28.04.08
Result of EGM
PetroLatina Energy Plc (“PetroLatina” or the “Company”)
Result of Extraordinary General Meeting and Notification of Total Voting Rights
The Board of PetroLatina, an independent oil and gas exploration, development and production company focused on Latin America, is pleased to announce that the resolutions proposed at the Extraordinary General Meeting held earlier today to approve, inter alia, the 1 for 5 share consolidation, increase in the Company’s authorised share capital and increase in the directors’ authority to allot equity securities, without offering those equity securities pro rata to existing shareholders, up to an aggregate nominal amount equivalent to the increased authorised share capital, as set out in the notice of Extraordinary General Meeting dated 4 April 2008, were all duly approved by Shareholders.
As referred to above, a resolution to approve the consolidation of the ordinary shares in issue was passed today in order to re-base the Company’s share price. Pursuant to this resolution, every 5 Ordinary Shares in issue will be converted into 1 New Ordinary Share of US$0.50 with effect from the close of business today. Trading in the existing Ordinary Shares on AIM will therefore cease with effect from the close of business today.
Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. Admission is expected to become effective and dealings in the 23,267,425 New Ordinary Shares are expected to commence at 8.00 a.m. tomorrow, Tuesday 29 April 2008. The Company’s issued share capital will consist of 23,267,425 ordinary shares of US$0.50 each with voting rights. PetroLatina does not hold any ordinary shares in treasury and accordingly there are no voting rights in respect of any treasury shares.
The aforementioned figure of 23,267,425 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, direct and indirect holdings of voting rights in PetroLatina under Chapter 5 of the Financial Service Authority’s Disclosure and Transparency Rules.
Apart from the change in nominal value, the New Ordinary Shares arising on implementation of the Consolidation will have the same rights as the existing Ordinary Shares, including voting, dividend and other rights.
It is expected that definitive share certificates in respect of the New Ordinary Shares will be despatched to relevant shareholders by first class post at their own risk by 9 May 2008 or, where appropriate, that delivery will be made to CREST accounts on 29 April 2008.
Unless the context otherwise requires, defined terms used in this announcement shall have the meanings given to them in the circular to shareholders of the Company dated 4 April 2008.
Enquiries:
| Greg Smith, Chairman / Pawan Sharma, Executive Vice President - Corporate Affairs | PetroLatina Energy Plc | Tel: +44 (0)207 808 4851 | | Simon Raggett / Matthew Chandler | Strand Partners Limited | Tel: +44 (0)20 7409 3494 | | Ben Brewerton | Financial Dynamics | Tel: +44 (0)20 7831 3113 |
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