Mercom Oil Sands (MMO) Possible Acquisition 12.5p HIGHS
one of resolution that mmo bod wants shareholders to pass on 7th may.
Authority for the Company to purchase its own shares (resolution 9) Resolution 9 authorises the Company, until the earlier of next year’s AGM or 30 September 2015, to purchase in the market up to a maximum of 84,275,970 ordinary shares (equivalent to 15% of the issued share capital at 11 April 2014) for cancellation at a minimum price of 0.1p per share and a maximum price per share of an amount equal to 105% of the average of the middle market quotations for an ordinary share (as derived from the Daily Official List) for the five business days immediately before the date of purchase. The Companies Act 2006 allows the Company to hold any repurchased shares in treasury, instead of cancelling them immediately. If the Company buys back its own shares and holds them in treasury it may then deal with some or all of them in several ways. It may sell them for cash; transfer them under the provisions of an employee share scheme; cancel them; or continue to hold them in treasury. Holding shares in treasury in this way would allow the Company to reissue them quickly and cost effectively, giving increased flexibility to the management of its capital base. Dividends are not paid on shares held in treasury, nor do they carry voting rights while they remain there. The directors intend to decide at the time of any share buyback, whether to cancel the shares immediately or to hold them in treasury, depending on the interests of the Company and its shareholders as a whole, at the time. The Company does not currently hold any shares in treasury. This proposal should not be taken as an indication that the Company will purchase shares at any particular price or indeed at all, and the directors will only consider making purchases if they believe that such purchases would result in an increase in earnings per share and are in the best interests of shareholders. It is intended to renew each of the above authorities at each annual general meeting.
1 month to go and the company is interested in buying 85million shares in open market to maybe cancel them to create shareholder value.
Mercom Oil Sands (MMO.LSE)Byron Capital Markets Ltd., based in Toronto, Canada, is an employee owned full service investment dealer founded in 2009. Byron's focus, as an intellectually-driven and independent investment dealer, is to provide an unparalleled level of service to institutional investors and corporate clients throughout the lifecycle of their businesses. The Byron team brings a unique set of skills, insights and experience to important sectors of the global economy including oil and gas, metals and mining, alternative energy, technology, healthcare, life sciences and special situations.
Mercom has entered into a financial advisory agreement with Byron Capital Markets Limited ("Byron") to provide Mercom strategic corporate advice.
That potential is what makes Mercom Oil Sands (MMO:L) such an exciting play Currently talking with North American And Nigerian Asset plays.
Its 52-week range is 0.3p-1.25p uk pounds
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