Business
Disposal of Minmet interest
Disposal of Minmet interest.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n Gold Oil PLC\n02 November 2007\n\n\n\nFor immediate release 2 November 2007\n\n\n Gold Oil plc ('Gold', or 'The Company')\n\n Gold announces the disposal of its interest in Minmet plc\n\n\nOn 2 October 2007, Minmet plc (Minmet) agreed to terminate the contractual\narrangements relating to Gold's Cuban oil exploration interests (and the other\nterritories) between Gold and Minmet leaving Gold free to pursue its plans\nwithout the involvement of Minmet.\n\nThe consideration is that Gold Oil plc will deposit 8,300,000 ordinary Minmet\nshares with a broker for the shares to be placed in the market and the proceeds\ndistributed to Minmet and Minmet will deposit 22,950,000 ordinary shares in Gold\nwith a broker for the shares to be placed in the market and the proceeds\ndistributed to Gold. Both sets of shares are subject to lock in arrangements\nuntil February 2008, but such restriction may be lifted with the consent of the\nappropriate Nomad. The timing of the disposal of the Gold Oil shares will be\ndecided by Gold Oil.\n\nIn a separate transaction, but spurred by the first, Westcoast Group Limited has\nagreed to purchase 4,450,000 shares in Minmet from Gold Oil plc and 10,000,000\nordinary Minmet shares from Gold Oil Caribbean Limited for a consideration of 18\npence per share giving a total consideration of £2,601,000. Having no further\ninvestment interest in Minmet Michael Burchell and Gary Moore have each resigned\nfrom the Board of Minmet.\n\nGary Moore, Gold's CEO, said:\n\n'When opportunities in the US were identified by Minmet, then clearly the US and\nCuba could not be pursued by the same company and this acted as a catalyst for\nthe companies to unwind the transactions agreed in February of this year. It was\nnever our intention to sell out of Minmet this early, but with the recapture of\nour Cuban exploration interests together with the rights over the other\nterritories and realizing substantial proceeds out of the transaction in only 9\nmonths we decided this was too good an opportunity to miss. This makes\nadditional funds available for other opportunities that will ensure the\ncontinued growth of the Company without recourse to shareholders.'\n\n\nGiven the commonality of directorships, namely that Michael Burchell and Gary\nMoore directors of Gold are also non-executive directors of Minmet, in\nconjunction with...