Business
Result of EGM & Directors Dea
Result of EGM & Directors Dea.
About this update from Westmount Energy Limited
[{"type":"text","content":"\n RNS Number : 2821A Westmount Energy Limited 28 January 2011 \n \n\nWestmount Energy Limited \n(\"Westmount\" or the \"Company\") \n28 January 2011\n \nResult of EGM, Return of Capital, Exercise of Options and Re-pricing of Options \n \nResult of EGM and Return of Capital\nThe Board of Westmount is pleased to advise that at the Extraordinary General Meeting of the Company held in Jersey today, shareholders approved the proposed return of capital to shareholders. As set out in the circular to shareholders (the \"Circular\") dated 23 December 2010, all resolutions were duly passed. \n \nAccordingly, capital of the equivalent of 45 pence per Ordinary Share (in aggregate approximately £3.4 million) will be returned to shareholders. The agreed return of 45 pence per share is expected to be completed on 14 February 2011 for all shareholders on the register at 5:00pm on 31 January 2011. \n \nExercise of Options by Directors \nAs noted in the Circular regarding the Return of Capital the Directors now confirm that they have exercised all of their Share Options with an exercise price below 45 pence and the Company has applied for admission of the 550,000 new ordinary shares to AIM. Admission is expected to occur at 8:00am on 31 January 2011. \n \nFollowing exercise of these share options there are 7,530,300 ordinary shares of 20 pence in the Company with voting rights in issue. No ordinary shares are held in Treasury. \n \nThe figure of 7,530,300 may be used by shareholders as the denominator for the calculations by which they will determine if they require to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules. \n \nFollowing admission of the new ordinary shares the revised holdings of the Directors are as follows: \n \n\n\n\n\nDirector\n\n\nTotal No of Ordinary Shares held\n\n\nPercentage of total Ordinary Shares in Issue\n\n\n\n\nMervyn Bradlow\n\n\n160,000\n\n\n2.12%\n\n\n\n\nPeter Richardson\n\n\n300,000\n\n\n3.98%\n\n\n\n\nMarc Yates\n\n\n289,988\n\n\n3.85%\n\n\n\n\nPaul Anderson\n\n\n150,000\n\n\n1.99%\n\n\n\n\n \nRe-pricing of Options\nAs noted in the Circular the Return of Capital will reduce the Company's cash resources by approximately £3.4million and wi...