Rex International Holding Limited: Update on Lime Petroleum Holding Restructuring and New Bond Issue

Key Developments and Potential Implications for Investors

Rex International Holding Limited (“Rex” or the “Company”) has released a significant update regarding its indirect subsidiary, Lime Petroleum Holding AS (“LPH”), and its subsidiary Lime Petroleum AS (“LPA”). These developments center around crucial financial restructuring initiatives and a new super senior bond issue, which could have a direct impact on Rex’s business interests and its share value.

Highlights of the Announcement

• New Super Senior Bond Issue: LPA has entered into agreements for a new super senior bond issue (“New Bond Issue”), subject to satisfaction of customary conditions precedent. This bond issue is specifically designed to:
  • Enable LPA to meet overdue cash call obligations relating to its licenses on the Norwegian Continental Shelf (“NCS”).
  • Provide additional liquidity runway for LPA to continue operations as a broader restructuring process continues.
• Proceeds Management: The proceeds from the New Bond Issue will be held in escrow with Nordic Trustee and can only be released and applied in accordance with agreed terms. The funds are dedicated exclusively to LPA’s business and operational obligations, ensuring financial discipline and targeted use.
• Operational Stability and Restructuring: This financing is a crucial step in stabilising LPA’s position in Norway, supporting its ongoing participation in NCS licenses, and providing near-term operational stability during the restructuring process.
• New Boards Elected: As part of the restructuring, new boards for both LPH and LPA have been elected at the recent LPH Extraordinary General Meeting (EGM) on 10 April 2026. The new boards bring specific expertise in restructuring, capital markets, and E&P (exploration and production) operations, which will be instrumental in navigating the ongoing restructuring.

Details of the New Board Composition

• LPH Board Members: Kristen Jakobsen (Chair), Aage Figenschou, Christopher Atkinson, and Knud Nørve.
• LPA Board Members: The same members as LPH, with the addition of Ida Collet Sælør, Wenche Lundby, and Victoria V. Fondenær.
• Observer Role: Per Lind, Rex’s Chief Executive Officer, has been elected as an observer without voting rights in both companies.
• Leadership Change: John d’Abo, Executive Chairman of Rex, has stepped down as Chairman of the LPH Board.

Security for the New Bond Issue

• The New Bond Issue will be secured by existing security granted in connection with the LPH Bonds, including:
  • A pledge over Rex International Investments Pte. Ltd.’s shareholding interests in LPH.
  • Pledges over all shares in LPH’s subsidiaries owned by LPH.
• The finance documents provide certain rights for bondholders to require the transfer of such LPH subsidiary shares to them under specified circumstances.

Ongoing Restructuring Process

• The New Bond Issue is part of a wider restructuring of LPH Group’s financial position. LPH, Akrake Petroleum Benin S.A., and LPA are working with stakeholders to implement a comprehensive solution for the business.
• The Company continues to consult with its legal advisors regarding the Group’s interests in LPH and will provide updates as required under SGX-ST rules.

Potential Price-Sensitive Information for Shareholders and Investors

• Liquidity and Operational Continuity: The successful execution of the New Bond Issue is critical for LPA’s ability to continue operations and meet its obligations, impacting the overall financial health of the Group.
• Restructuring and Change in Governance: The election of new boards and the stepping down of a key executive (John d’Abo from LPH Chairmanship) may signal a shift in strategic direction and enhance restructuring efforts, which may affect investor confidence, share price stability, and future prospects.
• Bondholder Rights: The enhanced rights granted to bondholders, including the ability to require transfer of LPH subsidiary shares, could dilute Rex’s control over its indirect assets if financial covenants are breached.
• Uncertainty and Risk: The restructuring process remains ongoing and there is inherent uncertainty regarding its outcome. Shareholders are advised to exercise caution and monitor further updates closely.

Investor Guidance

Shareholders and potential investors should exercise caution when trading in the shares of the Company. Those in doubt about the appropriate course of action are encouraged to consult their legal, financial, tax, or other professional advisors.

Disclaimer: This article is a summary and interpretation of formal announcements by Rex International Holding Limited and is intended for informational purposes only. It does not constitute investment advice, nor does it guarantee any outcomes or share price movements. Investors should conduct their own due diligence and consult professional advisors before making investment decisions. The Company will provide further updates as material developments arise.

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