31 October 2011
Cadogan Petroleum (CAD LN) will hold an EGM on November 22, where shareholders will vote on changing the company’s listing status on the London Stock Exchange from premium to standard, the company reported on Friday. According to Cadogan, the transfer will facilitate more cost efficient administration and potential future disposal and acquisition opportunities. LSE-listed companies with standard listings are not normally required to seek prior shareholder approval in connection with acquisition or disposal of assets that exceed certain size criteria and/or involve transactions involving related parties. Cadogan said the transfer would not affect the way in which shareholders buy or sell ordinary shares. LSE-listed companies with standard listings are not eligible for inclusion in the UK series of FTSE indices. If the EGM approves the transfer, the listing change would become effective as of December 20. The major shareholders in Cadogan are SPQR Capital Holdings (29.1%), Lloyds TSB Group (9.1%), Jean Benaim (8.1%) and the EBRD (5.0%).