19 Dec 2017 07:31
December 19, 2017
Great Eastern Energy Corporation Limited
("Great Eastern" or "the Company")
Directors' Dealing
The Company announces that Mr. Yogendra Kr. Modi, Executive Chairman, and Mr. Prashant Modi, Managing Director & CEO, purchased through YKM Holdings Private Ltd., 243,798 ordinary shares (of INR 10 each) at INR 62.50 each on December 14, 2017 in the Company (1 ordinary share of INR 10 each represents 2 GDRs of the Company). The price per implied GDR for this transaction translates to ~ 36p per GDR. The ordinary shares are unlisted. The Company was notified on December 18, 2017.
Following this purchase, they have a beneficial interest of 74,814,150 implied GDRs (42,955,000 GDRs and 15,929,575 ordinary shares) in the Company, representing approximately 62.80% of the total issued share capital.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Yogendra Kr. Modi and Prashant Modi | ||||
2 | Reason for the notification | |||||
a) | Position/status | Executive Chairman, and Managing Director & CEO, respectively | ||||
b)
| Initial notification / Amendment | Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Great Eastern Energy Corporation Limited | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a)
| Description of the financial instrument, type of instrument
Identification code | Ordinary share of INR 10 each representing 2 GDRs of Great Eastern Energy Corporation Limited
Identification code (ISIN) for Great Eastern Energy Corporation Limited ordinary shares: US39032T1060 | ||||
b) | Nature of the transaction | Purchase of shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
243,798 ordinary shares of INR 10 each INR 62.50 average price | ||||
e) | Date of the transaction | 14 December 2017 | ||||
f) | Place of the transaction | Private transaction in India | ||||
About the Company:
The Company is a fully integrated gas production, development and exploration Company in India, providing gas to the growing industrial region of West Bengal. Gas is being produced (Coal-Bed Methane gas) from the Raniganj (South) license area, which covers 210 sq. km, with 2.62 TCF of Gas-in-Place.
The Company's second asset is the Mannargudi license situated in the state of Tamil Nadu in India, which covers an area of 667 sq. km and 0.98 TCF Gas-in-Place.
For further information please contact:
Great Eastern Energy
Yogendra Kr. Modi Executive Chairman +44 (0)20 7614 5917
Prashant Modi Managing Director & CEO
Arden Partners
Steve Douglas +44 (0)20 7614 5900
William Vandyk