GAS Gasol

TIDMGAS

RNS Number : 9441K

Gasol plc

29 August 2012

Gasol plc

('Gasol' or the 'Company')

Annual General Meeting

Share capital reorganisation

Gasol (AIM: GAS), the West African energy development company, today announces that it will hold its Annual General Meeting on 21 September 2012 at 10.00 am at K&L Gates, One New Change, London, EC4M 9AF. The annual report, Circular and notice of AGM are available on the Company's website www.gasolplc.com and copies of the notice of AGM have been sent to shareholders.

The resolutions to be proposed at the Company's Annual General Meeting include a share consolidation pursuant to which every 50 existing ordinary shares of 0.5 pence each (each an "Existing Ordinary Share") that are in issue as at 5.00 p.m. on 21 September 2012 (or such other time as the Directors may determine) (the "Record Date") are consolidated into one ordinary share of 25 pence each (each an "Interim Ordinary Share"); and immediately thereafter, each of the Interim Ordinary Shares be sub-divided and converted into one ordinary share of 0.5 pence in the capital of the Company, having the same rights and being subject to the same restrictions and ranking on the same basis as the Existing Ordinary Shares (each a "New Ordinary Share"), and one deferred share of 24.5 pence (each a "Deferred Share"), having the rights and being subject to the restrictions set out in the notice of AGM. The Deferred Shares, being effectively valueless, will then, subject to the relevant resolution being passed at the AGM, be repurchased by the Company for one pence (in aggregate) and cancelled.

If agreed, the proposed consolidation is expected to reduce the volatility of the Company's share price as well as provide the Company additional flexibility in funding itself in the future.

The Company currently has an issued ordinary share capital of GBP7,598,462.75 divided into 1,519,692,521 Existing Ordinary Shares. Following the proposed consolidation and cancellation, and subject to fractions and assuming no further issues of shares in the meantime, the issued ordinary share capital would be GBP151,969.25 comprising 30,393,851 New Ordinary Shares.

Further details on the proposed consolidation can be found in the Notice of AGM

-- Ends --

Enquiries

 
 Gasol plc 
  Alan Buxton, Chief Operating Officer    +44 (0) 20 7290 3300 
=======================================  ===================== 
 Panmure Gordon (UK) Limited 
  Dominic Morley (Corporate Finance) 
  Callum Stewart (Corporate Finance) 
  Adam Pollock (Corporate Broking)        +44 (0) 20 7459 3600 
=======================================  ===================== 
 Pelham Bell Pottinger 
  Olly Scott                              +44 (0) 20 7861 3891 
=======================================  ===================== 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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