Clean Energy Brazil (CEB) is being turned into a shell focused on the Australian resources sector.
A placing, via new joint broker Peterhouse, at 2p a share will raise £217,000 and one new warrant will be issued for each new share issued. The warrants are exercisable at 2p a share over a five year period. CEB will raise £154,000 after costs and £90,000 is being provided for contingent liabilities.
Isle of Man-registered CEB has completed the sale of its Brazilian sugar and ethanol interests and received all of the remaining payments so it will pay a final dividend of 1.403p a share out of the final proceeds. The shares go ex-dividend on 4 December and the dividend paid on 20 December. Prior to this 15.5p a share has been paid. Existing shareholders can choose to sell their shares or retain them. Peterhouse will acquire existing shares at 0.06p a share.
Weiss and QVT between them hold 92.33% of CEB and they will sell their shares. They are voting in favour of the proposals so they will go through at the general meeting on 22 November.
The companyís name is being changed to CEB Resources. The plan is to re-register the company under the Isle of Manís 2006 companies act and redenominate shares as having no par value.
Eitan Milgram, Yossi Raucher, and Tim Walker will step down from the board. Cameron Pearce and Jeremy King will join the board. Pearce will own 20.7% of CEB and King will own 3.67%.
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