3Legs Resources plc Results of EGM and return of capital (9409X)

TIDM3LEG

RNS Number : 9409X

3Legs Resources plc

25 November 2014

For Immediate Release

25 November 2014

3Legs Resources plc

Results of Extraordinary General Meeting and return of capital

At the Extraordinary General Meeting of 3Legs Resources plc ("3Legs" or the "Company") held today, Resolutions number 1 and 2 contained in the Notice of Extraordinary General Meeting and put to the meeting were duly approved. All the resolutions were decided by way of a poll. Details of the votes cast were as follows.

 
 Resolution                   In favour    Against   Withheld 
---------------------------  -----------  --------  --------- 
 1 To approve an Investing 
  Policy                      61,894,862         0          0 
---------------------------  -----------  --------  --------- 
 2 To approve the Capital 
  Return                      61,894,862         0          0 
---------------------------  -----------  --------  ---------

Immediately following the Extraordinary General Meeting, the board of directors reconsidered the Company's solvency position and confirmed the Capital Return (as defined in the circular sent to shareholders on 7 November 2014) at 18.5 pence per Ordinary Share, equal to approximately GBP15.9 million in total. Capital return payments of 18.5 pence per Ordinary Share are therefore planned to be made to qualifying shareholders on 2 December 2014.

Claim against ConocoPhillips for the return of share of working capital surplus

3Legs has decided not to pursue its claim against ConocoPhillips for the return of its 30% share of a working capital surplus accumulated in the joint venture vehicle previously owned by ConocoPhillips jointly with the Company. The value of this claim was $1.64 million net. While 3Legs has been advised that its claim has good grounds, it does not consider that it can justify the significant expense involved in bringing arbitration proceedings, nor the associated risk of delaying a final distribution to shareholders.

A further announcement regarding proposals for the final distribution of the Company's remaining cash resources, net of costs, will be published in the near future.

For further information contact:

 
 3Legs Resources plc                  Tel:    +44 1624 811 611 
 Kamlesh Parmar, Chief Executive 
  Officer 
 Alexander Fraser, Chief Financial 
  Officer 
 
 Jefferies Hoare Govett               Tel:    +44 207 029 8000 
 Simon Hardy 
 Graham Hertrich 
 
 Northland Capital Partners           Tel:    +44 207 382 1100 
 Matthew Johnson 
 
 FTI Consulting                       Tel:    +44 203 727 1000 
 Oliver Winters 
 Shannon Brushe

This information is provided by RNS

The company news service from the London Stock Exchange

END

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