12th Jul 2006 17:11
UMC Energy PLC12 July 2006 UMC ENERGY PLC RESULT OF EXTRAORDINARY GENERAL MEETING At an Extraordinary General Meeting of the Company held this morning theshareholders approved the following investing strategy: The strategy of the Company is to make investments in the mining and mineralssector. The likely focus within that sector is energy-related minerals. Theinvestments may be either quoted or unquoted and may be in companies,partnerships, joint ventures or direct interests in mining projects. Theinvestments may be made in exploration or development stage undertakings or inproducing assets. The Company intends be an involved and active investor. It islikely that that the number of investments will be small. Accordingly, wherenecessary, the Company may seek participation in the management or board ofdirectors of a company or other entity in which the Company invests. TheDirectors are experienced in the mining and minerals sector and intend that theywill undertake initial assessments and due diligence on potential investmentsthemselves and will retain appropriate professional advice if merited by thecircumstances. Geographically, the Company intends to concentrate on Africa and/or Asia. The London Stock Exchange has informed the Directors that they must implementthe Company's investing strategy by 2 August 2006. Failure to do so will resultin the Company's shares being suspended from trading on AIM until such time asthe Directors have implemented the Company's strategy. If the Company has notmade its first investment in line with its stated strategy by 31 December 2006,it will convene a general meeting of the Company to determine the options forthe Company, including the return of funds to shareholders. The Directors arecurrently examining a potential acquisition in line with the above strategy andwill announce further details in due course. 12 July 2006 UMC Energy plc Yve White [email protected] +44 (0) 20 7514 1482 Pelham Public Charles Vivian [email protected] +44 (0)20 7743 6672Relations Kate Newton [email protected] +44 (0) 20 7743 6676 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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