Emerald Energy Plc - 18 August 2003

Emerald Energy Plc

On 18 July 2003, in the prospectus sent to the Company's shareholders (the "Prospectus"), the Company informed its shareholders of the proposed rights issue of 1,462,844,997 new ordinary shares to the Company's shareholders (the "Rights Issue") and the proposed issue for cash of 1,253,000,000 new ordinary shares to Waterford Finance and Investment Limited ("Waterford") (the "Issue for Cash").

At the Extraordinary General Meeting of the Company's shareholders held today (the "EGM"), all the resolutions, proposed in the Prospectus, were duly passed.

These resolutions included special resolution 1, relating to the waiver by the Panel on Takeovers and Mergers of any requirement for Waterford to make general offer to shareholders of the Company under Rule 9 of the City Code on Takeovers and Mergers, which would otherwise arise by reason of the Issue for Cash and the Rights Issue, underwritten by Waterford.

As a result of the Issue for Cash, Waterford's beneficial interest in the Company's shares represents 29.9 per cent of the Company's share capital, enlarged by the Issue for Cash and the Rights Issue. If the underwriting is called upon in full Waterford will own 64.99 per cent of the Company's share capital.

Application has been made for the shares issued pursuant to the Issue for Cash to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange.

At the Annual General Meeting of the Company's shareholders held today prior to the EGM, John Silcock retired from his position as Director of the Company.

Following the EGM, Alastair Beardsall, Edward Grace, Merfyn Roberts and Fred Ponsonby were appointed to the Board of the Company and Graeme Elliot, Iain Alexander, Alan Brookes and Alan Lucas resigned from the Board of the Company.


Enquiries:

Emerald Energy Plc
Alastair Beardsall
020 8823 9140

Teather & Greenwood Limited
Dugald Carlean
Robert Naylor
020 7426 9000

Back to 2003 Press Release Index