TIDMIPL
RNS Number : 1987U
Indago Petroleum Limited
19 June 2009
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19 June 2009
Indago Petroleum Limited
Posting of Circular
Indago Petroleum Limited ("Indago" or the "Company") announces that a document
containing details of the proposal to wind up the Company (the "Circular") has
been posted to Shareholders together with the notice of the Extraordinary
General Meeting ("EGM"), convened for 10 July 2009 and the 2008 Annual Report
and Accounts.
The Circular describes the background to and process of the proposed winding up
of Indago by means of a members' voluntary liquidation. The EGM will consider
resolutions which, if passed, will approve the winding up, appoint a liquidator,
cancel the admission to trading on AIM of Indago's Ordinary Shares and receive
the 2008 Annual Report and Accounts which have been prepared on a break-up
basis. The Board is recommending that the Shareholders approve these
resolutions.
The timing and the amounts of distributions will be the decision of the
liquidator, assuming his appointment. Currently, however, the Directors estimate
that approximately $32.5 million ($0.61 per Ordinary Share) will be available
for returning to Shareholders. Of this sum, it is expected that about $3.5
million ($0.07 per Ordinary Share) will be set aside for a period of time in
case of potential additional liabilities.
The expected timetable of principal events is as follows (all times are UK times
unless otherwise stated):
+---------------------------------------+--------------------------------+
| Dealings in Ordinary Shares suspended | 7 am on 10 July 2009 |
| from trading on AIM | |
+---------------------------------------+--------------------------------+
| | |
+---------------------------------------+--------------------------------+
| EGM to be held at Le Pavillon de la | 10 am (French time) on 10 July |
| Reine Hotel, 28 Place des Vosges, | 2009 |
| 75003 Paris, France | |
+---------------------------------------+--------------------------------+
| | |
+---------------------------------------+--------------------------------+
| Cancellation of admission of Ordinary | 7 am on 13 July 2009 |
| Shares to trading on AIM and CREST | |
| disablement * | |
+---------------------------------------+--------------------------------+
| | |
+---------------------------------------+--------------------------------+
| Initial return of capital to | 7 August 2009 |
| Shareholders on the register as at | |
| close of business on 10 July 2009 * | |
+---------------------------------------+--------------------------------+
* note: subject to the passing of the Winding Up Resolution
Defined terms used in this announcement have the same meaning as used in the
Circular dated 18 June 2009. The Circular and the 2008 Annual Report and
Accounts will also be available from the Company's website at
www.indagopetroleum.com
- Ends -
Enquiries:
+--+--------------------------------+----------------------------------+
| Indago Petroleum Limited | |
+-----------------------------------+----------------------------------+
| | David Bremner, CEO | +1 805 708 4892 |
+--+--------------------------------+----------------------------------+
| | Martin Groak, CFO | + 44 20 7096 3461 |
+--+--------------------------------+----------------------------------+
| | | |
+--+--------------------------------+----------------------------------+
+--+--------------------------------+----------------------------------+
| Ambrian Partners Limited | +44 (0) 20 7634 4856 |
| (Nomad and Broker) | |
+-----------------------------------+----------------------------------+
| | Richard Swindells | |
+--+--------------------------------+----------------------------------+
| | |
+-----------------------------------+----------------------------------+
| College Hill Associates | + 44 (0) 20 7457 2020 |
+-----------------------------------+----------------------------------+
| | Paddy Blewer | |
+--+--------------------------------+----------------------------------+
| | Nick Elwes | |
+--+--------------------------------+----------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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