Result of General Meeting

RNS Number : 5703D

Enteq Upstream PLC

17 May 2012

 



17 May 2012

Enteq Upstream plc ("Enteq" or the "Company")

Acquisition, Placing and Admission

Result of General Meeting

Further to the Company's announcement on 30 April 2012 regarding the conditional Acquisition of substantially all of the operating assets and certain liabilities of XXT Incorporated and the conditional Placing raising £42.0 million, Enteq Upstream plc, the oil & gas field services company, is pleased to announce that at the General Meeting held earlier today, all Resolutions proposed were duly passed.

Completion of the Acquisition is subject to Admission. Application has been made for the Company's Enlarged Issued Share Capital to be admitted to trading on AIM and is expected to become effective at 8.00 a.m. tomorrow, 18 May 2012 and dealings in the Enlarged Issued Share Capital will commence immediately thereafter.

Further details of the Acquisition, Placing and Admission are set out in the Company's Admission Document dated 30 April 2012, a copy of which is available on the Company's website www.enteq.com. The Admission Document contains further details of the Resolutions proposed and duly passed today.

Martin Perry, Chief Executive Officer of Enteq, commented:

"This acquisition of XXT by Enteq is at an exciting stage of growth for both companies.  XXT continues to perform well with trading in-line with management's expectations. We look forward to building the business together to fulfil it's potential in this substantial market."

Terms defined in the Admission Document dated 30 April 2012 have the same meaning in this announcement.

For further information, please contact:

Enteq Upstream plc	[phone]
Martin Perry, Chief Executive Officer
Ian Leaman, Chief Financial Officer
Investec Bank PLC	[phone]
James Grace
Patrick Robb
David Anderson
Pelham Bell Pottinger	[phone]
Mark Antelme Charlie Stewart

 

END

 

 

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