Business
Scheme sanctioned
Scheme sanctioned.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n Xtract Energy plc\n20 April 2007\n\n XTRACT ENERGY PLC\n\n ('Xtract')\n\n CAMBRIAN OIL & GAS PLC\n\n ('COIL')\n\n Scheme of Arrangement Sanctioned\n\n20 April 2007\n\nOn 12 April 2007 COIL announced that its shareholders had approved the proposal\nfor COIL shareholders (other than Xtract) to acquire shares in Xtract in\nexchange for shares in COIL by way of scheme of arrangement under section 425 of\nthe Companies Act 1985 (the 'Scheme').\n\nThe Boards of COIL and Xtract are pleased to announce that today the High Court\nsanctioned the Scheme without modification.\n\nThe Scheme is expected to become effective on 23 April 2007. Upon the Scheme\nbecoming effective:\n\n • all COIL shares (other than those held by Xtract) will be transferred to\n Xtract; and\n • 9 new Xtract ordinary shares will be issued to COIL shareholders (other\n than Xtract) for every 10 COIL shares held on the Scheme Record Date.\n\nThe Scheme Record Date was 19 April 2007.\n\nCOIL has applied for the trading of its shares on AIM to be cancelled with\neffect from 24 April 2007.\n\nApplication for the enlarged share capital of Xtract to be admitted to trading\non AIM has been made. Such shares are to commence trading on 24 April 2007.\n\nEnquiries in relation to Xtract please contact:\n\nXtract Energy plc John Newton, CEO +44 (0) 20 7409 0890\n\nSmith & Williamson\nCorporate Finance Ltd David Jones/ Azhic Basirov +44 (0) 20 7131 4000\n\nEnquiries in relation to COIL please contact:\n\nCambrian Oil and Gas plc Neale Taylor, CEO +44 (0) 20 7409 0890\n Paul McGroary, Director +44 (0) 79 3056 8160\n\nW.H Ireland Limited Paul Dudley/James Joyce +44 (0) 20 7220 1666\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2066,"tagName":"div"}]