RNS Number : 4321K
Pangea DiamondFields PLC
20 April 2010
20 April 2010 AIM: PDF
Pangea DiamondFields plc
('Pangea' or the 'Company')
Arrangements for Trading in IGE Shares
On 1 April 2010 the Company announced that it had completed the disposal of Efidium Limited to International Gold Exploration AB ('IGE') in consideration for 495,399,057 fully paid ordinary shares in the capital of IGE ('IGE Shares').
As described in the circular sent to shareholders on 6 April 2010 (the 'Circular'), subject to shareholder approval at a extraordinary general meeting of the Company to be held on 28 April 2010, as part of a members' voluntary liquidation process, the proposed liquidator intends to make an interim distribution in specie (by way of transfer of assets rather than in cash) to shareholders as soon as it is prudent to do so, to take the form of 421,000,000 IGE Shares, representing approximately 85% of the IGE Shares now held by Pangea. The proposed distribution equates to the distribution of approximately 0.236 IGE Shares per Pangea ordinary share.
As described in the Circular, The IGE Shares are traded on the Oslo Stock Exchange where shares are traded only in electronic form through the Euroclear/ VPS system. In order to receive IGE Shares as part of the distribution of the Consideration Shares described above, Shareholders will therefore require access to the Euroclear/ VPS system to facilitate settlement in any such distribution.
The Company announces that it has today posted a letter to shareholders describing the process by which shareholders can register with the Company for the proposed distribution of IGE Shares. The Company is also pleased to announce that Terra Markets, a leading Norwegian brokerage firm, has agreed to offer Pangea shareholders the opportunity to open a brokerage account, providing access to the Euroclear/ VPS system and the opportunity to trade IGE Shares in the future. A Terra Markets account opening form and details of the account opening process have also today been sent to shareholders.
Shareholders who already have access to the Euroclear/ VPS system or who wish to make alternative arrangements are of course under no obligation to take advantage of the Terra Markets offer.
The letter sent to shareholders today, together with Terra Markets account opening information is also available for download from the Company's web site: www.pangeadiamondfields.com
Further information:
Pangea DiamondFields plc Ambrian Partners Walbrook PR Ltd
Limited
Boris Kamstra Richard Brown / Louise Goodeve / Leah Kramer
Richard Greenfield
T: +27 11 438 4100 T: +44 (0) 20 7634 T: +44 (0) 20 7933 8780
4700
This information is provided by RNS
The company news service from the London Stock Exchange
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