29th Mar 2006 14:41
Forum Energy Plc29 March 2006 29 March 2006 Forum Energy Plc Disclosure by Basic Consolidated, Inc Forum Energy Plc ('Forum' or 'the Company') is pleased to announce that furtherto the announcement made by the Company on 15 February 2006, the shareholders ofBasic Consolidated, Inc. ('Basic'), at its AGM held on 29 March 2006, approvedthe acquisition by Forum of its wholly-owned subsidiary Basic Petroleum andMinerals Inc. The terms of the agreement are set out in the announcement made by Forum on 15February 2006. The merger of Basic's petroleum interests with those of the Company is nowsubject to approval from the Government of the Philippines. The Company will make a further announcement regarding the decision in duecourse. An extract of the disclosure made by Basic is appended at the end of thisannouncement. For further information please contact: David Robinson, Chief Executive, Forum Energy Plc: +44 (0) 1932 445 344 Derrick Lee, Noble & Company Limited: +44 (0) 131 225 9677 Ian Foster, First City Financial Public Relations: +44 (0) 20 7436 7486 +44 (0) 7739 185 050 Or visit the Company's website: www.forumenergyplc.com Extract of the disclosure made on 29 March 2006 by Basic: " DISCLOSURE FOR MARCH 29, 2006 During the Annual Stockholders' Meeting for 2006 of BasicConsolidated, Inc., March 29, 2006, Manila Elks Club, Corinthian Plaza, Paseo deRoxas, Makati City (the meeting was adjourned at 4:50 P.M.), wherein1,038,150,000 (69.21%) outstanding shares of the Corporation were representedeither in person or by proxy, the following resolutions/items were APPROVED: 1. Minutes of the 2005 Stockholders' Meeting. 2. 2005 Annual Report and Audited Financial Statement. 3. Ratification of all acts of the Board and Management of Basic for 2005. 4. Approval of the Acquisition of Basic Petroleum and Minerals, Inc., a100% subsidiary of Basic Consolidated, Inc., by Forum Energy Plc., a UKregistered corporation. The details were contained in our previous disclosure toSEC/PSE dated February 15, after the Board of Directors approved theacquisition. 5. Amendment on Article VII of the Articles of Incorporation of BCIreducing the authorized capital stock from TWO BILLION PESOS (P2,000,000,000.00)to FIVE HUNDRED MILLION PESOS (P500,000,000.00), and reducing the par value ofits shares of stock from P1.00 per share to P0.25 per share. 6. Authorizing the Board of Directors to amend the By-Laws of BCI toconform with SEC regulations, etc. 7. Amendment on the Articles of Incorporation and By-Laws by changing thename Basic Consolidated, inc. to BASIC PETROLEUM CORPORATION. 8. Election of the following Directors: • Oscar C. de Venecia • Sergio M. Locsin • Ramon L. Mapa • Francis Chua • Isidoro O. Tan • Prudencio C. Somera, Jr. (Independent Director) • Rufino Antonio Mijares (Independent Director) • Roberto S. Malonzo • Sergio M. Andal, Jr. • Jose P. de Venecia III • Rogelio T. Serafica 9. Election of SGV as external auditors with Mr. Aldrin M. Cerrado as theengagement partner. ...." This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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