17 Mar 2009 11:38
17 March 2009
El Oro & Exploration Company p.l.c.
Court Sanctions Scheme of Arrangement
El Oro and Exploration Company p.l.c. is pleased to announce that at today's Court Hearing, the Court sanctioned the Scheme and confirmed the Reduction of Capital of the Company.
The Scheme will become effective immediately upon a copy of the Court Order sanctioning the Scheme and confirming the Reduction of Capital and a copy of the Minute in relation thereto having been delivered by the Company to the Registrar of Companies and registered by the Registrar. This is expected to take place on 18 March 2009.
An indicative timetable for the remaining steps to implement the Proposals is set out below.
Timetable
Effective Date of the Scheme | 18 March 2009 |
Cancellation of admission to trading of Stock Units on AIM | 7.00 a.m. on 19 March 2009 |
Admission and first dealing date of New El Oro Shares on CISX | 19 March 2009 |
CREST accounts credited | 19 March 2009 |
Latest date for despatch of share certificates in respect of New El Oro Shares | 1 April 2009 |
Any term used but not defined in this announcement is as defined in the scheme document sent to the Company's stockholders on 2 February 2009. All dates and times are London times. Any changes to the above timetable will be announced and made available on the Company's website (www.eloro.co.uk).
For enquiries please contact:
C. Robin Woodbine Parish: Chairman
Steven McKeane: Company Secretary
El Oro and Exploration Company p.l.c.
Tel: 020 7581 2782
Mark Katzenellenbogen
Auden Capital LLP (financial adviser to the Company)
Tel: 020 3008 8832
Philip Secrett
Grant Thornton UK LLP (Nominated Adviser)
Tel: 020 7383 5100