Kea Petroleum PLC Result of General Meeting (9098S)
July 13 2015 - 10:30AM
UK Regulatory
TIDMKEA
RNS Number : 9098S
Kea Petroleum PLC
13 July 2015
For immediate release 13 July 2015
Kea Petroleum plc
("Kea" or "the Company")
Result of General Meeting
Kea Petroleum plc (AIM: KEA) announces that all resolutions put
to its shareholders at today's General Meeting were duly passed
approving inter-alia the conditional sale of the Company's interest
in the PEP51153 licence area and the proposed disposal of PEP381204
licence area, and the adoption of the investing policy as outlined
in the shareholder circular dated 26 June 2015.
Following the completion of the disposal of its interests in
PEP51153, which remains conditional only on the consent of the New
Zealand Minster of the Crown pursuant to the New Zealand Crown
Minerals Act, the Company will become an investing company
following the investing policy approved today. A further
announcement regarding the completion of the disposal of the
interest in PEP51153 will be made in due course.
The resolutions included shareholder consent for the Proposed
Reorganisation, whereby each Existing Ordinary Share will be
subdivided and converted into one New Ordinary Share of 0.1p and
one New Deferred Share of 0.9 pence.
Each Shareholder's holding of New Ordinary Shares will be equal
to the number of Existing Ordinary Shares held by them on the
Record Date and each Shareholder's proportionate interest in the
Company's issued ordinary share capital will, and thus the
aggregate value of their holding should, remain unchanged as a
result of the proposed reorganisation.
The New Ordinary Shares will continue to carry the same rights
as attached to the Existing Ordinary Shares.
The share reorganisation becomes effective at 7am on 14 July
2015.
The Company's issued ordinary share capital will comprise
93,936,187 New Ordinary Shares. The Company holds no shares in
treasury and therefore the above figure may be used by shareholders
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the share capital of the Company under
the Disclosure and Transparency Rules.
Share certificates representing the Existing Ordinary Shares
will remain valid in respect of the New Ordinary Shares and new
certificates will not be issued. No adjustment will be made to the
CREST accounts of Shareholders who hold their entitlement to
Existing Ordinary Shares in uncertificated form.
The New Deferred Shares will rank pari passu in all respects
with the Existing Deferred Shares. They will be effectively
valueless as they will not carry any rights to vote or dividend
rights. In addition, holders of Deferred Shares will only be
entitled to a payment on a return of capital or on a winding up of
the Company after each of the holders of Ordinary Shares have
received a payment of GBP10,000,000 on each such share. The
Deferred Shares will not be listed or traded on AIM and will not be
transferable without the prior written consent of the Board. No
share certificates will be issued in respect of the Deferred
Shares, nor will CREST accounts of shareholders be credited in
respect of any entitlement to Deferred Shares.
All defined terms in this announcement, unless otherwise
specified, have the same meaning as defined in the Notice of GM RNS
dated 26 June 2015.
For further information please contact:
Kea Petroleum plc Tel: +44 (0)20 7340 9970
David Lees, Executive Director
WH Ireland Limited (Nomad) Tel: +44 (0)20 7220 1666
James Joyce
James Bavister
Buchanan Tel: +44 (0)20 7466 5000
Mark Court
Sophie Cowles
This information is provided by RNS
The company news service from the London Stock Exchange
END
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