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The strategy of the Bluebird Energy remains to offer shareholders and potential investors a balanced and selective hydrocarbon investment play with production, development, and exploration potential as well as assets generating cash flow.
Bluebird Energy to pay dividend in Wessex Exploration shares
May 14 2012, 9:24am
Bluebird Energy (LON:BBE) will seek shareholder approval for a distribution in specie of part of its stake in Wessex Exploration (LON:WSX).
The company has proposed that its directors James Ede-Golightly and Brian Marshall, which do not sit on the board of Wessex, will determine the terms of the distribution in specie and declare the interim dividend.
Bluebird has determined that its 8.98 percent stake in Wessex is not a core asset and that it is not fully reflected in its current share price. It said that a distribution of its stake may “assist shareholders in realising further value attributable to the Wessex shares”.
At the end of last week, the total value of the Wessex shares was £5.47 million, while Bluebird’s market cap stood at £4.73 million and its net cash position at the end of April was £1.36 million.
“Further and in view of the recent approach by Total SA for Wessex, the directors consider it advisable that the decision, wherever possible, whether or not to accept any offer...should be taken by individual shareholders,” the company said in a statement today.
“Not least because they are best placed to consider their own respective tax positions in deciding whether or not to accept any such offer if made.”
Bluebird is currently focused on its wholly owned Solitaire project in eastern Colorado, which is currently being marketed to potential farm-in partners.
He company also told investors that since the end of 2011, it has achieved cost savings of around £240,000 including a 50 percent reduction in directors’ fees and salaries totalling £100,000.
