TIDMCRO
RNS Number : 4359H
Creon Resources PLC
11 July 2012
For Immediate release: 11 July 2012
Creon Resources plc
("Creon" or "the Company")
Result of General Meeting and Open Offer
General Meeting
The Board of Creon Resources plc (AIM: CRO.L) is pleased to
announce that, following the general meeting of shareholders of the
Company held earlier today, all the proposed resolutions have been
duly passed.
Open Offer
Following the closure of the conditional underwritten Open Offer
and Subscription announced on 22 June 2012 (the "Open Offer and
Subscription" ), the Board is delighted to report that the Company
has raised the maximum possible amount of GBP12.08 million through
the issue of 2,416,429,088 New Ordinary Shares of 0.1p each at a
price of 0.5p per share.
Application for the admission of the 2,416,429,088 New Ordinary
Shares to trading on the AIM market of the London Stock Exchange
("Admission") has been sought and Admission is expected to occur on
12 July 2012. Following Admission, the Company's ordinary share
capital will comprise 2,738,619,633 ordinary shares of 0.1p each
("Ordinary Shares").
Shareholders
The Company is aware of the following significant shareholdings
in the Company following completion of the Open Offer and
Subscription:
Shareholder Number of Ordinary Percentage Shareholding
Shares
Qatar Investment Corporation 1,994,827,672 72.84
Global Tech Investments 169,500,000 6.18
1 Limited
Dune PTE Engineering Limited 172,500,000 6.29
Consolidated Statement of Financial Position of Creon
Immediately following completion of the Open Offer and
Subscription and Admission, the Company's consolidated financial
position will be as set out below:
Unaudited Audited
As at As at
12.7.12 31.1.12
GBP'000 GBP'000
---------- ---------
Assets:
Non-current Assets
Investment in unquoted preference
shares 20 20
___ ___
20 20
Current Assets
Investments in quoted shares 4 4
Prepayments 4 -
Cash and cash equivalents 12,101 104
_____ ___
12,109 108
Total Assets 12,129 128
Liabilities:
Current Liabilities
Trade and other payables (170) (55)
____ ___
Total Liabilities (162) (55)
Net Assets 11,959 73
Capital and Reserves
Called up equity share capital 3,136 720
Share premium account 13,504 3,838
Retained earnings (4,681) (4,485)
_____ __
Total Equity 11,959 73
Update on Potential Investment
The Company also wishes to update the market on the status of
negotiations regarding the potential joint venture investment in
the oil and gas infrastructure sector as referred to in the
circular to shareholders dated 22 June 2012. Negotiations have
reached an advanced stage but there is still no formal commitment
by any party and there is no certainty that this investment will
take place. The Company will issue further updates in due
course.
Jeswant Natarajan, CEO of the Company, stated:
"I am very pleased with the strong support from shareholders
under the Open Offer and Subscription and am delighted to welcome
Qatar Investment Corporation as a shareholder. The proceeds of the
Open Offer and Subscription will allow the Company to implement its
investment policy and to begin the process of creating value for
the shareholders of the Company. We are in advanced discussions on
one potential investment and expect to be able to update
shareholders in due course."
Further information please contact:
Creon Resources plc
Jeswant Natarajan - CEO Tel: +44 (0) 20 7583 8304
+60 12 212 1332
Daniel Stewart & Company plc
Nominated Adviser & Broker
Paul Shackleton/Tessa Smith Tel: + 44 (0) 20 7776 6550
GTH Communications Limited
Toby Hall/Suzanne Johnson-Walsh Tel: + 44 (0) 20 3103 3900
Note to Editors:
The Company's Investment Policy is to invest principally, but
not exclusively in the resources and/or resources infrastructure
sectors, with no specific national or regional focus. The Company
may be either an active investor and acquire control of a single
company or it may acquire non-controlling shareholdings.
The proposed investments to be made by the Company may be either
quoted or unquoted; made by direct acquisition or through farm-ins;
may be in companies, partnerships, joint ventures; or direct
interests in resources projects. Target investments will generally
be involved in projects in the exploration and/or development
stage. The Company's equity interest in a proposed investment may
range from a minority position to 100 per cent. ownership.
The Company will initially focus on projects located in the
Middle East and Asia but will also consider investments in other
geographical regions.
The Company will identify and assess potential investment
targets and where it believes further investigation is required,
intends to appoint appropriately qualified advisers to assist.
The Company proposes to carry out a project review process in
which all material aspects of any potential investment will be
subject to due diligence, as appropriate. It is likely that the
Company's financial resources will be invested in a small number of
projects or potentially in just one investment which may be deemed
to be a reverse takeover under the AIM Rules.
Where this is the case, it is intended to mitigate risk by
undertaking an appropriate due diligence process. Any transaction
constituting a reverse takeover under the AIM Rules will require
Shareholder approval. The possibility of building a broader
portfolio of investment assets has not, however, been excluded.
The Company intends to deliver shareholder returns principally
through capital growth rather than capital distribution via
dividends. Given the nature of the Company's Investing Policy, the
Company does not intend to make regular periodic disclosures or
calculations of net asset value.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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