TIDMITI
RNS Number : 8934V
Immersion Technologies Intl PLC
17 July 2009
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For Immediate Release
17 July 2009
Immersion Technologies International plc
("Immersion" or "Company")
Results of General Meeting
Change in Investing Policy
Change of Company Name
The Board of Immersion is pleased to announce that both resolutions were passed
at the General Meeting ("GM") held today. Accordingly the Company will adopt a
new Investing Policy, as set out below, and change the Company's name to Solo
Oil PLC.
New Investing Policy
The Company's new Investing Policy is to acquire a diverse portfolio of direct
and indirect interests in exploration, development and production oil and gas
assets which are based in the Americas, Europe or Africa. Both on-shore and
off-shore interests will be considered. The intention is to acquire a widely
distributed mix of oil and gas development and production assets.
The Directors collectively have considerable experience investing, both in
structuring and executing deals and in raising funds. The Directors will use
this experience to identify and investigate investment opportunities, and to
negotiate acquisitions. Wherever necessary the Company will engage suitably
qualified technical personnel to carry out specialist due diligence prior to
making an acquisition or an investment. For the acquisitions which they expect
the Company to make, the Directors may adopt earn-out structures, with specific
performance targets being set for the sellers of the businesses acquired, and
with suitable metrics applied.
The Company may invest by way of outright acquisition or by the acquisition of
assets, including the intellectual property, of a relevant business,
partnerships or joint venture arrangements. Such investments may result in the
Company acquiring the whole or part of a company or project (which in the case
of an investment in a company may be private or listed on a stock exchange, and
which may be pre-revenue), and such investments may constitute a minority stake
in the company or project in question. The Company's investments may take the
form of equity, joint venture debt, convertible instruments, licence rights, or
other financial instruments as the Directors deem appropriate.
The Company will be both an active and a passive investor. The Company intends
to be a long-term investor and the Directors will place no minimum or maximum
limit on the length of time that any investment may be held.
There is no limit on the number of projects into which the Company may invest,
nor the proportion of the Company's gross assets that any investment may
represent at any time and the Company will consider possible opportunities
anywhere in the world.
The Directors may offer new Ordinary Shares by way of consideration as well as
cash, thereby helping to preserve the Company's cash for working capital and as
a reserve against unforeseen contingencies including by way of example, and
without limit, delays in collecting accounts receivable, unexpected changes in
the economic environment and unforeseen operational problems. The Company may in
appropriate circumstances, issue debt securities or otherwise borrow money to
complete an investment. There are no borrowing limits in the Articles of
Association of the Company. The Directors do not intend to acquire any
cross-holdings in other corporate entities that have an interest in the Ordinary
Shares.
There are no restrictions in the type of investment that the Company might make
nor on the type of opportunity that may be considered other than set out in this
paragraph.
As the Ordinary Shares are traded on AIM this provides a facility for
shareholders to realise their investment in the Company. In addition, the
Directors may consider from time to time other means of facilitating returns to
Shareholders including dividends, share repurchases, demergers, and schemes of
arrangements or liquidation.
The Company will provide an update on its investing activities at the same time
that it publishes its audited annual results for the year ending 30 June 2009
and as otherwise required by the AIM Rules. The Company has no current plans to
publish any regular estimate of net asset value or updates on the investments.
All of the Company's assets will be held in its own name, or through wholly
owned subsidiaries.
Name Change
Further to the adoption of the Investing Policy, the Company's name will change
to Solo Oil PLC. The Company will announce when the change takes effect,
together with the new website address under AIM Rule 26 in due course.
For further enquiries:
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| Immersion Technologies International plc | |
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| David Lenigas/Kiran Morzaria | +44 (0) 20 7016 5100 |
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| Pelham Public Relations | |
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| Archie Berens | +44 (0) 20 7743 6679 |
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| Beaumont Cornish - Nominated Adviser | |
+--------------------------------------------------+-----------------------+
| Roland Cornish | +44 (0) 20 7628 3396 |
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This information is provided by RNS
The company news service from the London Stock Exchange
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