Business
Scheme Effective
Scheme Effective.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n Xtract Energy plc\n23 April 2007\n\n\n XTRACT ENERGY PLC\n ('Xtract')\n\n CAMBRIAN OIL & GAS PLC\n ('COIL')\n\n Scheme of Arrangement\n\n23 April 2007\n\n\nThe boards of Xtract and COIL are pleased to announce that, as anticipated, all\nof the conditions to the scheme of arrangement (the 'Scheme') between COIL and\nits shareholders have been satisfied and the Scheme has become effective today.\n\nIn accordance with the Scheme, a total of 115,016,676 new ordinary shares of 0.1\npence each in the capital of Xtract ('New Xtract Shares') were issued today to\nCOIL shareholders on the register at 6.00pm on 19 April 2007 (other than Xtract)\n('Scheme Shareholders') on the basis of 9 New Xtract Shares for every 10 Scheme\nShares held at that time. The New Xtract Shares will rank pari passu with the\nexisting issued ordinary shares of 0.1 pence each in Xtract and trading of these\nshares on AIM is expected to commence on 24 April 2007.\n\nThe total number of Xtract ordinary shares in issue with voting rights following\nthis issue is 672,326,476.\n\nThe CREST accounts of Scheme Shareholders holding Scheme Shares in\nuncertificated form are expected to be credited on 24 April 2007. Share\ncertificates for the New Xtract Shares will be despatched to Scheme Shareholders\nholding Scheme Shares in certificated form on or before 8 May 2007.\n\nShares in COIL are currently suspended and their admission to AIM will be\ncancelled on 24 April 2007. CRESTCo will be instructed to cancel Scheme\nShareholders' entitlements to Scheme Shares held in uncertificated form. All\ncertificates representing Scheme Shares have ceased to be valid.\n\n180,999,999 3p COIL warrants (out of a total of 201,766,662 3p COIL warrants,\n50,000,000 of which were issued in July 2006 and 151,766,662 in October 2006)\nhave not been exercised and therefore have ceased and determined in accordance\nwith their terms, with effect from today.\n\nFor those COIL options and 3p warrants which have not been exercised and which\nunder their terms do not cease and determine if they are not so exercised, under\nthe terms of COIL's Articles of Association as amended by the EGM held on 12\nApril 2007, such COIL option and warrant holders shall be entitled to receive\nXtract shares upon exercise of such options and warrants on the basis of 9 new\nXtract ordinary shares for every 10 ...