FYI journo mate flicked me this today.Press release...
21st February, 2008
RELEASE BY ODIN ENERGY LTD
ODIN to Hold Victoria Petroleum NL Briefings
• VICTORIA PETROLEUM LTD (VPE) NOTICE OF MEETINGS MISLEADING AND CONFUSING FOR THEIR SHAREHOLDERS
• ODIN ENERGY TO HOLD NATIONWIDE EXPLANATORY MEETINGS FOR VICPET SHAREHOLDERS
VPE’s decision to hold two meetings within an hour of each other next month has been labeled as confusing and misleading to shareholders according to Mr. Alex Bajada, Chairman of Odin Energy Ltd.
The two meetings, to be held on March 27th, have been separately called to consider the request for a spill of the current Board. The first meeting, scheduled for 10am, was requisitioned by Odin Energy who has acquired approximately 10% of VPE issued capital. The second meeting, scheduled for 11am was requisitioned by Mr. Eddie Smith, who has acquired approximately 1% of VPE issued capital.
“Ordinary shareholders will find it very difficult to understand which of the two proxies to sign or indeed both from these meetings,” said Mr. Bajada. “Indeed they will find it very difficult to follow what is really going on.”
“Odin Energy nominees have not been given the opportunity to provide their profiles to be sent out to shareholders. This has prevented shareholders from being able to assess the credentials of two new potential directors that have been nominated by Odin Energy.
“As a result of this likely confusion the board of Odin Energy has decided to arrange special VPE shareholder meetings in every State to explain the plans that Odin has to increase the value and performance of VPE to its shareholders.”
Details of these special shareholder meetings will be released at the end February.
Odin Energy has already taken the initiative of approaching all shareholders with holdings of less than 10,000 shares with an off market bid of 15 cents per share with no brokerage costs
“Most of these shareholders do not have marketable parcels which means they cannot be sold on the stock exchange,” said Mr. Bajada. “Odin has approached about 7400 shareholders with this offer. There are about 11,000 VPE shareholders in total.
“The board of Odin Energy is of the opinion that shareholders are entitled to be represented by directors who hold a real interest in the company and strong belief in realizing the value in VPE. We have been surprised at the lack of shareholding of the current board and indeed the proposed board nominated by Mr. Eddie Smith.”
Mr. Bajada said that he would like to challenge the other proposed directors to match Odin’s shareholding before the meetings.
About Odin Energy Limited
Odin Energy is focused on oil and gas exploration and developments in the Cooper Basin of South Australia. The company is focused on unlocking the value in the Cooper Basin by acquiring strategic assets. The company is earning a 25% interest in the Spinel Block of PEL 106 through the acquisition of the Spinel 3D Seismic Survey and the contributing 50% of the cost of drilling 4 wells. The company is continuing to evaluate further opportunities in the area.
For further information, contact Mr. Alex Bajada
directors are taking it to the streets, selling the message to vpe shareholders. Well done.
ODN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
