By Anthony O. Goriainoff

Hurricane Energy PLC's shares fell Monday after the company said that a review requested by some shareholders concluded that its previous board discharged their fiduciary duties diligently, and that no further action was necessary.

Shares at 0844 GMT were down 0.70 pence, or 17%, at 3.50 pence.

The U.K.-based oil-and-gas company said that the review, which was overseen by the company's nonexecutive directors and carried out by an independent solicitor, dealt with the events that led to the rejection in court of its restructuring plan. The company said this included decisions made by the previous board on its $230 million 7.5% convertible bonds due in 2022.

Hurricane Energy said the review found that the previous board acted in good faith at the time to address the fact that there was projected to be "a significant shortfall upon maturity of the bonds, and they received extensive advice from outside professionals on whom the company's previous board could and did properly rely."

The company said some shareholders had suggested that an earlier tender offer for the bonds would have been in the interest of the company.

Hurricane Energy said it has continued to carry out repurchases of the bonds when attractive terms have arisen.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

December 20, 2021 04:15 ET (09:15 GMT)

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