Barryroe Offshore Energy PLC (AIM:BEY, OTC:PVDRF) told investors that today’s EGM will effectively be adjourned, as a substantial shareholder seeks to appoint an examiner.
In Irish business, an examinership is similar to America’s Chapter 11 bankruptcy in that it protects a company from being wound up by creditors whilst efforts are underway to retain the company as a going concern.
Barryroe shareholder Vevan Unlimited petitioned the High Court in Dublin on Friday and it will be heard on 31 July. In the meantime, today’s EGM will be opened and immediately adjourned.