Madagascar Oil Limited Result of SGM and Delisting (7132T)

TIDMMOIL

RNS Number : 7132T

Madagascar Oil Limited

31 March 2016

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

31 March 2016

MADAGASCAR OIL LIMITED

("Madagascar Oil" or the "Company")

Result of SGM and Delisting

Madagascar Oil announces that the Resolutions proposed at the Special General Meeting today at 11.00 a.m. were both duly passed by Shareholders.

Accordingly, the Delisting will take effect, and cancellation of the admission to trading on AIM of the Common Shares is expected to occur, at 7.00 a.m. on 8 April 2016.

As announced on 9 March 2016, the Company will endeavour, with effect from a Delisting, to make a trading service available to facilitate the trading of Common Shares by Shareholders, and the Relevant Lenders have given undertakings in the Framework Agreement to assist with this process. A further announcement will be made as and when appropriate.

However, Shareholders should note that, following the Delisting becoming effective, even if such a trading service is put in place, there will be no public market or trading facility on any recognised investment exchange for the Common Shares and, accordingly, the opportunity for Shareholders to realise their investment in the Company will be much more limited and there will be no public valuation of Common Shares held.

In addition, whilst certain protections and information rights for minority Shareholders have been agreed (as set out in further detail in the Circular, dated 11 March 2016) following Delisting, as shareholders in a private company, Shareholders will no longer be afforded the protections given by the AIM Rules, the Company will no longer be required to retain independent advisers and it will be subject to fewer operational restrictions and less stringent accounting and reporting requirements.

All capitalised terms used herein shall have the same meaning, unless stated or the context requires otherwise, as given to them in the Circular dispatched to Shareholders on 11 March 2016 which is available on the Company's website at www.madagascaroil.com.

- ENDS -

Contact Information:

 
 Robert Estill - Chief Executive 
  Officer 
  Stewart Ahmed - Chief Operating 
  Officer 
  Gordon Stein - Chief Financial       [phone] 
  Officer                               2731 
 Strand Hanson Limited - Nominated 
  & Financial Adviser 
  Stuart Faulkner 
  Angela Hallett                        [phone] 
  James Dance                            3494 
 Jefferies International Limited 
  - Strategic Advisor                   [phone] 
  Richard Kent                           8102 
 VSA Capital Limited - Joint broker 
  Andrew Monk 
  Andrew Raca                          [phone] 
  Justin McKeegan                       5000 
 Mirabaud Securities LLP - Joint 
  broker                               [phone] 
  Rory Scott                            3360 
 Camarco - PR 
  Billy Clegg                          [phone] 
  Georgia Mann                          4980 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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March 31, 2016 06:27 ET (10:27 GMT)