27 Apr 2010 07:00
27 April 2010
Great Eastern Energy Corporation Limited
Proposed move from AIM to the Main Market
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, today announces that it intends to apply for a Standard Listing of its global depositary receipts ("GDRs") on the Official List of the UK Listing Authority (the "Official List") and to trading on the Main Market of the London Stock Exchange for listed securities (the "Main Market").
Such a move will be through an introduction of its existing GDRs, with no new GDRs being issued. Pursuant to Rule 41 of the AIM Rules for Companies, the Company hereby gives notice of the intended cancellation of trading of its GDRs on the AIM Market of the London Stock Exchange plc ("AIM").
It is expected that cancellation of trading of the GDRs will take place at the same time as the GDRs are admitted to the Standard List of the Official List and begin trading on the Main Market, which is expected to occur on or around 28 May 2010, subject to receipt of the necessary approvals from the UK Listing Authority and the London Stock Exchange plc.
The Company has been well served by AIM, having grown appreciably since the admission of its GDRs to AIM in 2005. Having regard to the Company's current market capitalisation of approximately £600 million (based on the total issued share capital), reserves and resources, operations and production profile, the board now considers the Official List to be the appropriate platform for the continued growth of the Company.
Existing shareholders should consult their own tax advisers as to the tax implications of the move to the Official List.
Arden Partners has been appointed as Financial Adviser in relation to the move to the Main Market and will be acting as Joint Broker and Financial Adviser to the Company. RBC Capital Markets will continue to act as Joint Broker to the Company.
Disclaimer: http://www.geecl.com/IPO‐SEBI‐Disclaimer.html
For further information:
Great Eastern Energy
YK Modi Chairman & CEO +44 (0)20 73371516
Prashant Modi President & COO
Arden Partners
Richard Day +44 (0)20 7614 5918
Adrian Trimmings Patrick Castle
RBC Capital Markets
Martin Eales +44 (0)20 7653 4000
Brett Jacobs
Pelham Bell Pottinger
Philip Dennis +44 (0)20 7337 1516
Elena Dobson