22 Dec 2008 07:00
22 December 2008
Great Eastern Energy Corporation Limited
Notice to GDR holders
Great Eastern Energy Corporation Limited ("Great Eastern Energy" or "the Company"), a company involved in the exploration, development and production of coal bed methane in India, hereby informs the GDR holders that as stated in the notice of Extra Ordinary General Meeting dated 8 September 2008, Great Eastern Energy plans to list its equity shares on the Indian stock exchanges ("the Indian IPO") along side those listed on the AIM market of the London Stock Exchange. The Indian listing is intended to provide more liquidity to shareholders, accelerate further drilling programmes and achieve other objectives. The Indian IPO will be a combination of a fresh issue of new shares and an offer for sale by existing shareholders.
Currently GDR holders can trade their GDRs on AIM and can, at their discretion, convert their GDRs into the underlying equity shares of the Company, which are not presently tradable.
Listing of the equity shares of the Company on the Indian stock exchanges will provide a platform for trading the equity shares of the Company on the Indian stock exchanges. The listing will also allow GDR holders to trade the equity shares underlying the GDRs on the Indian stock exchanges after converting of their GDRs into underlying equity shares.
However, pursuant to Indian regulatory requirements, the entire existing issued and outstanding equity shares ("Pre-IPO Share Capital") of the Company including the equity shares held by promoters and equity shares underlying the GDRs, must remain locked-in for a period of one year from the date of allotment of new equity shares in this Indian IPO ("Indian IPO Shares"). While the GDRs will continue to remain freely tradable on AIM, the GDRs will not be fungible for a period of one year from the date of allotment of the IPO shares because the entire Pre-IPO Share capital of the Company, including equity shares underlying the GDRs, will remain locked in during this period.
GDRs will continue to remain freely tradable on AIM both during and after the Indian IPO. GDR holders will be able to trade the underlying equity shares on the Indian Stock Exchanges after a period of one year from the date of allotment of the Indian IPO Shares. To ensure compliance with Indian regulations, the Pre-IPO Shares of the Company will remain locked-in for a period of one year from the date of allotment of IPO Shares, and withdrawals of equity shares underlying the GDRs will not be permitted during this period.
-ENDS-
For further information:
Great Eastern Energy
YK Modi Chairman & CEO +44 (0)20 7743 6363
Prashant Modi President & COO
Arden Partners plc
Richard Day +44 (0)20 7398 1632
Adrian Trimmings
Pelham Public Relations
Philip Dennis +44 (0)20 7743 6363