Business
Notice of GM & Part Disposal
Notice of GM & Part Disposal.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n RNS Number : 5963B Roxi Petroleum Plc 29 October 2009 \n \n\nRoxi Petroleum \n(\"Roxi\" or \"the Company\")\nNotice of General meeting - the part disposal of BNG \n\n29 October 2009\n\nRoxi announces that it has today written to shareholders notifying them of the posting of a shareholder circular and notice of General Meeting on its website (www.roxipetroleum.com). The General Meeting will take place at 10 a.m. on 17 November 2009, at the offices of College Hill, The Registry, Royal Mint Court, London EC3N 4QN. \nHighlights of the shareholder circular are set out below and is followed by the text of the Chairman's letter included in the shareholder circular:\nHighlights of revised proposed transaction:\n\n\nRoxi alone will now contribute up to 35% of the interest in the BNG Contract area currently owned by Roxi and Baverstock that is proposed to be sold to Canamens (in two stages; Stage 1: 23% and, at Canamens' option, Stage 2: 12%) and will procure that Baverstock retains its current 40.59 % interest (the \"Proposed Sale\")\n\n\n\n\n\nBaverstock has agreed that following the completion of the Proposed Sale the original $100 million work programme funding commitment made by Roxi to Baverstock at the time of the acquisition of Eragon will be reduced to $8.4 million (taking into account $50 million to be received from Canamens)\n\n\n\n\n\nCanamens will pay Roxi up to $57 million (Stage 1: $32 million plus a $2 million bonus upon completion of Stage 1, and Stage 2: $23 million) for the sale of up to 35% interest in the BNG Contract area \n\n\n\n\n\nRoxi in turn will then fund $50 million towards the BNG work programme commitments in 2009 and 2010\n\n\n\n\n\nUp to $17.5 million of the monies advanced by Canamens will be treated as loan receivables to be repaid from BNG Contract area oil sales \n\n\n\n\n\nWhen both stages of the Proposed Sale are completed the interests in the BNG Contract area will be Roxi 23.41%, Bave...