23.06.09
Result of 2009 Annual General Meeting
PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Result of 2009 Annual General Meeting
PetroLatina (AIM: PELE), an independent oil and gas exploration, development and production company focused on Latin America, announces that the resolutions proposed at its 2009 Annual General Meeting (“AGM”) held earlier today to approve, inter alia, a reorganisation of the Company’s share capital and the granting of authority to the Directors to allot equity securities, without offering those equity securities pro rata to existing shareholders, up to an aggregate nominal amount of US$6,000,000 (60,000,000 New Ordinary Shares), as set out in the notice of Annual General Meeting dated 1 June 2009, were all duly approved by Shareholders.
Copies of the presentations which were made to shareholders attending today’s AGM will shortly be available to download from the Company’s website, www.petrolatinaenergy.com.
As referred to above, a resolution to approve the reorganisation of the Ordinary Shares in issue was passed today in order to comply with the terms of the Loan Note Instrument dated 21 January 2009, as amended on 16 June 2009, and reduce the nominal value of an Ordinary Share to a more appropriate level such that the outstanding convertible secured loan notes are then capable of conversion at the noteholder’s election. Pursuant to this resolution, inter alia, every Ordinary Share of US$0.50 in issue will be converted into 1 (one) New Ordinary Share of US$0.10 and 4 (four) New Deferred B Shares of US$0.10 each 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. Following the Capital Reorganisation becoming effective, the security granted to the noteholder, Tribeca Oil and Gas Financing, Inc., a subsidiary of Tribeca Oil and Gas, Inc. an existing substantial shareholder in the Company, will be automatically released.
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 43,888,569 New Ordinary Shares are expected to commence at 8.00 a.m. tomorrow, Wednesday 24 June 2009. The Company’s issued ordinary share capital will consist of 43,888,569 ordinary shares of US$0.10 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 43,888,569 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 a change to their interest in, securities of the Company.
Apart from the change in nominal value, the New Ordinary Shares arising on implementation of the Capital Reorganisation will have the same rights as the existing Ordinary Shares, including voting, dividend and other rights. Shareholders are therefore advised to retain their existing share certificates which will remain valid. Shareholders who hold their entitlement to New Ordinary Shares in uncertificated form through CREST will have their CREST accounts updated automatically to reflect the change in the nominal value of the Ordinary Shares.
The New Deferred B Shares will have no practical economic value as they will not be listed or traded on AIM, will be non-voting, will carry no right to a dividend and will be subject to eventual redemption by the Company for a nominal amount. No share certificates will be issued in respect of the New Deferred B Shares nor will CREST accounts of Shareholders be credited in respect of any entitlement to New Deferred B Shares, no application will be made for their admission to trading on AIM and they will not be dealt in on any stock exchange.
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 1 June 2009.
Enquiries:
PetroLatina Energy Plc
Juan Carlos Rodriguez, Chief Executive Officer Tel: +57 1627 8435
Pawan Sharma, Executive Vice President - Corporate Affairs Tel: +44 (0)20 7956 2821
Strand Partners Limited
Simon Raggett / Matthew Chandler Tel: +44 (0)20 7409 3494
Financial Dynamics
Ben Brewerton / Susan Quigley Tel: +44 (0)20 7831 3113
Additional Information on PetroLatina Energy Plc:
PetroLatina Energy Plc (AIM: PELE), formerly known as Taghmen Energy Plc, was founded in 2004. The Company is presently focused on Colombia after the sale of its assets in Guatemala in which it retains a 20% interest in the first three wells and a 20% working interest in future wells. In Colombia, the Company currently holds 45% and 20% interests in the Los Angeles and Santa Lucía fields on the Tisquirama licence respectively, and a 100% interest in the Doña María field. In November 2007 the Company secured the extension of the Tisquirama licence for the economic life of the fields. In April 2006 the Group acquired an interest in two exploration blocks with an 85% interest in Midas and an 80% interest in La Paloma. PetroLatina also owns the Río Zulia-Ayacucho pipeline in the prolific Catatumbo basin which transports crude oil. Present exploration/exploitation activities in this area should increase the volume of crude oil transported resulting in an increased cash flow. Further information is available on the Company’s website (www.petrolatinaenergy.com).
Download 2009 AGM Presentation
Download 2009 AGM Technical Review
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22.10.09 Director’s Dealing
PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Director’s Dealing
PetroLatina (AIM: PELE), the oil and gas exploration and production company focused on Latin America, was yesterday notified that on 21 October...
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16.10.09 Grant of Options / Change of Name of Nominated Adviser and Broker
PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Grant of Options / Change of Name of Nominated Adviser and Broker
PetroLatina (AIM: PELE), the oil and gas exploration, development and production company focused on...
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30.09.09 Interim Results for the six months ended 30 June 2009
PetroLatina Energy Plc
(“PetroLatina” or “the Company”)
Interim Results for the six months ended 30 June 2009
PetroLatina delivers maiden interim profit before tax
Drill programme’s 100% success rate to date will...
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16.09.09 Colon-2 Development Well Update
PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Colon-2 Development Well Update
Colon-2 development well flows oil at a substantial rate and confirms that the Colon discovery has considerable...
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03.09.09 Drill Programme and Operational Update
PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Drill Programme and Operational Update
100% success rate continues with two more successful wells completed resulting in a total of six wells drilled in the programme...
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01.09.09 Change of Registered Office
PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Change of Registered Office
PetroLatina (AIM: PELE), the oil and gas exploration and production company focused on Latin America, announces that the registered office...
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28.08.09 Holding in Company
PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Holding in Company
PetroLatina (AIM: PELE), the oil and gas exploration and production company focused on Latin America, received notification today from Crosby...
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31.07.09 Director’s Dealing
PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Director’s Dealing
PetroLatina (AIM: PELE), the oil and gas exploration and production company focused on Latin America, was today notified that on Thursday 30 July...
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31.07.09 Update re Chuira-1 Exploration Well and Issue of Equity
PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Update re Chuira-1 Exploration Well and Issue of Equity
PetroLatina (AIM: PELE), an independent oil and gas exploration, development and production company, focused on...
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23.06.09 Result of 2009 Annual General Meeting
PetroLatina Energy Plc
(“PetroLatina” or the “Company”)
Result of 2009 Annual General Meeting
PetroLatina (AIM: PELE), an independent oil and gas exploration, development and production company focused on Latin America,...
Read ››
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