10 Sep 2009 10:00
September 10, 2009
Great Eastern Energy Corporation Limited
Director converting GDRs
Great Eastern Energy Corporation Limited ("Great Eastern" or "the Company"), a Company involved in the exploration, development and production of coal bed methane in India announces that YKM Holdings International Limited, a company controlled by Mr. Yogendra Kr. Modi, Executive Chairman & Managing Director of Great Eastern, has applied for the cancellation from trading on AIM of 2,382,601 Global Depositary Receipts ("GDRs") for the purpose of making shares available for sale in the proposed Indian IPO.
Following this cancellation, there will be no change to the beneficial interest of Mr. Yogendra Kr. Modi in the Company i.e. 35,114,020 ordinary shares of INR 10 each ("Ordinary Shares") in Great Eastern, representing approximately 64.47% of the issued share capital. Each Ordinary Share represents two GDRs. The total issued share capital of the Company is 54,461,950 Ordinary Shares (which is equivalent to 108,923,900 GDRs).
Following the cancellation above, the number of GDRs in the Company listed and admitted to be traded on AIM will drop from 76,222,347 GDRs to 73,839,746 GDRs representing 67.79% of the total issued Ordinary Shares.
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.
Great Eastern Energy
YK Modi Chairman & CEO +44 (0)20 7337 1516
Prashant Modi President & COO
Arden Partners plc
Richard Day +44 (0)20 7398 1632
Adrian Trimmings
RBC Capital Markets
Sarah Wharry +44 (0) 20 7653 4667
Pelham Public Relations
Philip Dennis +44 (0)20 7337 1516
GEEC.L (GEEC)