Directors (the “Board”) of EMAS Offshore Limited (the “Company” and together with its subsidiaries, the “Group”) refers to its announcements on 22 July 2019, 13 September 2019 and 24 September 2019 in relation to the Company’s application in the High Court of the Republic of Singapore (“Court”) on 19 July 2019 for inter alia an order that the Company be placed under judicial management pursuant to Section 227B of the Companies Act (Cap. 50, 2006 Rev Ed) (“Companies Act”) (“JM Application”

 Court also made, inter alia, the following orders:

  1. EOL be placed under judicial management pursuant to section 227B and the provisions of Part VIIA of the Companies Act;
  2. Goh Thien Phong and Chan Kheng Tek, both of PricewaterhouseCoopers Advisory Services Pte. Ltd., be appointed as the joint and several judicial managers of EOL (“Judicial Managers”); and
  3. the affairs, business and property of EOL be managed by the Judicial Managers in order to achieve one or more of the following purposes:
  • the survival of EOL, or the whole or part of its undertaking as a going concern;
  • the approval under section 210 or 211I of the Companies Act of a compromise or arrangement between EOL and its creditors; and/or
  • a more advantageous realization of Emas Offshore Limited’s assets would be effected than on a winding up.

The Company further said that it will provide further updates pertaining to the judicial management in compliance with the listing requirements of the Oslo Bors or when there are material developments.

The company also stated that shareholders should consult their financial, tax or other advisers, when in doubt.

EOL was given Special Observation Status in Oslo Bors since 20th February 2017 Until 21st of October

Oslo Bors – Special Observation Status

A company is placed under Special observation if circumstances attached to a company shares makes pricing of the shares particularly uncertain. Special observation is regulated in the Continuing Obligations, paragraph 14.4. The price quotation for each company will remain under Special observation until there is further clarification for the specific Company.

 

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