Agreement Re Velosi Nigeria

 

TIDMVELO 
 
RNS Number : 7879B 
Velosi Limited 
03 November 2009 
 

 
 
 
 
 
 
 
 
3 November 2009 
 
 
 
 
Velosi Limited 
Agreement regarding Velosi Nigeria 
 
 
Velosi Limited ('the Group'), the provider of asset integrity and HSE services 
to a number of major national and multinational oil and gas companies, is 
pleased to announce that it has reached an agreement with the 
executors/beneficiaries of Richard Ogunmakin's estate regarding the future 
ownership and operation of Velosi Nigeria. 
 
 
Shares in Velosi Nigeria and Velosi Angola owned by Richard Ogunmakin's estate 
have now been acquired by the Group and as a result, operations in Nigeria are 
expected to recommence under a new local manager and we anticipate that Nigeria 
will again make a contribution to Group revenues from 2010 onwards. 
 
 
The terms of the agreement are not expected to materially affect the performance 
of the group as a substantial portion of provisions had already been made in 
prior year accounts. 
 
 
 
 
 
 
-END- 
 
 
 For further information, please contact: 
 
 
 
 
+-------------------------+--------------------+-----------------------+ 
| Velosi                  | Dr Nabil Abdul     | 020 7930 0777         | 
|                         | Jalil              |                       | 
|                         | Joe Vincent        |                       | 
+-------------------------+--------------------+-----------------------+ 
| Strand Partners         | James Harris       | 020 7409 3494         | 
+-------------------------+--------------------+-----------------------+ 
| Charles Stanley         | Mark Taylor        | 020 7149 6000         | 
| Securities              | Freddy Crossley    |                       | 
+-------------------------+--------------------+-----------------------+ 
| Cardew Group            | Tim Robertson      | 020 7930 0777         | 
|                         | Catherine Maitland |                       | 
+-------------------------+--------------------+-----------------------+ 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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