30th Mar 2005 06:01
Embargoed for release at 7.00am on 30 March 2005 SILENTPOINT PLC ("Silentpoint" or "the Company") Re. Investment in India Star Energy plc plc ("India Star Energy") Silentpoint, the AIM-listed investment company, is pleased to announce that ithas invested ‚£320,000 in India Star Energy, a company whose shares are expectedto commence trading on AIM later today.India Star Energy is a newly incorporated company that has been established toinvest in or acquire interests in projects, businesses or companies in theresource sector with a focus on energy. The directors of India Star Energyanticipate that acquisitions will mainly be in the non-renewable energy sectorwhich includes oil, gas, coal and uranium.Geographically the directors of India Star Energy have stated that they willconcentrate on investment opportunities in areas in the Indian subcontinent aswell as China, the former Soviet Union states, South East Asia and Africa, andopportunities relating to uranium initially in areas where there has alreadybeen production, such as Canada, Australia and South Africa. One area that theyintend to specifically target is the Indian subcontinent and, in particular,India itself.Silentpoint has invested a total of ‚£320,000 in India Star Energy and now holds40,000,000 ordinary shares, representing 28.57 per cent. of the issued sharecapital of India Star Energy.In view of the fact that Paul Mc Groary, who is classified as a substantialshareholder in Silentpoint under the AIM Rules, is a director of India StarEnergy and is interested in 35 per cent. of the issued share capital of IndiaStar Energy, the investment is a related party transaction under the AIM Rules.Haresh Kanabar considers, as the only independent director, having consultedwith John East & Partners Limited, that the terms of the investment are fairand reasonable insofar as the shareholders of Silentpoint are concerned.Commenting on the investment, Smit Berry, Chief Executive of Silentpoint, said:"Following the successful outcome of our investment in Silvermines Media plc,now called Cambrian Oil & Gas plc, we are delighted to be participating in theflotation on AIM of India Star Energy and look forward to creating furthershareholder value."For further information:Silentpoint plc Haresh Kanabar, Chairman 07802 858893 Smit Berry, Chief Executive 020 8656 4648 ENDSILENTPOINT PLCRelated Shares:
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