i3 Energy PLC Announces Reduction of Capital

Reduction of Capital

EASTLEIGH, UK / ACCESSWIRE / March 11, 2024 / i3 Energy plc ("i3", "i3 Energy", or the "Company") (AIM:I3E)(TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, announces that a Notice of General Meeting (the "Circular") will be posted to Shareholders on 25 March 2024. The Circular will contain details of a proposed normal course reduction of capital (the "Capital Reduction"), being undertaken to ensure there are sufficient distributable reserves to facilitate dividend payments in the long term. This announcement, and the filing by the Company of a Notice of Meeting and Record Date on SEDAR+, is made earlier than required by the Companies Act 2006 in the UK in order to satisfy the requirements applicable to the Company under Canadian securities laws. This Capital Reduction process is not required to facilitate the payment of the next quarterly dividend.

Notice of General Meeting, as determined by the Companies Act 2006 in the UK (considered a Notice of Special Meeting for the purposes of Canadian securities laws, as determined in accordance with National Instrument 54-101 - Communication with Beneficial Owners of Securities of a Reporting Issuer) ("NI 54-101")

The Circular will be available on the Company's website at https://i3.energy on the anticipated date of posting, 25 March 2024, and will be mailed to UK shareholders where it has been requested and to Canadian shareholders in accordance with applicable Canadian securities laws. The Circular will also be filed under the Company's profile on SEDAR+ at www.sedarplus.ca.

The General Meeting ("GM") is to be held at the offices of W H Ireland Limited at 24 Martin Lane, London, EC4R 0DR at 11 a.m. (BST) on 15 April 2024. The General Meeting will be a "special meeting" for the purposes of NI 54-101.

Shareholders are strongly encouraged to appoint the Chair of the meeting as their proxy for the GM. This will ensure that your vote will be counted even if attendance at the GM is restricted, or you are unable to attend. Shareholders should refer to the Circular for detailed instructions as to how they may submit their proxy for the GM.

The results of the votes on the resolution proposed at the GM will be announced as soon as practicable after the conclusion of the GM and will be available on the Company's website.

Proposed Capital Reduction

The Board considers it highly desirable that the Company has the maximum flexibility to continue the payment of dividends in line with its dividend policy and otherwise to return value to Shareholders. The capacity of a UK company to make distributions is restricted by the sufficiency of distributable reserves. The Board considers that it is to the benefit of shareholders that the significant value in the Company and its subsidiary undertakings (the "Group") is reflected in the parent company balance sheet and is represented by distributable profits to facilitate a sustainable dividend policy.