GEEC.L Regulatory News (GEEC)

24 Aug 2006 15:06

Great Eastern Energy Corp Ltd24 August 2006 RESULT OF EXTRAORDINARY GENERAL MEETING and REORGANISATION OF SENIOR MANAGEMENT OF COMPANY Further to the announcement on 19th June 2006, Great Eastern Energy CorporationLtd. (the "Company"), incorporated to explore, develop, distribute and marketcoal bed methane ("CBM") in India today announces that at its recent EGM, theresolution to approve the issue of up to a further 90,120,395 Global DepositaryReceipts ("GDRs") representing up to 450,601,979 existing ordinary shares of INR1 each of the Company was passed. Each GDR represents 5 ordinary shares in the Company. No ordinary shares arebeing issued as part of extending the existing GDR programme. The Directors areof the opinion that extending the GDR programme on the AIM market of the LondonStock Exchange will help to improve the liquidity of these securities.Application is being made to the London Stock Exchange to admit the further GDRsto the AIM market and a further announcement will be made shortly. In addition and further to the announcement made by the Company on 11th August,the Board of Directors of the Company in their meeting held on 24th August 2006have re-organised the senior management of the company and also accepted theresignation from the Board of Mr. Prashant Modi and Dr. Prasanta Kumar Roy. Both Mr. Prashant Modi and Dr. Prasanta Kumar Roy will continue to be employedby the Company. For further information, please contact Great Eastern Energy Corporation LtdYogendra Kr. Modi, Chairman & Managing DirectorPaul Zuckerman, Non Executive Director0207 398 1600 Arden Partners plcRichard Day0207 398 1632 Great Eastern Energy placed 18.8m Global Depository Receipts ("GDRs") withinstitutional investors and was admitted to trading on AIM in December, 2005.The notional market capitalisation of Great Eastern, as of 25th August 2006 is£131 million. End 24 August, 2006 This information is provided by RNS The company news service from the London Stock Exchange