Polarcus: Joint Provisional Liquidators’ report to Grand Court of the Cayman Islands
29 Mar 2021
Polarcus Limited (in provisional liquidation) (“Polarcus” or the “Company”) (OSE: PLCS) refers to the announcement issued on 11 March 2021 (Polarcus: Share Suspension) that the Joint Provisional Liquidators (“JPLs”) to the Company were required to submit a report to the Grand Court of the Cayman Islands (“Court”) by no later than 31 March 2021.
The JPLs’ first report has now been filed at the Court. The report summarises the work undertaken since the JPLs’ appointment on 8 February 2021, provides an estimated financial position of the Company and its subsidiaries, and provides comments on further work to be undertaken by the Company and the JPLs in the near term.
The JPLs’ priority is on completing its negotiations with certain secured creditors, and in so doing seeking to maximise returns for the Company’s creditors as a whole. In due course, and with the benefit of knowing whether agreements can be reached with these secured creditors, the JPLs expect to assess the appropriate next steps for the Company, including whether to seek to have the Company placed into official liquidation and have an official liquidator appointed.
In the circumstances, the Company maintains its assessment that it is appropriate at this time for trading in the Polarcus share to be suspended. Further, the Company will not release a financial report for Q4, 2020.
The Company will issue a further announcement in due course so as to keep stakeholders appraised of the Company’s position, and as otherwise required in accordance with the Company’s continuing obligations.
Lisa Rickelton, Joint Provisional Liquidator, as agent
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.