logo-loader
view3Legs Resources

3legs Resources to return £15.9mln to shareholders

sterling350_54748d0e83566.jpg

3Legs Resources (LON:3LEG) is to return around £15.9 million to shareholders after the move was confirmed at an EGM.

Capital return payments of 18.5 pence per company share are planned to be made to qualifying shareholders on December 2 this year, the firm said in a brief statement.

The company has also decided not to pursue its claim worth US$1.64mln net against ConocoPhillips for the return of its 30% share of a working capital surplus accumulated in the joint venture the pair had previously.

"While 3Legs has been advised that its claim has good grounds, it does not consider that it can justify the significant expense involved in bringing arbitration proceedings, nor the associated risk of delaying a final distribution to shareholders," it said, adding that proposals for the final distribution of the group's remaining cash resources, net of costs, will be published soon.

The decision to return remaining funds and go into solvent liquidation followed the group's withdrawal from its main exploration project in Poland's Baltic Basin and terminate other exploration activities.

Quick facts: 3Legs Resources

Price: - -

AIM:3LEG
Market: AIM
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Morning Report: FTSE 100 on the up as airline stocks surge higher

Headlines from the Proactive UK newsroom. The FTSE 100 index rose again as airline stocks surged higher. British Airways owner IAG led the way climbing 11% in the morning while the index jumped 71 to 6,412. AstraZeneca says it will soon be able to supply two billion doses of a potential...

22 minutes ago

2 min read