PARIS, May 5, 2011 /PRNewswire-FirstCall/ -- Following a discussion initiated with the Board of Directors of the Company, it was established that the value of the investment made by SEPLAT (Nigerian company, Maurel & Prom Nigeria 45%, itself wholly owned by Maurel & Prom) was not fully reflected in the Group stock price.
Also, to better bring out the value of each major asset of the Group (Gabon and Nigeria), the Board has therefore decided to study the distribution to Maurel & Prom shareholders of shares of its Nigerian subsidiary.
This distribution will lead to a separate listing of this company and will thus enable each shareholder to appreciate the true value.
An upcoming Board of Directors, to be held no later than May 24, 2011, will specify how to possibly attribute the shares of Maurel & Prom Nigeria as a special dividend to each Maurel & Prom shareholder , in addition to the dividend of 0.25 EUR per share originally envisaged.
Accordingly, the Council decided to postpone until Wednesday, June 29, 2011 at 10 am the holding the General Meeting originally scheduled May 12, 2011, in order to prepare in the most adapted way the details of the resolutions to be submitted for approval by the Assembly.
Next dates: 10 May 2011 Q1 2011 Sales (after close of trading)
This document may contain forward-looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors such as, fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.
Maurel & Prom is listed on Euronext Paris - Compartment A - CAC(R) Mid 60 - SBF120(R) - CAC(R) Mid & &Small - CAC(R) All-Tradable - CAC(R) All-Share ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
For more information, go to http://www.maureletprom.fr Contact: INFLUENCES +33-1-42-72-46-76 [email protected]
SOURCE Maurel & Prom