Result of AGM

10 Nov 2005 11:47

Westmount Energy Limited10 November 2005 Westmount Energy Limited to Return Capital of 50 pence per ordinary share (inaggregate approximately £7,500,000) to shareholders. At the Annual General Meeting of Westmount Energy Limited held in Jersey today,the Chairman, Derek G. Williams made the following statement: "As already reported to shareholders following the end of the financial year, asa result of the realisation of the Group's North Sea interests and the sale of40,000,000 ordinary shares of Sterling Energy plc the Company has funds ofapproximately £9 million in cash. The Board has been examining ways to return funds to shareholders, whilstretaining the flexibility to make further selective investments for the futuregrowth of the Company. I am now able to advise shareholders that subject to shareholders' approval theBoard will recommend the return of 50 pence per ordinary share (in aggregateapproximately £7,500,000) to shareholders and a 1 for 2 Share Consolidation. Acircular providing full details of the proposed arrangements will be sent to allshareholders shortly together with a notice convening the required ExtraordinaryGeneral Meeting." Westmount Energy Limited Tel: 01534 814 209 Derek G. Williams, Chairman Oriel Securities Limited Tel: 020 7710 7600 Andrew Edwards Scott Richardson Brown This information is provided by RNS The company news service from the London Stock Exchange