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31 Jul 2009 07:00
July 31, 2009
Great Eastern Energy Corporation Limited
Share Consolidation
Great Eastern Energy Corporation Ltd ('Great Eastern Energy' or ' the Company'), a company involved in the exploration, development and production of coal bed methane (CBM) natural gas in India, is pleased to announce that, further to the announcement on June 22, 2009 regarding a proposed change in the face value of equity shares of the Company from INR 1/- each to INR 10/- each, and the subsequent announcement on July 6, 2009 that all resolutions proposed at its Annual General Meeting held on July 3, 2009 were duly approved by shareholders, this consolidation will become effective from the close of business on July 31, 2009.
As previously announced, consequently each GDR which was represented by 5 equity shares of Re. 1 each will now be represented by 0.5 equity share of Rs. 10 each. It should be noted that the consolidation will have no impact on the number of GDRs in issue or the valuation of the Company's equity shares or GDRs.
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").
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. Any potential investor should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the DRHP filed with the SEBI including the section titled "Risk Factors". 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.
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 +44 (0) 20 7653 4667
Sarah Wharry
Pelham Public Relations
Philip Dennis +44 (0)20 7337 1516
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