Investment company Westmount Energy Ltd is returning £3.4m to shareholders.
The 45p a share distribution is planned to take place on 2 February – assuming shareholders vote for the return of capital. Westmount has already returned 115p a share to its investors having joined AIM at an introduction price of 15p a share in 1995.
Westmount has investments in three quoted companies – Desire Petroleum, Sterling Energy and Argos Resources – plus £3.3m in cash. It expects to generate nearly £200,000 when share options are exercised. These share options have an exercise price of less than 45p a share.
At 99.5p a share, up 18p on the day, Westmount is valued at £6.95m.
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