Xtract Regulatory News (XTR)

12 Apr 2007 15:51

Cambrian Oil & Gas PLC12 April 2007 12 April 2007 AIM:COIL Cambrian Oil and Gas plc ("COIL" or the "Company") COIL Shareholders approve Scheme of Arrangement On 12 February 2007, the boards of COIL and Xtract Energy plc ("Xtract")announced their agreement on the terms of a recommended proposal for COILshareholders (other than Xtract) to acquire shares in Xtract in exchange forshares in COIL by way of scheme of arrangement under section 425 of theCompanies Act 1985 (the "Scheme"). A circular to COIL shareholders in connectionwith the Scheme was published on 16 March 2007 (the "Scheme Circular"). TheScheme requires approval by COlL shareholders (other than Xtract) and thesanction of the Court. The Directors of COIL are now pleased to announce that at today's meeting ofCOIL shareholders convened by the Court, the required majority of shareholdersof COIL (other than Xtract) approved the Scheme without modification. At thesubsequent EGM, also held today, COIL shareholders passed the resolution whichwas proposed, as set out in the notice of Scheme EGM dated 16 March 2007. The Scheme is subject to final sanction by the Court and is expected to becomeeffective on 23 April 2007. Under the terms and conditions of the Scheme (as set out in Scheme Circular): 1. COIL shareholders will receive 9 Xtract Ordinary Shares for every 10 COIL Shares they hold on the Scheme Record Date (which is expected to be 19 April 2007). 2. Certain 3p COIL warrants which are not exercised prior to the effective date of the Scheme shall cease and determine in accordance with their terms. 3. For those COIL options and 3p warrants which are not exercised prior to the effective date of the Scheme and which under their terms do not cease and determine if they are not so exercised, following the completion of the Scheme, such COIL option and warrant holders shall be entitled to receive Xtract shares upon exercise of such options and warrants on the basis of 9 new Xtract ordinary shares for every 10 COIL shares which the option or warrant holder is entitled to under the terms of the option or warrant. For further information please contact: Cambrian Oil and Gas plc Neale Taylor, CEO +44 (0) 20 7409 0890 Paul McGroary, Director + 44 (0) 79 3056 8160 W.H Ireland Limited Paul Dudley / James Joyce +44 (0) 20 7220 1666 This information is provided by RNS The company news service from the London Stock Exchange