Altona Energy PLC Joint Venture Agreement -2-
14 November 2014 - 6:00PM
UK Regulatory
To maximise the future profit of the asset, meet perceived
market demand and use readily available and proven technology, the
JV partners have agreed that the focus of the BFS will now be on
Coal-to-Methanol, coal chemical and synthetic gas production. The
Company is currently reviewing its technical and operational
capabilities, in light of its responsibilities to the JV, and a
further update will be made in due course. Since the sad passing of
Peter Fagiano in May of this year, the board has been seeking to
appoint a senior project manager / technical director to act as
on-the-ground liaison with the JV partners.
Information on the JV Partners
Sino-Aus is formed from two Chinese investors, who have come
together for the purposes of investing in, and the development of,
the Arckaringa Project. Through their direct ownership of a number
of subsidiaries, namely; Shanghai Qianqi Petrochemical Engineering
Limited, Shanxi Huaxiang Technology Energy Limited, and Shanxi
Xuanyuan Investment Group, they bring a wealth of experience in the
areas of power, coal, chemicals and real estate.
Wintask specialises in Clean Energy research, development and
equipment production with a strong scientific research team.
Sino-Aus commented:
"We are excited to have the opportunity to participate in the
Arckaringa project and are pleased to be making this investment at
this time. As future shareholders in the project, along with
Altona, we are looking forward to the forthcoming drilling
programme as a key milestone in the development of the BFS."
Qinfu Zhang, executive Director of Altona and Chairman of
Wintask, said:
"Since our initial investment in Altona nearly 12 months ago we
have seen the impressive progress made by Michael and the team. I
believe we now have the right man leading Altona as we move closer
to bringing the Arckaringa project to production."
Shareholder Meeting Notice
Altona confirms that its Annual Report and Accounts for the year
ended 30 June 2014 together with notice of the Annual General
Meeting and a form of proxy, has been posted to shareholders.
Copies of the 2014 Annual Report and Accounts are available on
the Company's website www.altonaenergy.comor from the Company's
registered office at Third Floor, 55 Gower Street, London WC1E
6HQ.
The AGM is to be held at the offices of BDO LLP, 55 Baker
Street, London, W1U 7EU on 16 December 2014 at 11am.
Related Party
Wintask is a related party, as defined by Rule 13 of the AIM
Rules for Companies, due to its holding in Altona. Accordingly, the
independent directors (being Michael Zheng and Philip Sutherland),
having consulted with the Company's nominated adviser, WH Ireland
Limited ("WH Ireland"), consider that the terms of the joint
venture and the related party's participation are fair and
reasonable in so far as the Company's shareholders are
concerned.
In making their decision, the independent directors have inter
alia considered the size of the related party investors'
shareholding in the Company following the transaction, the
undertakings made by Wintask to Altona and the joint venture and
the benefits of continued support from Wintask as an investor in
both Altona and the joint venture:
-- Wintask and Sino-Aus have given undertakings to the Company
and WH Ireland, that during such time as they hold or beneficially
own Shares in the Company: any arrangements entered into by them
with any Altona, or any of its subsidiary undertakings, shall be on
arm's length financial and commercial terms;
-- each of Wintask and Sino-Aus will neither propose nor vote in
favour of any proposed alternations to the Company's Articles of
Association which would vary the rights attaching to the Company's
Shares, unless recommended to do so by all the directors of
Altona;
-- each of Wintask and Sino-Aus will exercise the voting rights
attaching to the Shares held or beneficially owned by them in such
a way as to maintain the ability to trade the Company's Shares on
AIM and to enable the Company to comply in all respects with the
AIM rules; and
-- each of Wintask and Sino-Aus acknowledge the duty of the
Directors for the Company to exercise the powers and authorities
vested in them in the interest of all of the shareholders.
About Altona Energy
Altona is listed on the London Stock Exchange's AIM market. Its
focus is firmly on the evaluation and development of the Company's
coal-to-chemicals Arckaringa Project to exploit the huge coal
resources, equivalent to 7.8 billion barrels, contained in three
Exploration Licences covering 2,500 sq. kms in the northern portion
of the Permian Arckaringa Basin in South Australia.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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