23rd Feb 2016 09:58
LONDON (Alliance News) - Eland Oil & Gas PLC Tuesday said some of the shares held in the company by Helios Natural Resources Ltd have been converted to carry voting rights.
Helios held 10.0 million shares in Eland that didn't carried any voting rights, but Eland has now converted just over 4.6 million of those shares to carry voting rights.
Following the conversion, Helios now holds over 44.2 million shares in Eland that carry voting rights, representing a 29.5% stake in the company, plus the remaining 5.4 million shares that still do not currently hold any voting rights.
The 10.0 million non-voting shares were originally issued to Helios in two tranches of 3.0 million and 7.0 million in February and March 2014, respectively.
Importantly, under the agreement with Helios, the company cannot convert its non-voting shares into voting shares if it means Helios would acquire a stake in Eland exceeding 30%, which is the threshold by which Helios may be required to make an offer for the company under AIM rules.
Following the conversion, Eland Oil has a total of 149.9 million shares in issue that carry voting rights, plus the 5.4 million non-voting shares held by Helios.
Eland shares were up 0.7% to 26.42 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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