EU Energy plc has announced the approval of a motion put before its shareholders to convert EU Energy from a public limited company to a private limited company and to change its name from EU Energy plc to EU Energy Ltd.
The motion was passed at an Extraordinary General Meeting of its shareholders (EGM) held 15 June in connection with the proposed sale of EU Energy by its shareholders to Composite Technology Corporation (CTC), a US based public company.
A Share Exchange Agreement governing the EU Energy Sale was signed by shareholders of EU Energy representing at least 95% of its issued and outstanding shares on June 5, 2006. Under the terms of the Share Exchange Agreement, with the favourable decision at the EGM, it is now anticipated that the transaction will close on July 3, 2006. Any dissenting shareholders will transfer their shares in accordance with the terms of certain “drag along” rights. It is now anticipated that the entire share capital of EU Energy will be transferred to CTC in exchange for 39,169,665 shares of CTC’s unregistered common stock. As a prelude to the holding of the EGM, EU Energy was informed by CTC that they had completed their due diligence review and received a favourable fairness opinion regarding the transaction.
