AN order was made by the High Court yesterday to reduce the capital of Nobel Resources Plc, an oil and gas exploration company formerly known as Kish Resources Ltd, by almost £4 million. The court was told that over the last few years, the company had incurred substantial trading losses. A significant proportion of the company's share capital had been permanently lost and was no longer represented by available assets.
A petition made to the court stated that the company's consolidated profit and loss account for the year ended December 31st, 1995, showed an accumulated deficit of £5,627,461.
The President of the High Court, Mr Justice Costello, ordered that the capital of the company be reduced by £3,964,856 by cancelling the capital paid up or credited as paid up on each of the 16,520,232 issued deferred shares and by cancelling the remaining 43,479,768 unissued deferred shares.
Mr Lyndon MacCann, counsel for Nobel Resources, said the issuing of new shares at 1p each and the conversion of some of the company's existing debt into equity would leave the company With a clean balance sheet.
