EAM Energy Asset

    RNS Number : 4383L
  Energy Asset Management PLC
  09 January 2009
   

    Energy Asset Management Plc

    9 January 2009

    Energy Asset Management Plc 
    (the 'Company')
    Result of General Meeting of Shareholders
    The Board of the Company is pleased to announce that the resolutions to approve the disposal of the entire issued share capital of
Energy Assets Limited (EAL), a wholly owned subsidiary of the Company and its principal trading entity (the 'Disposal'), and the new
investing strategy were approved earlier today at the General Meeting of shareholders and the Disposal has now been completed
('Completion'). 
    Further to the announcement on 23 December 2008 and detailed in the circular to shareholders, Alan McKeating, Philip Bellamy-Lee and
John Butler have today, following Completion, resigned as directors of the Company and John Butler has resigned as Company secretary. Mr
Martin Henry Withers Perrin has today been appointed as a director of the Company and Company secretary.
    The Company has now become an investing company under the AIM Rules. The Company's investing strategy is set out below.
    The Investing Strategy

    The Company will seek to acquire assets, companies or businesses in the United Kingdom and Europe in the energy or natural resources
sector and in the service sector.

    The Company may be either an active investor and acquire control of a single company or it may be a passive investor and acquire
non-controlling shares or other assets or businesses as is considered to be in the best interests of the Company.

    John Shaw and Martin Perrin (the 'New Board') anticipate that the management of any acquired company will have the expertise required to
manage and develop that business though they may consider retaining board positions. The New Board believe that their collective experience
in corporate finance and general involvement in small companies, both public and private, together with their extensive contacts base will
assist them in the seeking, evaluation and funding of target companies. If required, the New Board will consult with external specialists in
respect of the analysis and due diligence on a target company. In tandem with an acquisition the New Board will consider recruiting
additional directors with specialist knowledge of the target.

    The Company has undertaken that it will not, for a period of two years following Completion, compete in respect of any business carried
on within the United Kingdom or the Republic of Ireland which wholly or partly competes or proposes to compete with the business carried on
at Completion by EAL or with any business which at Completion EAL proposed to carry on in the immediate or foreseeable future.

    The Company will have to make an acquisition or acquisitions which constitute a Reverse Takeover under AIM Rule 14 or otherwise
implement the Investing Strategy by 8 January 2010 failing which its shares will be suspended from trading on AIM.  If no acquisition is
made or the Investing Strategy has not been implemented by 8 July 2010, the admission to trading on AIM of the Company's Ordinary Shares
would be cancelled.

    If the Company has not identified a suitable acquisition approved by Shareholders following receipt of all of the consideration funds
due to the Company pursuant to the Disposal (the date of which is anticipated to be 30 June 2010), the Company will hold a general meeting
to decide whether the Company should be wound up with funds returned to Shareholders or continue to seek to identify a suitable
acquisition.

    The Company also announces that with immediate effect its website address has been changed to www.eamplc.net.
    Further Enquiries:
    Energy Asset Management Plc

    John Shaw, Director
    Tel: 07973 826613


    Ruegg & Co Limited

    Gavin Burnell / Brett Miller
    Tel: 0207 584 3663   

    ENDS


This information is provided by RNS
The company news service from the London Stock Exchange
 
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