13 Nov 2009 16:40
13 November, 2009
Great Eastern Energy Corporation Limited
Directors Dealing
As announced on 9 November 2009, Great Eastern Energy Corporation Limited ("GEEC" or "the Company"), conditionally raised £28.8 million (before expenses) by way of a sale of Depositary Receipts held by YKM Holdings International and its subsidiary ("YKMHIL"), representing part of the family shareholdings of Directors Mr. Yogendra Kr. Modi and Mr. Prashant Modi in the Company.
As a result of the sale of 7.2 million GDR's, Mr. Yogendra Kr. Modi and Mr. Prashant Modi's family shareholding in the Company has fallen to 31,514,020 shares being 57.86% on 12 November 2009.
Following the anticipated issue of 3.6 million new GEEC shares to YKMHIL (equivalent to 7.2 million GDR's), subject to the approval of shareholders at the general meeting on 1st December 2009, their family shareholdings in the Company will rise to the previously reported number of shares they held. The percentage of holding will then rise to 60.48% (instead of 64.47% as previously reported) as the capital base will be enhanced by the issuance of these new GEEC shares.
A further announcement will be made in due course.
Disclaimer: www.geecl.com/IPO-SEBI-Disclaimer.html
For Further Information:
Great Eastern Energy
YK Modi Chairman & CEO +44 (0)20 7743 6363
Prashant Modi President & COO
Arden Partners
Richard Day +44 (0)20 7398 1632
Adrian Trimmings
RBC Capital Markets
Sarah Wharry +44 (0) 20 7653 4667
Brett Jacobs
Pelham Public Relations
Philip Dennis +44 (0)20 7343 6363