22 Jun 2009 07:00
For Immediate Release: 22nd June 2009
Great Eastern Energy Corporation Limited
Share Consolidation
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, is pleased to update the market further to the announcement on 29 December 2008 stating the Company filed its Draft Red Herring Prospectus ("DRHP") with the Securities and Exchange Board of India ("SEBI"), to list its equity shares on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited in India.
Under SEBI (Disclosure and Investor Presentation) Guidelines, 2000 (the "SEBI Guidelines"), an unlisted company proposing to make an initial public offer where the issue price is less than Rs. 500 per share, is required to have a face value of Rs. 10/- per share. Currently the face value of the Company's equity shares is Re. 1/- per equity share.
In view of the above SEBI Guidelines, the Company is proposing to change the face value of its equity shares by consolidating 10 equity shares of Re. 1/- each to one equity share of Rs. 10/- each. Approval of shareholders is being sought to consolidate every 10 (ten) equity shares of Re. 1 each into 1 equity share of Rs. 10 (ten) each. Consequently each GDR currently represented by 5 equity shares of Re. 1 each would be represented by 0.5 equity share of Rs. 10 each. It may be noted that the proposed consolidation will not impact the valuation of the Company's equity shares or GDRs.
For the purpose of share consolidation, the Company has already received the approval of its Board of Directors in a Board meeting held on 5 June 2009 and look to obtain the approval of its shareholders through a special resolution. The notice of Annual General Meeting has been sent to its shareholders and will be held at 11:00 am on Friday, 3 July 2009 at the Registered Office of the Company i.e., G.T. Road, Fatehpur, P.O. Sitarampur, Asansol-713359, West Bengal, India.
-ENDS-
For Further Information:
| Great Eastern Energy | ||
| YK Modi | Chairman & CEO | +44 (0)20 7337 1516 |
| Prashant Modi | President & COO | |
| Arden Partners | +44 (0)20 7398 1632 | |
| Richard Day | ||
| Adrian Trimmings | ||
| RBC Capital Markets | +44 (0) 20 7653 4667 | |
| Sarah Wharry | ||
| Pelham Public Relations | ||
| Philip Dennis | +44 (0)20 7337 1516 |
Disclaimer
Great Eastern Energy Corporation Limited is proposing, subject to market conditions and other considerations, a public issue of its equity shares and has filed its Draft Red Herring Prospectus ("DRHP") with the Securities & Exchange Board of India ("SEBI"). The DRHP is available on the website of SEBI at www.sebi.gov.in. This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any equity shares, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. The Equity Shares of the Company have not been and will not be registered under the U.S. Securities Act 1933, as amended or any state securities laws in the United States. This announcement may not be released in the United States.
This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act.