18th Sep 2013 13:34
LONDON (Alliance News) - UMC Energy PLC Wednesday said the Companies Court in London has agreed company plans to re-domicile from the UK to the Cayman Islands and an associated reduction in its capital.
The oil exploration and uranium mining company said that it now expects Wednesday to be the last day of trading as UMC Energy PLC and it expects the new UMC Energy Corporation shares to be admitted to trading on AIM at 0800 BST Thursday.
UMC said on August 5 that after a detailed review, the company foresees substantial commercial benefits and capital reduction in the move and it intends to change its corporate structure with the new holding company.
UMC shares last traded on Monday and fell 7.88% to 3.80 pence.
By Tom McIvor; [email protected]; @TomMcIvor1
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