Hong Kong-listed NewOcean Energy Holdings Limited, a firm which includes bunker fuel trading and supply operations as part of business activities, on Tuesday (17 May) released an update regarding the winding up petition filed against the company by the Hongkong Shanghai Banking Corporation (HSBC).
The Company has appointed an international law firm with instruction to attend and oppose the Petition at the hearing to be held on 15 June 2022.
The Company is also seeking legal advice as to take further and other action to protect the Company’s interest and the interest of shareholders as a whole and that of its creditors as a whole.
Potential Impact of the Winding Up Petition
Both Section 182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Chapter 32 of the Laws of Hong Kong and Article 166(1) of the Bermuda Companies Act (1981) state that in a winding up by the court, any disposition of the property of the company, including things in action, and any transfer of shares, or alteration in the status of the members of the company, made after the commencement of the winding up, shall, unless the court otherwise orders, be void.
Pursuant to the circular dated 28 December 2016 issued by Hong Kong Securities Clearing Company Limited (HKSCC) in relation to the transfer of the shares of listed issuers after a winding up petition has been presented, in view of these restrictions and the uncertainties that may arise in relation to the transfer of shares of the Company, for participant(s) who conduct share transfers through HKSCC (Participants), HKSCC may at any time, and without notice, exercise its powers under the General Rules of Central Clearing and Settlement System (“CCASS”) to temporarily suspend any of its services in respect of shares of the Company.
This may include the suspension of acceptance of deposits of share certificates of the Company into CCASS. The share certificates of the Company received by HKSCC but not yet re-registered in HKSCC Nominee Limited’s name will also be returned to the relevant Participant and HKSCC shall reserve the right to reverse any credit granted to such Participant by debiting the relevant securities from its CCASS account accordingly.
These measures would generally cease to apply from the date when the Petition has been struck-out, dismissed or permanently stayed, or the Company has obtained the necessary validation order from the High Court.
In view of the possible impact of the Petition on the transfer of Shares, the Company is seeking legal advice as to the necessity of applying for a validation order for such transfer of Share made after presentation of the Petition or a winding up order is made by the court.
Further announcement will be made by the Company as appropriate in accordance with the Listing Rules and the Inside Information Provisions of the SFO.
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Related: NewOcean Energy defends against HSBC winding up petition, secures time for debt restructuring
Related: NewOcean: Winding up petition proceedings at Bermuda court to continue on 14 December
Related: NewOcean Energy Holdings forecasts 87% decrease net loss on year for 1H2021
Related: NewOcean posts USD 479 million FY 2020 loss; possible downsize of oil business
Related: NewOcean Energy delays release of 2020 financial results; to be published by end June
Related: NewOcean appoints Crowe as new auditors; replaces Deloitte Touche Tohmatsu
Related: NewOcean creditor scheme meeting dates at courts now ‘unrealistic’; delayed till further notice
Related: NewOcean auditors resign due to significant outstanding documents & information
Related: NewOcean revises creditor scheme meeting dates at Hong Kong, Bermuda Courts due to ‘substantial’ amendments
Related: NewOcean records USD 304.3 million loss, portion of SG bunkering business to remain
Related: NewOcean Energy issues USD 304.8 million net loss warning ahead of FY 2020 results
Related: NewOcean proposal to adjourn court scheme meeting approved by creditors
Related: NewOcean creditors meeting application granted by Supreme Court of Bermuda
Related: NewOcean planning creditors meeting, foundation of debt restructuring plan laid out
Related: NewOcean records USD 174 million 1H 2020 loss; Singapore bunkering business remains
Related: NewOcean Energy publishes profit warning to shareholders ahead of 1H 2020 results
Related: NewOcean Energy records 66% bunker sales jump to 4.5 million mt in FY 2019
Photo credit: NewOcean Energy Holdings Limited
Published: 18 May, 2022
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