3Legs Resources has completed the sale of its Baltic Basin assets and it is ready to return £15.5m to shareholders.
The Baltic Basin assets were sold to Stena for €500,000 with €30,000 of this payable in February. 3Legs already has £17m in the bank. The distribution to shareholders of at least 18p share will come from the cash in the bank and a general meeting will be held to gain shareholder approval.
3Legs joined Aim in June 2011 at190p a share, which valued it at £161.1m. The focus was shale gas exploration in eastern Europe. 3Legs took an opportunity to pull out of the funding of drilling for its interests during August. Employees have had their employment terminated.
The company has a claim against ConocoPhillips for the return of its 30% share of a working capital surplus accumulated in the joint venture vehicle. This is estimated to be $1.64m.
Another general meeting will be held in the first quarter of 2015 to wind up the company and return the rest of the cash.
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