Energem set for reverse into FDC.

Investors Chronicle, January, 2005

Energem Resources, a Toronto-listed oil and gas company, is to demerge its African operations into an Aim-quoted cash shell in a reverse takeover deal worth around GBP75m. Energem's GGPC Gabon subsidiary will be reversed into Financial Development Corporation (FDC) to create a new company called FirstAfrica Oil.

FDC is the listed remains of public relations company Hansard, which took itself private after a botched deal with convicted fraudster Terry Ramsden. Last autumn, investors failed to deliver on funds that had been pledged to Hansard in a placing. But some money was raised, and there is still GBP5.9m inside FDC, although Mr Ramsden is no longer a shareholder. FirstAfrica has rights to a 105 sq km shallow-water prospect off the coast of Gabon. There has...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.