EGM Statement

RNS Number : 2120L

White Nile Limited

06 January 2009

 



White Nile Ltd / Ticker: WNL / Index: AIM / Sector: Oil & Gas

6 January 2009

White Nile Ltd ('White Nile' or 'the Company')

EGM Statement

White Nile Ltd announces that at the Extraordinary General Meeting held today, the resolutions relating to the adoption of a new investing strategy and the proposed change of name to Agriterra Limited ('Agriterra') were duly passed. Of the proxy votes received 99.9% were in favour of the resolutions.

White Nile Chairman Phil Edmonds said, 'We believe that the agricultural sector in Africa is an area of activity which has the potential to be particularly resilient to the current global economic climate. It is our belief that a shift in strategy to capitalise on the growing agricultural sector will potentially create significant returns on investment for our shareholders. In line with this new investing strategy, the Board has already identified several acquisition targets. As described in the circular to shareholders dated 24 December 2008, these include Mozambique-based agricultural trading and processing companies Desenvolvimento E Comercialização Agricola Limitada and Compagri Limitada as well as Mozbife Limitada, a cattle ranching business, which will enable us to take advantage of the increasing demand for produce such as maize meal and beef in Africa.'

Following the passing of these resolutions, it is expected that the Company's name change will take effect on the London Stock Exchange on 8 January 2009, at which point the Company's ticker will change to AGTA and its new website at www.agriterra-ltd.com will be launched.

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For further information please visit www.whitenile-ltd.com or contact:

Phil Edmonds	White Nile Ltd	Tel: [phone]
Jonathan Wright	Seymour Pierce Ltd	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Susie Callear	St Brides Media & Finance Ltd	Tel: [phone]

 

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