CityView Corporation Limited (“CityView”) advises that Quest Energy Middle East Limited (“Quest”) is being restructured to facilitate investment into it by Abu Dhabi institutions.
Under the proposal, CityView will sell its 8.3% equity in Quest for US$1,245,000. In turn CityView will pay US$405,000 to Mr Yousef Al Ansari for his 45% holding of European Oil Limited, a private UK company whose sole asset is a 6% equity in Quest.
CityView CEO, Mr Mark Smyth said: “The net result of this proposal is that CityView reduces its financial commitment whilst maintaining its close ties with Quest’s powerful international network and connections to banks in Dubai and Abu Dhabi.
The Company’s primary focus is on progressing development of its assets in Africa and securing the forthcoming deals currently under negotiation.”
So effectively the get US$1.2 mill for their 8.3% And they pay US$400k for 3%
So slightly better off, reduced exposure, more cash in hand, BUT importantly, they still remain connected.
cheers
CVI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
