UK junior Mercom Oil Sands may be in the frame for a 50% stake in Alberta’s Chard oil sands leases after all through a buyout of leaseholder
Mercom Oil Sands/MMO – 40.5P Target – Independent Equity Research
Mercom Oil Sands/MMO – 23P Target
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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.
Our Board - Organisation and management
John Zorbas - Chief Executive Officer
Mr Zorbas Executive Chairman and Managing Director of NWT Uranium Corporation He also serves as President of MGM Productions Group Inc., as well as Director of both ZorCorp Capital Holdings and Starline Capital Holdings Infrastructure Fund. Mr Zorbas has held senior advisory positions in various facets of business including operations, marketing, sales, strategic planning and structured finance. Mr Zorbas holds an Honors Bachelors in Economics from the University of Toronto.
Dr Patrick Cross - Non-executive Chairman
Dr Cross is the Non-executive Chairman of Empyrean Energy Plc (AIM: EME). His previous positions include 25 years with British Petroleum specialising in marketing, strategic planning, and business development. Additionally he was for two years President of Cable & Wireless Japan and for six years was Managing Director of BBC World Limited. Dr Cross holds a PhD in Microwave Technology and a BSc (Eng.) in Electrical Engineering from University College London. Dr Cross lives in Oxfordshire, UK.
Kyle Appleby - Finance Director
Mr Appleby is a member of the Ontario and the Canadian Institutes of Chartered Accountants and President and Chief Executive of CFO Advantage Inc., a company that provides CFO, and other financial accounting and compliance services to companies in various industries including junior mining, manufacturing and distribution. Mr Appleby is currently CFO of Renforth Resources Inc.(CNSX: RFR) and Xylitol Canada Inc. Mr Appleby lives in Toronto, Canada.
Albert Edmond Taubi - Non-executive Director
Mr Taubi is a director of Intellego Ltd, a health management consultancy firm providing services to the public sector in the UK (NHS) and to various organisations in Qatar. Mr Taubi has also held other operational positions in Wealth Management for 12 years with Republic National Bank of New York and Union Bancaire Privee in Geneva. Mr Taubi holds a business administration bachelor degree from ASSAS University in Paris. Mr Taubi lives in London, UK. |
