8 Sep 2009 16:27
8 September 2009
Ramco Energy plc ("Ramco" or "the Company")
Posting of Circular and Notice of General Meeting
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION
Ramco is pleased to announce that further to its announcement on 7th September 2009 it has today posted a circular to shareholders convening a general meeting to be held at 12.30 p.m. on 24 September 2009 at Britannia House, Endeavour Drive, Arnhall Business Park, Westhill, Aberdeenshire AB32 6UF.
The circular sets out the rationale behind the Board's decision for Ramco to become a renewable energy pure-play, highlights the competitive advantages of SERL, provides details of the new funding from Lanstead, outlines the Company's proposed exit from oil and gas activity, updates shareholders with our interim results and details the resolutions to be proposed at the General Meeting.
The Board unanimously recommends that all shareholders vote in favour of the resolutions to be proposed at the General Meeting as the Company's directors have undertaken to do so in respect of 6,576,598 Ordinary Shares, representing approximately 12.4 per cent. of the existing ordinary issued share capital of the Company.
In addition, certain of the Proposed Directors and other parties have irrevocably undertaken to vote in favour of the resolutions in respect of 110,316 Ordinary Shares, representing approximately 0.2 per cent. of the existing ordinary issued share capital of the Company.
Accordingly, the Company is in receipt of irrevocable undertakings to vote in favour of the Resolutions in respect of 6,686,914 Ordinary Shares, representing approximately 12.6 per cent. of the existing ordinary share capital of the Company.
A copy of the circular is also available from the Company's website at www.ramco-plc.com.
Defined terms in this announcement have the same meaning as those defined in the announcement made by the Company on 7 September 2009.
For further information contact:
Ramco Energy plc +44 1224 748480
Steven Bertram - Managing Director
Ambrian Partners Limited +44 207 634 4700
Andrew Craig, Ben Wright - NOMAD
Richard Swindells - Corporate Broking
Kreab Gavin Anderson +44 20 7074 1800
Ken Cronin, Kate Hill, Charlotte Reeve
Notes to Editors
Ramco, to be renamed, SeaEnergy PLC, will be the only listed pure play offshore wind energy company in the UK. The SeaEnergy team conceived, developed and delivered the world's first deep-water wind farm development - the Beatrice offshore wind farm (10MW) (the "Beatrice Project"). The Beatrice Project involved the installation of the two largest wind turbines (5MW each) ever deployed offshore, at water depths of 45 metres. This, combined with the Ramco team's expertise in delivering deepwater offshore developments in the oil and gas industry, puts SeaEnergy in an unrivalled position at the vanguard of the emerging offshore renewables industry.
To date SeaEnergy has secured a 25% interest in two joint ventures to develop offshore wind farms with a total capacity of over 1800MW with partners Scottish & Southern Energy (Airtricity) and RWE AG (npower). Together with EDP Renewables (EDPR) it has also made applications for sites to be awarded through the UK Offshore Round 3 process.
www.ramco-plc.com
SEA.L (SEA)