Victoria Oil and Gas Plc, the African energy utility, is pleased to announce that at the AGM of the Company held this morning, all of the resolutions proposed in the notice of meeting that was set out in a circular to shareholders dated 22 October 2014 ("Circular"), were duly passed.
In addition to the usual business dealt with at the AGM, the Company also sought shareholder approval for a consolidation and sub-division of the Company's share capital (the "Capital Reorganisation"), details of which were included in the Circular.
Following the passing of the Capital Reorganisation resolutions at the AGM today, every 40 existing ordinary shares of 0.5 pence ("Existing Ordinary Share") will be consolidated into one consolidated ordinary share of 20 pence ("Consolidated Ordinary Share") ("Consolidation"). Immediately following the Consolidation, each of the Consolidated Ordinary Shares will be sub-divided into one new ordinary share of 0.5 pence ("New Ordinary Share") and one new deferred share of 19.5 pence ("Deferred Share").
Application has been made to the London Stock Exchange for the 108,713,809 New Ordinary Shares created pursuant to the Capital Reorganisation to be admitted to trading on AIM ("Admission").
It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 27 November 2014.
Shareholders who hold Existing Ordinary Shares in uncertificated form will have their CREST accounts credited with the New Ordinary Shares following Admission on 27 November 2014. Following the Capital Reorganisation, existing share certificates will cease to be valid and new share certificates will be despatched to those shareholders who hold their Existing Ordinary Shares in certificated form, on or before 5 December 2014. No share certificates will be issued in respect of Consolidated Ordinary Shares or Deferred Shares.
Following Admission, the Company's ordinary share capital will consist of 108,713,809 ordinary shares of 0.5p with voting rights listed on AIM and 108,713,809 deferred shares of 19.5p with no voting rights. VOG does not hold any ordinary shares in treasury. The ISIN of the New Ordinary Shares is GB00BRWR3752.
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