Hurricane Energy PLC (LSE:HUR) told investors that its largest shareholder Crystal Amber Fund Limited (AIM:CRS) has withdrawn its requisition for a general meeting, removing a significant layer of uncertainty about the company’s immediate future.
The requisition came on 23 December and saw Crystal Amber call for the Hurricane board to be replaced.
"This is a welcome development,” Hurricane chair Philip Wolfe said in a statement. “It enables the company to continue to focus on progressing its previously announced formal sales process, which has seen strong interest, and the excellent operational performance which has positioned the business so well."
Today’s withdrawal follows a statement from Hurricane on Wednesday which said that it had received multiple proposals from credible counterparties in its formal sales process, which had a 7 January deadline for indicative proposals.
The offshore oiler added that it has also received a number of less-defined expressions of further interest. It noted that all submissions are highly conditional and subject to further due diligence. Additionally, it told investors that each proposal contained structured elements that require further clarification and assessment by Hurricane and its advisers.
In Wednesday's statement, Antony Maris, Hurricane chief executive said: “We continue our work on the FSP which we are focused on bringing to a successful conclusion, albeit there can be no certainty as to its outcome."
“We are pleased by the strong interest we have seen thus far. This coming year brings its own challenges and we look to deliver both near-term shareholder returns through either the successful outcome of the formal sale process or with a substantial capital return programme, as well as creating additional value for our shareholders," he added.