Fortune Oil PLC China Gas Holdings Consideration Election (6165T)
November 21 2013 - 4:38AM
UK Regulatory
TIDMFTO
RNS Number : 6165T
Fortune Oil PLC
21 November 2013
21 November 2013
Fortune Oil PLC
("Fortune Oil" or the "Company")
Election of China Gas Holdings Limited Shares
for Settling the Second Cash Consideration
Pursuant to the Share Purchase Agreement dated 16 December 2012
(the "Share Purchase Agreement") as supplemented by the Deed of
Assignment and Novation dated 6 August 2013, by which Fortune Oil
sold its Gas Division to China Gas Holdings Limited ("China Gas"),
Fortune Oil has submitted its Share Election Notice to China Gas,
requesting to satisfy the Second Cash Consideration of
USD200,000,000 with China Gas allotting and issuing a total of
184,119,463 new shares of China Gas (the "China Gas Shares"). The
number of China Gas Shares was calculated based on the Benchmark
Share Price (30-day average closing price) of HKD8.421 per China
Gas Share.
Fortune Oil has been informed by China Gas that its share
election has been approved by its Board. China Gas has also made
the submission to Hong Kong Stock Exchange for the listing
permission for the China Gas Shares ("Listing Permission").
Pursuant to the Share Purchase Agreement, the China Gas Shares will
be issued within 3 business days after obtaining the Listing
Permission.
The 184,119,463 new China Gas Shares represent about 3.69% of
the enlarged issued share capital of China Gas immediately after
the issue of the China Gas Shares (the "Enlarged Issued Share
Capital of China Gas"). Presently, China Gas Group Limited holds
732,446,000 China Gas shares, representing 14.69% of the Enlarged
Share Capital of China Gas. China Gas Group Limited is owned as to
50% by Fortune Oil PRC Holdings Limited, the Company's wholly owned
subsidiary. Therefore, after the issuance of the China Gas Shares,
Fortune Oil will be deemed to hold a total of 18.39% of the
Enlarged Share Capital of China Gas.
For further information please
contact
Fortune Oil PLC
Tee Kiam Poon - Chief Executive Tel: (+852) 2583
Bill Mok - Chief Financial 3125
Officer Tel: (+852) 2583
3120
Bell Pottinger
Archie Berens Tel: (+44/0) 7802
442486
Background on Fortune Oil
Fortune Oil is a leading independent energy company engaged in
the investment and operations of oil and natural gas supply
projects in the People's Republic of China. Fortune Oil has
acquired a unique portfolio of high quality oil and natural gas
projects across the country and has formed a strong partnership
with domestic and international market leaders. Fortune Oil
recently started an expansion outside the PRC securing resource
projects. Fortune Oil is listed on the Main Market of the London
Stock Exchange with its operational headquarters in Hong Kong.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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