Overview of Settlement Approval for Ithaca Energy Limited
This notice contains crucial information for all individuals and entities, excluding certain affiliated parties, who have purchased Ithaca Energy Limited common shares in the secondary market. If you acquired these shares on or after October 9 and held them until after the market closed on February 24 of the following year, you are recognized as a Class Member.
Why Is This Notice Important?
A class action lawsuit on behalf of shareholders has reached a resolution. This settlement has received approval from the relevant court. The purpose of this notice is to inform Class Members of how to fill out a Claim Form to partake in the distribution of the Net Settlement Amount.
Details of the Class Action
The lawsuit was initiated on May 26, against Ithaca Energy Limited in connection with certain shareholder claims. It revolves around allegations concerning misrepresentations related to the company’s offshore oil and gas operations. The claims highlight issues such as significant changes made to its floating production facility and its projected outputs and revenues for an area in the Central North Sea. Ithaca denies these allegations categorically.
The settlement agreement was sanctioned without the defendants admitting any wrongdoing. It reflects a desire to resolve the matter amicably.
Settlement Terms Explained
Ithaca's insurers have agreed to pay CAD $9 million as a comprehensive settlement for all claims arising from this action. Legal fees and related expenses are determined to be thirty percent of the settlement amount, in addition to disbursements and applicable taxes. The remaining funds will be allocated to Class Members based on a distribution plan validated by the court.
How to Claim Your Portion of the Settlement
To secure your share of the settlement, all Class Members must submit a completed Claim Form by the specified deadline. This form will be accessible for download online. If you cannot access the internet, you may contact the settlement administrator directly to obtain a paper form.
The administrator will handle various responsibilities, including processing Claim Forms and determining eligibility for compensation. All claims should be submitted through the secure online platform or by mailing the completed form to the designated address.
Contact Information for Queries
For further inquiries about the settlement, you may reach out to the appointed law firms that are handling the case on behalf of Class Members. They will provide assistance regarding any questions that may arise.
Final Notes
This notice, endorsed by the court, serves to clarify details for the participating Class Members. Any inquiries related to this notice should not be directed to the court itself, but rather to the appointed representatives.
Frequently Asked Questions
What is the purpose of this notice?
This notice informs shareholders about the approved settlement and how they can submit claims to receive their share of the compensation.
What is the deadline for submitting claims?
Claims must be submitted by January 5, 2026, to qualify for any compensation.
Who is considered a Class Member?
A Class Member is anyone who purchased Ithaca Energy Limited's shares on or after October 9 and held them until after the close of trading on February 24 of the following year.
What is the total amount available for the settlement?
The total settlement amount is CAD $9 million, which will be distributed among eligible Class Members after deducting legal fees and costs.
How can I contact the settlement administrator?
You may reach the settlement administrator via phone or through the online claims system to assist with any queries related to your claim.
