Creon Resources PLC Result of AGM (9330I)
31 Luglio 2012 - 1:23PM
UK Regulatory
TIDMCRO
RNS Number : 9330I
Creon Resources PLC
31 July 2012
For Immediate Release: 31 July 2012
Creon Resources Plc
("Creon" or "the Company")
RESULT OF ANNUAL GENERAL MEETING
The Directors of Creon Resources Plc (AIM: CRO) are pleased to
announce that all resolutions were duly passed at the Company's
Annual General Meeting, held today at the Company's registered
office at 201 Temple Chambers, 3-7 Temple Avenue, London EC4Y
0DT.
- Ends -
For further information please contact:
Creon Resources plc
Jeswant Natarajan Tel: + 60 12 212 1332
Daniel Stewart & Company plc
Nominated Adviser & Broker
Paul Shackleton Tel: + 44 (0) 20 7776 6550
GTH Communications Limited
Toby Hall/Suzanne Johnson-Walsh Tel: + 44 (0) 20 3103 3900
About Creon Resources plc
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.
Investments 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 investments may range from a minority
position to 100 per cent. ownership.
On 17 July 2012, the Company entered into a joint venture with
multi-billion dollar, Singapore listed, China based shipbuilding
giant, Yangzijiang Shipbuilding (Holdings) Pte Ltd ("YZJ
Holdings"), in the offshore oil and gas infrastructure sector ("JV
Agreement"). This joint venture with YZJ is Creon's first
significant investment under its Investment Policy and represents a
major endorsement of Creon's management and access to expertise and
partners in the oil and gas infrastructure sector.
Under the terms of the JV Agreement, Creon and YZJ Holdings will
each invest into the joint venture company, YZJ Offshore
Engineering Pte Ltd ("YZJ Offshore"), a Singapore registered
company recently set up by YZJ Holdings to be a leading player in
the design and construction of marine offshore oil and gas vessels
(jack-up and semi-submersible rigs). Creon will invest US$15.33
million, with YZJ Holdings and its associates investing a further
US$14.67 million, into YZJ Offshore.
YZJ Offshore will provide marketing, procurement, front end
engineering and design, and management consultancy services for the
construction, fabrication and repair of oil and gas marine vessels
and platforms.
The Directors believe that the offshore marine rig vessel market
is an attractive one, underpinned by sustained high global demand
and a high oil price environment. Global rig utilisation rates and
day rates have been rising since early 2011, particularly for
jack-up rigs. Furthermore, the Directors believe demand for newly
designed rigs will be underpinned by the phasing out of the
existing stock of rigs. The Directors understand that by the end of
2012, the average age of jack-up rigs will be 24 years, with almost
half of the fleet older than 30 years. Based on the current stock
and new rig builds in the pipeline, there could be an under supply
by almost 200 jack-up rigs by 2020.The Directors believe that this
potential demand represents an excellent opportunity for the joint
venture.
The majority of the funds invested into YZJ Offshore to date
have gone towards securing land rights to approximately 1.6 million
square metres of prime shorefront land in Taicang, Jiangsu Province
on China's east coast, some 50 miles north of Shanghai. The total
cost of the land will be approximately US$65 million. Creon has the
option, but not the obligation, to provide additional funding to
YZJ Offshore.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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