Petro Matad (PRTDF)

[buccaneer1961]

thoughs??

worth looking at the amendments to the Articles being proposed - in short

Articles 5.3,,49.1,49.2,80,93.1,97a), 102,103,105,107,108,109,112,113,114,116.117,118,147.3,and 152 - are all amended to remove the necessity of Directors to be residents outside the UK or not-ordinarily resident outside the UK.

This is said to be as a result of changes in UK law and may be PM getting ready to accept a director/farm-in partner who (one assumes would want at least one seat on the board) is a UK resident, and as they state being able to hold Board Meetings .

The other changes relates to Pre-emption and are shown in Articles 6.4 and 6.5 which have been totally re-written. I think again if I read this correctly it means they can make an allotment of shares if they want to for any reason up to the issued share capital of course, however they can relate to an event that may occur after the AGM. Further it is renewing the right that was present prior to the AGM but expires during the AGM.

To me the first set of changes I think is good news, it seems to me we may get a new non-Exec director from outside
Mongolia. Possibly a potential farm-in partner.

The 2nd is I think housekeeping but I may be wrong.

Any comments/thoughts?