Result of EGM

22 Dec 2005 12:13

Westmount Energy Limited22 December 2005 Westmount Energy Limited WTE Result of EGM, appointment of Director and Share Options 22 December 2005 Westmount Energy Limited Result of EGM to approve Return of Capital of 50 pence per Ordinary Share (inaggregate approximately £7,500,000) to shareholders and 1 for 2 ShareConsolidation Announcement of the Appointment of a New Director At the Extraordinary General Meeting of Westmount Energy Limited ("Westmount")held in Jersey today, the shareholders approved the proposed return of capitaland share capital reorganisation of Westmount. As set out in the Circular to Shareholders dated 25 November 2005, all enablingresolutions were duly passed. Capital of the equivalent of 50 pence per OrdinaryShare will be returned to shareholders. Shareholders will also receive OneConsolidated Ordinary Share for every Two Ordinary Shares held. Dealings in the new Consolidated Ordinary Shares are expected to commence at8.00 a.m. on Friday, 23 December, with the first opportunity to receive theagreed return of 50 pence per B share expected to occur on 31 January 2006. The Board of Westmount is also pleased to announce that Mr Paul R. Anderson,aged 32, who has been residing in Jersey for over 9 years, an associate memberof the Institute of Chartered Secretaries and Administrators has today beenappointed to the Board. Paul is a Trust Manager of Bedell Group, Jersey, aposition he has held since September 2003 when the Bedell Group assumed the roleas Secretary of Westmount from The Royal Bank of Scotland Trust Company, Jersey,where Paul had been a Corporate Trust Manager and employed since June 1996. Hewas formerly with The Royal Bank of Scotland Group, Edinburgh, as a SecuritiesAssociate since December 1991. Commenting on his appointment Mr Derek G. Williams, Chairman, stated: "I am especially pleased with the timing of this appointment now that Westmounthas reached such an important stage, following the Share Capital Reorganisationand the return of substantial capital to shareholders. Paul has been involvedwith Westmount's business for over 9 years and I have worked with him closelyduring this period. Paul will now be able to play a significant role in thefuture development of Westmount." The Board also announces today that to supplement the low level of directors'remuneration and in view of the increasing time and effort to be put in by theDirectors, the Board is proposing to grant options over a maximum of 750,000 ofnew Consolidated Ordinary Shares expiring on 31 December 2012. Initially theBoard intends to grant options or rights equivalent to options over a total of600,000 Consolidated 20p Ordinary Shares of Westmount, with effect from today'sdate at a subscription price equivalent to the opening middle quoted price onthe AIM market, of the Consolidated Ordinary Shares. As a result the Directorsof the Company, Derek G. Williams, Peter J. Richardson, Marc S.D. Yates and PaulR. Anderson, will be allocated 150,000 share options each. Westmount Energy Limited Tel: 01534 814209Derek G. Williams, Chairman Oriel Securities Limited Tel: 020 7710 7600Andrew Edwards END WESTMOUNT ENERGY LIMITED PAUL ROBERT ANDERSON Date of Birth 03 December 1973 LIST OF DIRECTORSHIPS Name of Body Country of Incorporation Current Colima Limited JerseyIlford Trustees (Jersey) Limited JerseyStamford House No.2 Limited Jersey Past 5 Years Blue Circle Services Limited British Virgin IslandsBullion Brokers (C.I.) Limited JerseyBritish Airways Employee Benefits Trustees Jersey(Jersey) LimitedCable & Wireless (EBT) Limited JerseyChis 1 Limited JerseyChis 1A Limited JerseyChis 2 Limited JerseyChis 2A Limited JerseyChis 3 Limited JerseyChis 3A Limited JerseyComino Limited JerseyDomus (Residential) 5 Limited JerseyDomus (Residential) 6 Limited JerseyDomus (Residential) 7 Limited JerseyDomus (Residential) 8 Limited JerseyDomus (Residential) 9 Limited JerseyDomus (Residential) 10 Limited JerseyDomus (Residential) 11 Limited JerseyDomus (Residential) 12 Limited JerseyDomus (Residential) 13 Limited JerseyDomus (Residential) 14 Limited JerseyFinancial Overseas Holdings (FINOV) Limited JerseyLafitte Financial Company (LAFFINCO) Limited JerseyOverseas Participations Limited JerseyMaxent Investments Limited JerseyMirabeau Limited JerseySERPUT Nominee 1 Limited JerseySERPUT Nominee 2 Limited JerseySERPUT Nominee 3 Limited JerseySERPUT Nominee 4 Limited JerseySERPUT Nominee 5 Limited JerseySERPUT Nominee 6 Limited JerseySERPUT Nominee 7 Limited JerseySERPUT Nominee 8 Limited JerseySERPUT Nominee 9 Limited JerseySERPUT Nominee 10 Limited JerseySERPUT Nominee 11 Limited JerseySERPUT Nominee 12 Limited JerseySERPUT Nominee 13 Limited JerseySERPUT Nominee 14 Limited JerseySERPUT Nominee 15 Limited JerseySERPUT Nominee 16 Limited JerseyStamford House (Jersey) Limited JerseyThe Royal Bank of Scotland (Dolland & Aitchison) Nominees JerseyLimited Mr Anderson has no unspent convictions, and has not been a bankrupt, nor was adirector of a company at a time or within 12 months preceding any receivershipor creditors liquidation of such company, and there has been no public criticismof Mr Anderson by any statutory or regulatory authority. 22 December 2005 This information is provided by RNS The company news service from the London Stock Exchange