Business
Cambrian Mining Investment
Cambrian Mining Investment.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \n\n\n\n 2 July\n2008 AIM:\nXTR\n\n Cambrian Mining Investment in Xtract Energy\n\nThe Board of Xtract Energy plc (\"Xtract\" or \"the Company\") notes the\nannouncement made this morning by Cambrian Mining Plc (\"Cambrian\")\nconcerning the sale of 36.5 million shares and warrants in Xtract to\nWasabi Energy Ltd (\"Wasabi\") and its plans to distribute the majority\nof its remaining shares in Xtract to Cambrian shareholders by way of\na dividend in specie. Cambrian, together with its wholly-owned\nsubsidiary, Cambrian Investment Holdings Ltd, currently owns\napproximately 369.8 million shares in Xtract (representing\napproximately 50.1% of Xtract's issued share capital).\n\nThe Board of Xtract welcomes the conclusion of this aspect of\nCambrian's strategic review and believes that clarity on the future\nof Cambrian's shareholding in Xtract removes a significant level of\nuncertainty.\n\nXtract is pleased to see Wasabi, an Australian listed diversified\nenergy company, becoming a key investor. Xtract and Wasabi already\nhave an established and supportive relationship which the Board\nintends to continue. Xtract also welcomes the Cambrian shareholders\nwho will shortly become investors through the proposed dividend in\nspecie. Xtract will ensure that prospective new shareholders are\nincluded in the Company's investor relations programme.\n\nThe Board of Xtract remains confident that the Company is well placed\nto capitalise on the significant growth opportunities present in its\ndiversified portfolio, and it continues to believe that it has the\npotential to generate strong returns for its shareholders.\n\nAndy Morrison, CEO Xtract Energy plc, commented:\n\n\"This morning's announcement from Cambrian removes uncertainty and\nprovides an opportunity to broaden Xtract's shareholder base. I would\nlike to welcome both Wasabi and the prospective Cambrian shareholders\nto the Company. I believe there is now a real opportunity for new and\nexisting shareholders to benefit from Xtract's strong growth\npotential.\"\n\nFurther information on Xtract at www.xtractenergy.co.uk.\n\nFor further information, please contact:\n\nXtract Energy plc Andy Morrison, CEO +44\n(0) 20 7079 1798\n\nSmith & Williamson David Jones\n+44 (0) 20 7131 4000\nCorporate Finance Ltd Azhic Basirov\n\nScott Harris Stephen Scott\n +44 (0) 20 7653 0030\n Victor...