SeaEnergy PLC Administration and Resignation of Nomad and Broker (1291A)
03 Junio 2016 - 1:26AM
UK Regulatory
TIDMSEA
RNS Number : 1291A
SeaEnergy PLC
03 June 2016
SeaEnergy PLC (in administration)
Administration and Resignation of Nominated Adviser and
Broker
Blair Nimmo, Geoff Jacobs and Tony Friar of KPMG LLP were
appointed as Joint Administrators of SeaEnergy plc ("SeaEnergy" or
the "Company") on 2 June 2016 at the request of the Company's
directors.
SeaEnergy is the holding company of the SeaEnergy group of
entities (the "Group"). The two principal trading entities are
Return to Scene Limited ("R2S") and SE Innovation Limited ("SEIL").
R2S and SEIL provide visual asset management software ("VAMS")
services and packages to a variety of sectors. R2S holds the
intellectual property which supports the VAMS, which is the key
asset of the Group.
SeaEnergy also owns 100% of the share capital in Eagle H C
Limited, which holds two UK royalty interests in respect of oil and
gas exploration fields, and 100% of the share capital in SeaEnergy
Hibernia Limited, which holds 18.7% (approximately 30 million
shares) of Lansdowne Oil & Gas plc ("Lansdowne"). Trading in
the shares of Lansdowne is currently suspended.
SeaEnergy began to experience cash flow challenges in late 2015,
due to the ongoing oil price decline adversely impacting R2S
activity levels. As seen throughout the industry, client orders
were cancelled or postponed, and the number of new business
enquiries reduced significantly.
In response to these challenges, the SeaEnergy directors secured
additional funding in November 2015 via a GBP1 million working
capital loan. In early 2016, trading conditions began to
deteriorate even further.
On 4 March 2016, SeaEnergy announced that it was facing
significant cash flow difficulties and would need to consider a
sale of its main assets, or the Group businesses would be unable to
continue trading beyond May 2016. In March 2016, the directors
began a targeted marketing exercise for the sale of the whole or
part of the Group. No viable offers were received at that time.
On 26 April 2016, trading in the shares of SeaEnergy were
suspended, pending clarification of its financial position.
KPMG were appointed to run an accelerated sales process on 28
April 2016. A preferred bidder was selected by the Group on 13 May
2016.
Prior to the appointment of the Joint Administrators, the
business, assets and 10 employees of SEIL (including the Return to
Scene forensic, and Max & Co businesses) were sold to R2S by
the SEIL directors, and seven employees of SeaEnergy were
transferred to R2S. Immediately following the appointment, the
shares of R2S were acquired by James Fisher Holdings UK Limited.
All 33 employees of R2S (including the employees transferred from
SEIL and SeaEnergy) were transferred as part of the transaction.
With the exception of one individual, all employees are based in
Aberdeen.
Of the remaining seven SeaEnergy employees, three have been made
redundant immediately following the appointment and four have been
retained to assist the Joint Administrators.
Blair Nimmo, Joint Administrator and UK Head of Restructuring
for KPMG, said:
"We are pleased to have concluded the sale of R2S to James
Fisher, which will safeguard the majority of jobs within the Group,
maintain customer service, and provide the best outcome for
SeaEnergy's creditors. Based on the information available at
present, it is unlikely there will be any recovery for the
shareholders.
"We are now focused on realising the remaining assets and
investments held by SeaEnergy, and would encourage any party with
an interest in acquiring all, or parts, of these investments to
make contact with us as soon as possible."
Resignation of Nominated Adviser and Broker
WH Ireland Limited has today resigned as nominated adviser and
broker to SeaEnergy with immediate effect. If SeaEnergy fails to
appoint a replacement nominated adviser within one month from
today, the admission of its AIM securities will be cancelled.
Ends
Media enquiries:
Phil Addicott / Neil McSeveny
0141 333 9585
07824 666 956 / 07854670520
Phil.addicott@bigpartnership.co.uk /
neil.mcseveny@bigpartnership.co.uk
About KPMG:
KPMG LLP, a UK limited liability partnership, operates from 22
offices across the UK with approximately 12,000 partners and staff.
The UK firm recorded a turnover of GBP1.9 billion in the year ended
September 2014. KPMG is a global network of professional firms
providing Audit, Tax, and Advisory services. It operates in 155
countries and has 162,000 professionals working in member firms
around the world. The independent member firms of the KPMG network
are affiliated with KPMG International Cooperative ("KPMG
International"), a Swiss entity. Each KPMG firm is a legally
distinct and separate entity and describes itself as such.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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