Shareholders OK Enterprise float plan

Enterprise Energy NL will proceed with plans for a public share offer and ASX listing following approval of all resolutions put to shareholders at a general meeting in Adelaide yesterday.
Shareholders OK Enterprise float plan Shareholders OK Enterprise float plan Shareholders OK Enterprise float plan Shareholders OK Enterprise float plan Shareholders OK Enterprise float plan

The meeting included approval to convert the former Enterprise Gold Mines NL to an oil and gas explorer, now known as Enterprise Energy.

As well as the name change, shareholders also approved the appointment of new directors, restructuring the company to consolidate its shares on a 75-to-2 basis, changing the core business to oil and gas exploration and authorising the proposed public share offer and ASX listing.

Enterprise Energy's managing director, Warren Leslie, said the company would now proceed with the acquisition of Traditional Oil Exploration under a share-swap agreement, also approved today by shareholders.

"In addition to some cash reserves, the key assets of Traditional Oil are its petroleum interests in the Cooper, Surat and Canning basins," Leslie said.

Leslie's appointment to the board as managing director was approved at today's general meeting.

Other board appointments approved by shareholders included Adelaide solicitor, company director and consultant to Minter Ellison, David Lindh as chairman, and Clive Armour and Peter Buttery as directors.

The IPO is looking to raise $8 million by issuing 40 million shares.

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