Phoenix Global Resources reports progress on Interoil demerger

19th Feb 2019 09:58

(Sharecast News) - Phoenix Global Resources updated shareholders on the Interoil demerger and cash distribution on Tuesday, confirming that IOX Investments (GuernseyCo) has completed the sale of the remaining Interoil shares it held, in respect of the exchangeable GuernseyCo shareholders who did not exercise their right to exchange exchangeable GuernseyCo shares for Interoil shares in the six-month exchange period.The AIM-traded firm said GuernseyCo was now in a position to redeem all exchangeable GuernseyCo shares that were not exchanged through a distribution of the net proceeds from the sale of the remaining Interoil Shares.It said the amount of the distribution would be 1.532621p per exchangeable GuernseyCo share held."GuernseyCo's registrar, Anson Registrars, has been appointed to effect the final distribution and will be sending a letter from GuernseyCo to registered exchangeable GuernseyCo shareholders today containing information regarding the distribution process in respect of the net proceeds of the sale," the Phoenix Global board said in its statement.It added that details of the applicable distribution process for those exchangeable GuernseyCo shareholders whose shares were held in non-UK jurisdictions would be released in accordance with the respective local market regulations.