High Court to hear examinership petition on July 31st
Barryroe Offshore Energy confirmed on Monday it is adjourning an extraordinary general meeting to vote on putting the company into liquidation, after a move by the company’s largest shareholder, Larry Goodman, late last week to petition for an examiner to be appointed.
The petition by Mr Goodman’s Vevan Unlimited vehicle, which owns almost 20 per cent of BOE, will be heard by Mr Justice Michael Quinn on July 31st. Kieran Wallace, managing director of Interpath Advisory in Ireland, is being proposed as the examiner. “A further notice will be issued to shareholders following the decision of the High Court as regards the petition,” BOE said in a statement.
BOE, which is running out of cash, had been seeking to secure fresh funds from big shareholders to keep the company running in order to pursue legal action against Minister for the Environment Eamon Ryan after he decided in May not to grant a permit for further work on the company’s key Barryroe oil and gas prospect off the Cork coast.
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