Rex International Holding Limited Provides Critical Update on Lime Petroleum Holding AS

Key Points Investors Need to Know

• Strategic and Financial Review Initiated: Lime Petroleum Holding AS (“LPH”), a subsidiary of Rex International Holding Limited, has commenced a strategic and financial review to address its current financial situation.
• Appointment of Chief Restructuring Officer: LPH is in the process of appointing a Chief Restructuring Officer, signaling a major step towards restructuring and possibly significant changes in its operations and financial structure.
• Bondholder Discussions Underway: LPH has begun discussions with its bondholders regarding the terms of its outstanding bonds. The bondholders have indicated that LPH may be at risk of potential default, which is currently still under assessment.
• Bondholders’ Notice and Restrictions: Bondholders have formally notified LPH’s board of directors, putting them on notice of potential default and stating explicitly that no corporate actions should be undertaken without their prior consultation. This restriction may impact LPH’s flexibility and operational decisions in the near future.
• Legal Advice Sought by LPH Board: The board is actively seeking legal advice to determine the next steps in response to the bondholders’ letter and the overall restructuring process.
• Ongoing Communications: Rex International Holding’s board has committed to making necessary announcements about any material developments related to LPH, ensuring shareholders are kept up to date.

Important Information for Shareholders

The current situation with Lime Petroleum Holding AS represents a significant risk event for Rex International Holding Limited. The potential default of bond terms and the resulting restrictions imposed by bondholders could have material consequences for the company’s financial health and operational strategy. These developments are likely to be price sensitive and could impact the value of Rex’s shares.

Shareholders are strongly advised to exercise caution when dealing in the shares of Rex International Holding Limited. The restriction on LPH from undertaking corporate actions without bondholder approval, as well as the ongoing financial review and restructuring efforts, may result in significant changes to the company’s business operations and financial outlook.

Persons who are uncertain about how to respond to these developments should consult their stockbrokers, bank managers, solicitors, accountants, or other professional advisers for guidance.

Potential Impact on Share Price

The announcement of a strategic and financial review, the appointment of a Chief Restructuring Officer, and the initiation of discussions regarding a potential bond default are all material events. These developments could significantly affect investor sentiment and, consequently, the share price of Rex International Holding Limited. Any forthcoming announcements regarding the outcome of these discussions or restructuring efforts should be closely monitored by investors, as they may further affect the company’s valuation and share performance.

Next Steps

• LPH board is seeking legal advice on how to proceed following the bondholders’ notice.
• Rex International Holding Limited will continue to update shareholders on any material developments as they arise.

Disclaimer

This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell shares in Rex International Holding Limited or any other security. Investors should exercise caution and consult their own professional advisers before making any investment decisions. The information contained herein is based on company announcements and may be subject to change as new developments emerge.

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