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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
India Star | LSE:INDY | London | Ordinary Share | GB00B06L4049 | ORD 0.2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 7251Y India Star Energy plc 10 July 2008 India Star Energy Plc ("India Star" or the "Company") Grant of Option 10 July 2008 India Star is pleased to announce that it has acquired an option to purchase 100 per cent. of the issued share capital of New Fuels International Limited ("NFIL"), a Seychelles based company. African Gas Development Corporation Ltd ("AGDCL"), African Dawn Equity Partners Limited ("ADEPL") and Daubeny B. Cooper III ("Cooper") (together the " NFIL Shareholders") are the sole shareholders of NFIL and own 4,250, 500 and 250 ordinary shares respectively (the "Option Shares"). Under the terms of the share option agreement (the "Agreement") dated 10 July 2008, the NFIL Shareholders have agreed to grant to India Star (the "Optionholder") an option to purchase all of the Option Shares (including any additional ordinary shares issued during the period of the option) (the "Option"). The Option to be exercised in whole and within 12 months of entering into the Agreement. The initial consideration paid for the Option is £250,000 cash, payable as to £212,500 to AGDCL, £25,000 to ADEPL and £12,250 to Cooper. Upon exercise of the Option, India Star and the NFIL Shareholders will agree the purchase price for the Option Shares (the "Option Shares Purchase Price"), or, to the extent that no agreement is reached, the price will be determined by an independent investment bank (the "Investment Bank"). The Option Shares Purchase Price shall be deemed to be the fair price determined by the Investment Bank less £500,000 and discounted by 10 per cent. The Option Shares Purchase Price will be satisfied by the issue of ordinary shares of the Optionholder to the NFIL Shareholders. The number of ordinary shares to be issued by India Star shall be such value as agreed by India Star and the NFIL Shareholders within 7 days of agreement or determination of the Option Shares Purchase Price or, failing agreement within that period, the average of the middle market quotations for the ordinary shares of India Star as shown by the AIM Appendix of the Daily Official List for the 5 business days immediately preceding the exercise date. NFIL is a specialised development company involved in the creation of renewable bio-fuels and bio-energy projects. NFIL is establishing an international consortium of investors and technology partners to replicate the Brazilian bio-fuel model in carefully selected African countries. As an initial strategy, NFIL is seeking to develop captive raw material feedstock through sugar cane plantation development and small farmer development in markets that have a competitive advantage in sugar cane production. This will be matched with the establishment of Ethanol processing facilities based on sugar cane as a feedstock for domestic and export consumption. Directorate Change Mr Paul McGroary, Chief Executive of the Company has resigned from the Board with immediate effect. The Board would like to thank Paul for his contribution over the last three years and wish him well for the future. Haresh Kanabar, India Star's Chairman, said: "The Board of India Star is excited by the prospects of NFIL and believes that acquiring the Option represents a most attractive opportunity for your Company to move forward with its strategy" Enquiries: India Star Energy Plc 0207 297 0010 Haresh Kanabar, Chairman W.H. Ireland Limited 0121 265 6330 Tim Cofman/Katy Birkin This information is provided by RNS The company news service from the London Stock Exchange END MSCFKCKBPBKDCOK
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