Bluebird Energy PLC Adoption of new Investing Policy and new Articles (2607A)
19 Marzo 2013 - 8:00AM
UK Regulatory
TIDMBBE
RNS Number : 2607A
Bluebird Energy PLC
19 March 2013
BLUEBIRD ENERGY PLC
(AIM: BBE)
Proposed Change of Name
Adoption of new Investing Policy and
Notice of General Meeting
Bluebird Energy plc ("Bluebird" or "the Company") announces that
it has today issued a circular convening a general meeting ("GM")
for the purposes of approving the adoption of a new investing
policy and a change of name.
As announced in the Chairman's statement accompanying the
interim results of the Company for the six months ended 31 December
2012, James Ede-Golightly, Chairman, stated it was the directors'
intention to implement a new investment strategy to enable the
Company to diversify away from the oil and gas sector and aimed at
growing net asset value (NAV) per share through the realisation of
opportunities across a broader range of sectors.
It is proposed that the Company adopt the following Investing
Policy:
1. The Directors intend to identify investment opportunities
offering the potential to deliver value creation to Shareholders
over the medium to long term, as measured by growth in net asset
value (NAV) after adjusting for distributions.
2. Depending on specific circumstances, investments may range
from minority shareholdings to the acquisition of wholly owned
trading subsidiaries, and such investments may be quoted or
unquoted. Acquisitions or investments may be funded through the
issue of new Ordinary Shares, debt or from the Company's existing
cash resources. The Board will have full discretion to focus the
Company's investment resource around those opportunities it has
identified as offering the best potential for value creation.
3. While the Company does not intend to restrict the investment
policy to a specific sector, investments will only be made in areas
where the Company has access to appropriate expertise and
experience. The primary geographic focus will be on businesses
operating, or quoted in, the UK, Ireland, USA and Canada. The
strategy will place specific emphasis on partnership with strong
management teams.
4. The Company intends to develop an internal investment
capability comprising both investment professionals and individuals
experienced in the management and direction of companies. The
Company will generally pursue an active investment policy aimed at
supporting investee companies within a culture of alignment and
partnership. The Company may seek board representation at its
investee companies and may also provide business services to
investee companies. The provision of business services to third
party clients may also be undertaken to generate supplementary
trading income.
5. Upon the realisation of its investments, the Company may
either reinvest or return capital to shareholders through share buy
backs or dividends. The Company's goal is growth in NAV per
Ordinary Share and the Board will either return or reinvest capital
with consideration to this objective.
James Ede-Golightly, Chairman, commented:
"The General Meeting marks a watershed for the company,
completing its transition into an investment company with broad
flexibility to target a wide range of investment opportunities. The
board is focused on implementing this investment policy with the
goal of delivering growth in net assets per share."
Shareholders' approval will be sought to the proposed investing
policy and for a change of name to Quoram Plc at a GM to be held at
11.00 on Thursday 11 April 2013 at the offices of WH Ireland, 24
Martin Street London EC42
0DR.
Contacts
Bluebird Energy plc www.bluebirdenergy.net
James Ede-Golightly - Chairman +44 (0) 1225 428139
WH Ireland Limited www.wh-ireland.co.uk
John Wakefield +44 (0) 117 945 3470
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFLSVFITLIV
Grafico Azioni Quoram (LSE:QRM)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Quoram (LSE:QRM)
Storico
Da Giu 2023 a Giu 2024