Westmount Energy Share Discussion Threads

[pillion] 24/9/2011 23:33

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[bionicdog] 01/2/2011 08:04

I thank you.

[bionicdog] 31/1/2011 11:27

Make that 60p.

[vraic] 31/1/2011 10:45

Looks like shares will be X the 45 pence to be returned on Tuesday, so at open I guess they will be 45- 50 pence.
dyor

[daicaprice] 28/1/2011 15:29

A buy showing, thought there was only me here!!

DC

[daicaprice] 28/1/2011 13:17

RNS 45p returned to shareholders!!

DC

[triples] 03/1/2011 23:00

With such a massive spread and value of shares + cash close to MCap, why not just buy SEY and ARG direct?

[shaunjph] 24/12/2010 11:35

.......a massive spread..........

[daicaprice] 24/12/2010 10:56

Taken a bit of time for the news to circulate but a bit more interest now.

DC

[bionicdog] 24/12/2010 08:00

The gift that keeps on giving.

[daicaprice] 24/12/2010 07:54

45p returned to shareholders, Merry Xmas Westmount.

DC

[liquid millionaire] 24/12/2010 07:30

Friday 24 December, 2010Westmount Energy Ld
Proposed Return of Capital
RNS Number : 5698Y
Westmount Energy Limited
24 December 2010



Westmount Energy Limited

('Westmount' or the 'Company')



Proposed return of capital of up to approximately £3.4 million to shareholders by way of issue and redemption of redeemable B Shares



Highlights



· Proposed Return of Capital of up to approximately £3.4 million to Shareholders

· Return equivalent to 45 pence per Ordinary Share

· Return to be effected by the issue of redeemable B shares

· For every Ordinary Share held at 5.00 p.m. on 31 January 2011, Shareholders will receive 1 B share

· Shareholders will have their B Shares redeemed for 45 pence each in cash on 2 February 2011

· Return is conditional on Shareholders' approval, which will be sought at an EGM on 28 January 2011

· A circular detailing the Proposals is today being posted on the Company's website and will be sent to Shareholders in due course



'In accordance with stated strategy, the Company intends to return 45 pence per Ordinary Share (up to approximately £3.4 million in aggregate) to Shareholders. The Board continues to monitor its remaining investments to ensure they continue to be attractive to Shareholders.' commented Mervyn Bradlow, non-executive Chairman of Westmount.



Background to and reasons for the Proposed Return of Capital

As referred to in the Company's Annual Report and Financial Statements for the year ended 30 June 2010, dated 4 October 2010, it remains the Board's intention to realise value from its investments and to return surplus cash to Shareholders. Since the Company was introduced to AIM in 1995 at a price of 15p per share, the Directors have concentrated their efforts in securing capital growth for shareholders and have so far returned to shareholders a total of 115 pence per share, which amount will increase to 160 pence per share following the EGM assuming that all of the resolutions are passed at the meeting.

As announced previously, it has always been the Directors' intention to return capital to Shareholders when major assets are realised upon sale for cash.

Following the disposal of some of its shareholdings in Sterling and Desire, the Company has cash funds available of over £3.3 million with no indebtedness which, together with the expected proceeds of £199,250 from the exercise of the relevant Share Options, which will be more particularly described in Part 4 of the circular, will provide sufficient cash for the Company to distribute pursuant to the Return of Capital.

The Directors, therefore, are now in a position to recommend the Return of Capital. A circular outlining the Proposed Return of Capital and containing notice of EGM will be posted to Shareholders by the end of the year and will be made available on the Company's website today. Capitalised terms used in this announcement have the same meanings as those that will be set out in the circular.



Advantages of the Return of Capital

The Board is proposing to effect the Return of Capital by means of an issue of redeemable shares called B Shares. The Board believes that this method provides a number of benefits for Shareholders, including:

· all Shareholders are treated equally, pro rata to the size of their existing shareholdings in Westmount;

· the relative proportions of equity held by Shareholders will not change as a result of the issue of the B Shares;

· the Return of Capital can be implemented in an orderly and timely manner; and

· the B Shares will be redeemed and capital returned without incurring commission or dealing charges.

Summary of the Proposals

The Return of Capital is conditional upon the approval of Shareholders which will be sought at the EGM to be held on 28 January 2011, notice of which will be given in Part 5 of the circular. The terms and conditions of the Return of Capital will be set out in Part 2 of the circular.

Under the terms of the Proposals, Shareholders will receive one B Share for each Ordinary Share held at the Return Record Time. The B Shares, of 1 penny each, will be issued at a premium and will be credited as fully paid up by capitalising up to £75,303 of the Company's share premium account and transferring up to approximately £3.3 million of the Company's profit and loss account to the Company's share premium account, being an amount equal to the premium at which the B Shares are to be issued. The aggregate par value of the B Shares issued will be up to £75,303. The precise total nominal value of the B Shares issued will depend on the number of Ordinary Shares in issue at the Return Record Time which, subject to alteration, will be 5.00 p.m. on 31 January 2011.

As more particularly described in the circular to be posted to Shareholders, the Directors will have exercised all of their Share Options with an exercise price below 45 pence each conditional on the passing of all of the resolutions proposed to be passed at the EGM. If all of the relevant Share Option Shares are issued prior to the Return Record Time, it is expected that there will be 7,530,300 Ordinary Shares in issue at that time. The Company will apply for admission of the resulting Share Option Shares and, if issued, these are expected to be admitted to trading on AIM at 9.00 a.m. on 31 January 2011. The Directors remain committed to continuing the strategy of realizing value from the Company's investments and therefore have no present or foreseeable intention to dispose of their relevant Share Option Shares.

On redemption of the B Shares, the figure of up to approximately £3.4 million capitalised will be utilised towards payment of the redemption moneys.

Shareholders will not be given an option of when to have their B Shares redeemed due to the anticipated costs of arranging multiple payments.

The B Shares will not be admitted to trading on AIM. Although transferable, as there will be no formal market for the B Shares, Shareholders' ability to sell the B Shares, prior to redemption on 2 February 2011, is likely to be limited.

Details of the rights and restrictions attaching to the B Shares will be set out in Part 5 of the circular.

Share certificates for B Shares will not be issued and B Shares may not be held in uncertificated form through the CREST system.

Taxation

Shareholders may suffer tax liabilities in respect of the sale or the redemption of their B Shares depending on their individual circumstances. Reference to the UK tax implications of the Proposals will be set out in Part 3 of the circular. All Shareholders are recommended to consult their independent advisers if they are in any doubt whatsoever as to their tax position.

Current investments and prospects

Westmount continues to hold 1.5 million shares in Sterling and 2.55 million shares in Desire. The Company also holds 1.2 million shares in Argos Resources Plc.

The Board continues to monitor the Company's investments to ensure they remain attractive to Shareholders but clearly, like all investment companies, is mindful of the need to make a profitable exit where possible at the appropriate opportunity.



EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Last time for receipt of Forms of Proxy for the EGM 11.00 a.m. on 26 January 2011

Voting Record Time for the Extraordinary General Meeting 5.00 p.m. on 26 January 2011

Extraordinary General Meeting 11.00 a.m. on 28 January 2011

Return Record Time 5.00 p.m. on 31 January 2011

Issue of B Shares 1 February 2011

Redemption Date On 2 February 2011

CREST accounts credited and despatch of cheques in respect of

B Shares redeemed On 14 February 2011



The EGM at which the Proposals will be considered will be held at 11.00 a.m. on 28 January 2011 at Ogier House, The Esplanade, St Helier, Jersey JE4 9WG, Channel Islands. Notice of the EGM will be set out in Part 5 of the circular. The Directors unanimously recommend that Shareholders vote in favour of the resolutions to be proposed at the EGM.





Enquiries

Paul R. Anderson,

Westmount Energy Limited Tel: [phone]

Nicholas Wells & Elizabeth Bowman

Nomad and Broker

Cenkos Securities plc Tel: [phone]


This information is provided by RNS
The company news service from the London Stock Exchange

[cwa1] 02/12/2010 09:18

Good to see SEY up over 10% today too, that bodes well if it can be held.

[cwa1] 02/12/2010 08:49

Urmm tip? :-/ Prefer to think of it as a "bringing to your attention and letting you do your own research" ;-) Especially if all goes pear shaped!

Good luck with it anyway, it should do well as long as you consider at a medium term investment.

[daicaprice] 02/12/2010 08:36

Thanks for the tip on CR CWA1, grabbed 2.5k. Looks interesting GLA.

DC

[cwa1] 02/12/2010 08:33

Hmmmm. Worth buying into IF the final value is significantly greater than the current buy in price which, IMVHO, it should be. Patience required though as, I agree, that spread is nasty.

[bionicdog] 02/12/2010 08:26

Well , it's hardly worth anyone else buying in due to the horrific spread. Most of us have had our investment back from this many times over already. They are just trying to wind the thing down and reach a satisfactory endgame for everyone involved.

[cwa1] 02/12/2010 08:22

Morning All

Nice announcement from DESsie :-) Bit of work to be done there but if it all turns out well then that will amount to significant value accretion here.

So with DES + SEY + their prospects + solid balance sheet it should be worth more than the current share price IMHO.

Surprised there isn't more interest over here. Perhaps people will cotton on at some point.......

[bionicdog] 10/11/2010 17:52

Well use butter instead and don't shout.

[mr hangman] 10/11/2010 17:08

THERE IS NO OIL !!

[gordon brown] 10/11/2010 16:56

Market cap of 6.1 million and yet total value of cash and shares is over 7.85 million equating to 1.12 per share.

[liquid millionaire] 10/11/2010 15:27

WTE

Result of AGM
RNS Number : 9701V
Westmount Energy Limited
10 November 2010



Westmount Energy Limited (the "Company")



10 November 2010



Results of AGM



Westmount Energy Limited announces that at its Annual General Meeting held today, all resolutions were duly passed.



The Company further announces that as at 10 November 2010 the shareholdings in its three investments are as follows:



Desire Petroleum Plc - 2,650,000

Sterling Energy Plc - 1,500,000

Argos Resources Plc - 1,200,000



and that it has a cash of approximately £3.1 million.





Enquiries



Paul R. Anderson,



Westmount Energy Limited Tel: [phone]






This information is provided by RNS
The company news service from the London Stock Exchange

[double6] 20/9/2010 08:13

SEY collapsed on negative update

[vraic] 17/9/2010 16:11

Sea Lion News just out . Rig will then become Desires and Westmount has .53 of a Desire for each of its shares.
dyor

[vraic] 28/6/2010 21:54

We are the only other big way of taking a play on Desire and the Falklands .53 Desire Petroleum PLC behind each Westmount Energy..The rig will be Desires in 2 months,then lots of hype, better tofocus now.
dyor