25 Nov 2014 12:05
For Immediate Release
25 November 2014
3Legs Resources plc
Results of Extraordinary General Meeting and return of capital
At the Extraordinary General Meeting of 3Legs Resources plc ("3Legs" or the "Company") held today, Resolutions number 1 and 2 contained in the Notice of Extraordinary General Meeting and put to the meeting were duly approved. All the resolutions were decided by way of a poll. Details of the votes cast were as follows.
Resolution | In favour | Against | Withheld |
1 To approve an Investing Policy | 61,894,862 | 0 | 0 |
2 To approve the Capital Return | 61,894,862 | 0 | 0 |
Immediately following the Extraordinary General Meeting, the board of directors reconsidered the Company's solvency position and confirmed the Capital Return (as defined in the circular sent to shareholders on 7 November 2014) at 18.5 pence per Ordinary Share, equal to approximately £15.9 million in total. Capital return payments of 18.5 pence per Ordinary Share are therefore planned to be made to qualifying shareholders on 2 December 2014.
Claim against ConocoPhillips for the return of share of working capital surplus
3Legs has decided not to pursue its claim against ConocoPhillips for the return of its 30% share of a working capital surplus accumulated in the joint venture vehicle previously owned by ConocoPhillips jointly with the Company. The value of this claim was $1.64 million net. While 3Legs has been advised that its claim has good grounds, it does not consider that it can justify the significant expense involved in bringing arbitration proceedings, nor the associated risk of delaying a final distribution to shareholders.
A further announcement regarding proposals for the final distribution of the Company's remaining cash resources, net of costs, will be published in the near future.
For further information contact:
3Legs Resources plc | Tel: | +44 1624 811 611 |
Kamlesh Parmar, Chief Executive Officer | ||
Alexander Fraser, Chief Financial Officer | ||
Jefferies Hoare Govett | Tel: | +44 207 029 8000 |
Simon Hardy | ||
Graham Hertrich | ||
Northland Capital Partners | Tel: | +44 207 382 1100 |
Matthew Johnson | ||
FTI Consulting | Tel: | +44 203 727 1000 |
Oliver Winters | ||
Shannon Brushe |