30th Oct 2006 11:24
UMC Energy PLC30 October 2006 UMC ENERGY PLC 30 October 2006 RESULTS OF EXTRAORDINARY GENERAL MEETING The Board of UMC Energy plc ("the Company" or "UMC") (AIM : UEP) announce thatthe resolution put to shareholders at today's extraordinary general meeting toapprove the acquisition of the entire issued and to be issued share capital ofURAMAD UK Limited ("the Acquisition") was passed. The Acquisition will close following the transfer of the legal title to thePermits from Compagnie Generale des Mines de Madagascar (CGMM) to URAMAD S.A.,which is subject only to official procedures being completed in Madagascar. Asdescribed in the Admission Document dated 13 October 2006, URAMAD S.A. hasbeneficial ownership of the Permits and completion of the Acquisition is subjectto the transfer of the legal title to the Permits taking place by 31 October2006, with an option on the part of the Company to extend that date to 31December 2006. The Company has decided that it will exercise that option andwill continue to fund the exploration programme described in the AdmissionDocument. Until the completion of the transfer of legal title UMC is funding theexploration programme by way of a loan to URAMAD S.A., which is refundable inthe event that transfer of legal title to the Permits is not achieved by 31December 2006. For further information: Hugh Oram Nabarro Wells & Co Ltd Tel: 020 7710 7400 Annie Richards UMC Energy plc Tel: 020 7514 1480 Charles Vivian Pelham Public Relations Tel: 020 7743 6670 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
UEP.L