Found it... FEC Reports on its interest in Forum Energy Limited being diluted to approx. 8%
FEC Reports on its interest in Forum Energy Limited being diluted to approx. 8% March 27, 2017 -- (FEC Resources Inc.) --
(TheNewswire)
Calgary, AB / TheNewswire / March 27, 2017 - FEC RESOURCES INC. (PINK: FECOF) ("FEC") wishes to advise shareholders that it has noted the following announcement made by PXP Energy Corporation ("PXP"). As a result of the transactions referred to in the PXP announcement, FEC's interest in Forum Energy Limited ("FEL") has been diluted to approximately 8%.
It should be noted that in June 2015 FEL was delisted from the London Stock Exchange and changed its constitution from being a public company to being a private company. As a consequence, FEC has no preemptive rights to participate in any new share issue and new shares can be issued by FEL at the discretion of its directors.
"23rd March 2017
PHILIPPINE STOCK EXCHANGE
3/F Tower One & Exchange Plaza
Ayala Triangle, Ayala Avenue,
Makati City
Attention:MR. JOSE VALERIANO B. ZUNO III
OIC Head, Disclosure Department
Subject: Increase of Shareholdings in Forum Energy Limited
Gentlemen:
PXP Energy Corporation ("PXP" or "the Company") wishes to announce that it has increased its direct shareholding in Forum Energy Limited ("Forum") from 48.8% to 69.5%. This increases PXP's total direct and indirect interest in Forum from 67.5% to 77.5%. The additional interest was acquired through a subscription to 39,350,920 new ordinary shares of Forum. The new shares were issued at approximately US$0.30 per share for a total consideration of US$ 11.805 million which was funded through the conversion into equity of a portion of the Company's $18.3 million loan to a subsidiary of Forum. Further, Tidemark Holdings Ltd. subscribed to 6,666,667 shares of Forum for the amount of $2 million, paid for in cash. As a result of these transactions, Tidemark's holdings in Forum decreased from 27.1% to 20%.
Forum is a UK Incorporated oiI and gas exploration and production company with a focus in the Philippines. Forum's principal asset is a 70% interest in Service Contract 72 'SC72' an 8,800-square kilometre ('Km2') offshore petroleum licence situated west of Palawan Island in the West Philippine Sea.
The acquisition of additional shares in Forum did not result in a change in the board of Forum.
Very truly yours,
(signed)
Mark H. Rilles
Finance Controller
About PXP Energy Corporation
PXP is an upstream oil and gas company incorporated in the Philippines whose shares are listed on the Philippine Stock Exchange. The Company directly and indirectly owns oil and gas exploration and production assets located in the Philippines, and indirectly owns an exploration asset located in offshore Peru.
For further information, please contact:
Mark H. Rilles
Finance Controller
PXP Energy Corporation
Telephone: (632) 631 1381
Email: mhrilles@pxpenergy.com.ph"
On behalf of the Board of,
FEC Resources, Inc.
Paul Wallace
AI
