The transfer of EnCore’s onshore France assets to Egdon, for which sale and purchase agreements have been signed, will complete later in the year upon gaining French regulatory consent, at which time Egdon will pay EnCore GBP100,000 in cash.
The 39.2 million Egdon consideration shares have been allotted to EnCore, representing 29.998% of the enlarged share capital of Egdon, and will be admitted to AIM on July 29, 2010.
Alan Booth, CEO of EnCore, said: “The transaction with Egdon has placed a tangible and transparent valuation on our onshore portfolio and I look forward to working with the Egdon Board to assist in the development of Egdon’s portfolio. As the largest shareholder, EnCore will actively support and assist in Egdon’s ambitious growth plans.”
