Scimitar Hydrocarbons, SIY:ASE Message Board

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Gold/Mining/Energy : Scimitar Hydrocarbons, SIY:ASE

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To: j.oil who wrote (859)	10/18/2000 9:03:45 AM
From: Alex Harrington	Read Replies (1) of 864

Here's some interesting news: Scimitar Hydrocarbons Corporation - News Release Scimitar to sell 35% of Scimitar Production Egypt Scimitar Hydrocarbons Corporation SIY Shares issued 38,983,142 2000-10-16 close $0.55 Tuesday Oct 17 2000 News Release Mr. Angus Mackenzie reports Scimitar is presently negotiating with a consortium of investors based in Egypt for the sale of 35 per cent of the shares of its indirect wholly owned subsidiary, Scimitar Production Egypt Ltd., for a total purchase price of approximately $16-million. The consortium of investors are also to be granted an option exercisable for a period of six months entitling them to purchase a further 15 per cent of Scimitar Egypt at the same purchase price per share paid for the 35-per-cent interest. In the event that the option is exercised then Scimitar's wholly owned subsidiary, Scimitar Production International Limited, will have the right to sell to the consortium all of its remaining shares in Scimitar Egypt (50 per cent) at a price per share equal to 110 per cent of the price per share paid by the consortium for its shares of Scimitar Egypt. The transaction will be subject to a number of conditions including the approval of the board of directors of each of Scimitar and Scimitar Egypt, the execution of formal documentation, and receipt of all necessary regulatory approvals. Scimitar's only current revenue producing asset is its interest in the Issaran, Egypt oil field which is held through Scimitar Egypt. The purchase price at which the consortium of investors will acquire its 35-per-cent interest in Scimitar Egypt reflects a value ascribed to Scimitar of approximately $1.15 per share of Scimitar calculated on a fully diluted basis. The corporation is presently reviewing options available to it to distribute net proceeds realized from the sale to shareholders of Scimitar. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com

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