24 Dec 2012 12:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
24 December 2012 |
Mytrah Energy Limited
("Mytrah Energy" or the "Company")
Director Dealings
The Company was informed on 24 December 2012 that Mr. Ravi Kailas, Chairman and CEO of the Company, has today transferred his direct holdings in Bindu Urja Capital, Inc., Bindu Urja Investments, Inc. and Bindu Urja Holdings, Inc. (together the "BVI Companies"), of which he was the sole shareholder, to R&H Trust Co (Jersey) Limited (the "Trustee") as trustee of The Raksha Trust (the "Trust"), a Jersey based discretionary trust settled by Mr. Kailas, of which he and some of his family members and also a philanthropic trust are discretionary beneficiaries (the "Transaction").
The purpose of the Transaction was for Mr. Kailas' own personal estate and succession planning. Post the Transaction, the Trustee of the Trust will become the beneficial owner of the ordinary shares in the Company ("Ordinary Shares") held by the BVI Companies. The Trustee of the Trust will hold the Ordinary Shares for a beneficial class comprising Mr. Kailas, some of his family members and a philanthropic trust.
The Transaction does not impact the charge over 42,545,360 Ordinary Shares held by Bindu Urja Capital, Inc. created in favour of The India Infrastructure Fund, managed by IDFC Project Equity Company Limited as announced on 1 May 2012.
Taking into consideration those Ordinary Shares, which are now held beneficially by the Trust through the BVI Companies, Mr. Kailas and the Trust will hold 94,276,575 Ordinary Shares 94,250,000 of which are held by the Trust through the BVI Companies and 26,575 which are held directly by Mr. Kailas representing, in aggregate, 57.6 per cent. of the issued share capital of the Company. In addition, Mr. Kailas has an option over 9,090,889 Ordinary Shares, at an exercise price of 115p.
A breakdown of the Transactions is shown below:
Pre-Transaction | Post Transaction | ||||
Company | Sole Shareholder | Beneficial Owner | Sole Shareholder | Beneficial Owner | Holding in the Company |
Bindu Urja Capital, Inc. | Ravi Kailas | Ravi Kailas | R&H Trust Co (Jersey) Limited as trustee of The Raksha Trust | Ravi Kailas and other Trust beneficiaries | 58,200,000 |
Bindu Urja Investments, Inc. | Ravi Kailas | Ravi Kailas | R&H Trust Co (Jersey) Limited as trustee of The Raksha Trust | Ravi Kailas and other Trust beneficiaries | 12,050,000 |
Bindu Urja Holding, Inc. | Ravi Kailas | Ravi Kailas | R&H Trust Co (Jersey) Limited as trustee of The Raksha Trust | Ravi Kailas and other Trust beneficiaries | 24,000,000 |
For further information please visit www.mytrah.com or contact:
Mytrah Energy Limited
Ravi Kailas, Chairman and CEO +44 (0)20 7166 6440
Strand Hanson Limited
James Harris / Richard Tulloch / Angela Hallett +44 (0)20 7409 3494
Investec Bank plc
Chris Sim / Jeremy Ellis +44 (0)20 7597 5970
Mirabaud Securities LLP
Peter Krens / Rory Scott +44 (0)20 7878 3360
St Brides Media & Finance Limited
Elisabeth Cowell / Frank Buhagiar +44 (0)20 7236 1177
Mytrah Energy (MYT)