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TXO calls general meeting as seeks to invest further in GBG

TXO calls general meeting as seeks to invest further in GBG

TXO (LON:TXO) has called a general meeting to increase its investment in The Grand Bahama Group Limited (GBG) and other investee companies.

The meeting to be held on January 28 will consider resolutions to increase share authorities required to make such further investments.

TXO has a 30.2% stake in GBG and the option to invest further expired on Dec 31 last year.

"Any additional funds invested into GBG will be used to accelerate further stages of its development in the Bahamas and explore additional opportunities offered to it outside of the Bahamas," the firm said in Friday's statement.

The firm has had a busy few months. It agreed with convertible lenders to extend their loans to the company and/or have them converted into shares and raised £500,000 through a placing.

The company also paid £200,000 in cash to increase its interest in Oil Recovery Services (ORS) from 15.1% to 25.1%.

ORS has recently been awarded a contract of works by GBG and expects to commence work in Freeport, Bahamas this month.

At the meeting two resolutions will be proposed associated with the allotment of new shares.

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TXO Plc Timeline

January 29 2015
January 21 2015

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