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chemoil energy ltd (CLRGF) Key Developments

Shareholders Approves To Delist Chemoil Energy

The shareholders of Chemoil Energy have backed a proposal to delist the company. The support came at an extraordinary general meeting (EGM) held on April 15, 2014. Singfuel Investment offered in February to acquire all Chemoil shares it does not already own in a bid to take the company private. The company held about 1.23 billion shares or 94.8 per cent of Chemoil as at April 15, 2014. Singfuel has offered 40 US cents (50 Singapore cents) per share. Chemoil extended the deadline for acceptances from April 29, 2014 to May 9, 2014. The Singapore Exchange (SGX) can suspend trading of shares once the public float falls below 10%. Chemoil will make an announcement regarding the expected date of suspension of trading shares and submit an application to delist from the SGX on or after May 9, in an effort to secure as many shares as possible from minority investors before taking the company private. If the SGX agrees, Chemoil will delist regardless of the number of shareholders who take up its offer. Singfuel has stated that the voluntary delisting move is due to the costs of compliance with maintaining a listing, the low trading liquidity of the shares and the absence of a need for access to capital markets. In addition, Singfuel said its exit offer is an opportunity for investors to realize their investments without incurring brokerage or other trading costs.

Chemoil Energy Limited, Special/Extraordinary Shareholders Meeting, Apr 15, 2014

Chemoil Energy Limited, Special/Extraordinary Shareholders Meeting, Apr 15, 2014., at 14:30 Singapore Standard Time. Location: The Guild, NUSS Suntec City Guild House. Agenda: To approve the voluntary delisting of the company.

Chemoil Energy Limited, Annual General Meeting, Apr 15, 2014

Chemoil Energy Limited, Annual General Meeting, Apr 15, 2014., at 14:00 Singapore Standard Time. Location: The Guild,NUSS Suntec City Guild House, 3 Temasek Boulevard. (Tower 5), #02-401/402. Agenda: To receive and adopt the directors' report and the audited accounts of the company for the year ended 31 December 2013 together with the auditors' report thereon; to consider re-election of directors; to re-appoint Warren Michael Blount who will cease to hold office in accordance with Article 126 of the articles of association of the company and who, being eligible, offers himself for re-appointment; to approve the payment of directors' fees of up to $750,000 for the year ending 31 December 2014 to be paid quarterly in arrears; to re-appoint Messrs Deloitte Touche Tohmatsu as auditors of the company and to authorise the directors of the company to fix their remuneration; to transact any other ordinary business which may properly be transacted at an annual general meeting; to consider renewal of shareholders' mandate for interested person transactions with interested persons in the Glencore Group; and to consider authority to issue shares under the 2006 Share Option Scheme.

Chemoil Energy Limited Presents at The Asian Refining Technology Conference 17th Annual Meeting, Mar-06-2014 09:35 AM

Chemoil Energy Limited Presents at The Asian Refining Technology Conference 17th Annual Meeting, Mar-06-2014 09:35 AM. Venue: Singapore, Singapore. Speakers: James Baker, General Counsel.

Chemoil Energy Limited Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

Chemoil Energy Limited announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, revenue and other gains, net was $3,326,174,000 compared to $3,312,333,000 for the same period a year ago. Revenue from continuing operations was $3,312,888,000 against $3,122,884,000 a year ago. Profit before income tax was $2,787,000 compared to loss before income tax of $35,905,000 for the same period a year ago. Profit after tax from continuing operations was $79,652,000 compared to loss after tax from continuing operations of $34,823,000 for the same period a year ago. Profit after tax attributable to equity holders of the company was $79,317,000 or $6.1 per diluted share compared to $133,695,000 or $2.6 per diluted share for the same period a year ago. Net cash generated from operating activities was $56,801,000 compared to $76,902,000 for the same period a year ago. Purchases of property, plant and equipment was $1,203,000 compared to $808,000 for the same period a year ago. For the year, revenue and other gains, net was $12,963,094,000 compared to $13,648,185,000 for the same period a year ago. Revenue from continuing operations was $13,641,789,000 against $10,960,440,000 a year ago. Profit before income tax was $41,281,000 compared to loss before income tax of $29,471,000 for the same period a year ago. Profit after tax from continuing operations was $101,894,000 compared to loss after tax from continuing operations of $24,000,000 for the same period a year ago. Profit after tax attributable to equity holders of the company was $100,992,000 or $7.8 per diluted share compared to $153,159,000 or $1.6 per diluted share for the same period a year ago. Net cash used in operating activities was $377,629,000 compared to net cash generated from operating activities of $10,179,000 for the same period a year ago. Purchases of property, plant and equipment was $7,034,000 compared to $11,266,000 for the same period a year ago.

 

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