Business
Corporate Update
Corporate Update.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n Regal Petroleum PLC\n09 May 2007\n\n\n\nImmediate Release 9 May 2007\n\n\n REGAL PETROLEUM PLC\n \n ('Regal' or the 'Company')\n\n Proposed Amendments to Subscription and Services Agreement\n dated 8 August 2006\n\nThe Company is pleased to announce that it has entered into a conditional agreement \n(the 'Deed of Amendment') with Alberry Limited ('Alberry') and Regal Petroleum \nCorporation Limited ('RPC'), to amend certain provisions of the Subscription and \nServices Agreement dated 8 August 2006.\n\nThe Deed of Amendment, is subject, inter alia, to shareholder approval and the \nCompany will shortly be posting a circular and notice of Extraordinary General \nMeeting ('EGM') to shareholders. A detailed summary of the terms of the Deed of \nAmendment will appear in the circular, copies of which shall be obtainable from \nthe Company's website: www.regalpetroleum.co.uk\n\nThe proposed amendments to be made to the Subscription and Services Agreement,\ninclude bringing forward the date on which the validity of the licences in\nrelation to the Mekhediviska/Golotvschinska ('MEX-GOL') and Svyrydivske ('SV')\nfields in Ukraine are to be assessed and therefore also the date on which Regal\nwould purchase the 1,800 ordinary shares in the capital of RPC ('RPC Shares')\nheld by Alberry (which equates to 15 per cent. of the issued share capital of\nRPC). It is also proposed that the terms of the lock up restrictions which would\napply to Alberry as a shareholder of the Company will be altered to reflect the\nchanged situation.\n\nIn the event that the licences are proven to be valid on the relevant date in\naccordance with the terms of the Subscription and Services Agreement, Regal will\nbe obliged to purchase and Alberry will be obliged to sell the RPC Shares for a\nconsideration of US$50,901,300, which may be satisfied in whole or in part in\ncash or by the allotment and issue of shares in the capital of the Regal, at\nRegal's absolute discretion. Should the licences be proven to be invalid on the\nrelevant date, Regal will be obliged to purchase and Alberry will be obliged to\nsell the RPC Shares for a consideration of £50,000, payable in cash.\n\nNone of the Company, its directors, officers and employees has or has had any\ninterest in the shares in the capital of Alberry.\n\nFor further information, please contact:\n\nRegal Tel: 0...