Result of General Meeting

 

TIDMOHM 
 
RNS Number : 3374V 
Offshore Hydrocarbon Mapping PLC 
01 November 2010 
 

1 November 2010 
 
                Offshore Hydrocarbon Mapping plc ("the Company") 
 
                            Result of General Meeting 
 
 
 
On 13 October 2010, the Company announced that it had conditionally agreed to 
sell OHM Ltd and OHM Surveys Sdn Bhd to a company controlled by Sector Asset 
Management and its affiliates ("Sector") and Euro Trans Skips AS 
("ETS")(together the "Concert Party") for a consideration of $150,000 (the 
"Disposals").  At the same time Sector and ETS conditionally subscribed for 
9,000,000 Ordinary Shares in aggregate at 10 pence per share representing a 
premium of 60 per cent. to the closing mid-market price on 12 October 2010 (the 
"First Placing") and conditionally agreed to subscribe for a further 11,000,000 
Ordinary Shares at the same price (the "Placing").  The First Placing Shares 
were admitted to trading on AIM on 19 October 2010.  In aggregate, the First 
Placing and the Placing are expected to raise GBP2.0 million (GBP1.8 million 
after expenses) for the Company. 
The Disposals and the Placing (together the "Proposals") were conditional, inter 
alia, upon Shareholder approval being obtained.  Accordingly, a general meeting 
of the Company was held earlier today for the purpose of, inter alia, approving 
the Proposals (the "General Meeting").  The Company is pleased to announce that 
at the General Meeting all resolutions were duly passed.  As a result, the 
Disposals are expected to be completed on 2 November 2010 and the Placing Shares 
are expected to be admitted to trading on AIM on 2 November 2010 ("Admission"). 
Following Admission, the Enlarged Share Capital of OHM will be 110,517,689 
Ordinary Shares in aggregate.  The Company holds a total of 5,770 shares in 
Treasury.  Following Admission, the total number of voting rights in OHM will 
therefore be 110,511,919. 
 
Following Admission, the above figure may be used by shareholders as the 
denominator for the calculations by which they will determine if they are 
required to notify their interest in, or a change to their interest in, OHM, 
under the Disclosures and Transparency Rules. 
 
 
Contacts: 
+---------------------------------------+---------------------+ 
| Offshore Hydrocarbon Mapping plc      | www.ohmrsi.com      | 
+---------------------------------------+---------------------+ 
| Richard Cooper - Chief Executive      | 0870 429 6581       | 
| Officer                               |                     | 
+---------------------------------------+---------------------+ 
| Bob Auckland- Finance Director        | 0870 429 6581       | 
+---------------------------------------+---------------------+ 
| KBC Peel Hunt (Nominated adviser &    |                     | 
| Broker)                               |                     | 
+---------------------------------------+---------------------+ 
| Julian Blunt / Simon Brown / Harry    | 020 7418 8900       | 
| Florry                                |                     | 
+---------------------------------------+---------------------+ 
| Aquila Financial Ltd (PR)             |                     | 
+---------------------------------------+---------------------+ 
| Peter Reilly                          | 07881 920542        | 
+---------------------------------------+---------------------+ 
 
Capitalised terms used, but not defined, in this announcement have the same 
meaning as given to them in the Company's circular to Shareholders dated 14 
October 2010 unless the context requires otherwise.  The Circular can be viewed 
and downloaded from the Company's website www.ohmrsi.com. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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