AIM quoted oil and gas investment company MX Oil is planning a name change following a recent investment by a UAE shaikh. The company is also looking to consolidate its share capital in a push to lift its share price.
In a circular to shareholders on Wednesday, MX Oil, which owns a share in the oil-producing Aje offshore oil field in Nigeria , said that a resolution would be placed before its shareholders at the next general meeting to vote on a name change from MX Oil to ADM Energy plc.
“The Company has been considering a change of name for some time. The rationale for the name change to ADM Energy plc follows the recent strategic investment by Shaikh Ahmed Bin Dalmook Al Maktoum. The Company’s strategic investor has an extensive network of influential contacts within the oil and gas industry and the Board regards his support for the Company as an important opportunity.”
Shaikh Ahmed Bin Dalmook Al Maktoum in April acquired 1,335,000,000 MX Oil shares and is now the company’s largest shareholder with 29.86% of issued share capital.
Subject to shareholder approval, once the company has formally changed its name, the company will also change its ticker from MXO to ADME.
Shareholders will also vote on, among others, a resolution to consolidate share capital of the company.
“It is expected that, immediately prior to the General Meeting, the Company will have 4,471,349,664 Existing Ordinary Shares in issue… The Directors consider that it is in the best interests of the Company’s long term development as a public quoted company to have a more manageable number of issued ordinary shares and to have a higher share price.”
Accordingly, it is proposed that the Company’s share capital be reorganized such that every 100 Existing Ordinary Shares be consolidated into 1 new ordinary share of 1 pence. The MX Oil general meeting will be held on June 7 in London.
Offshore Energy Today Staff
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