REG - Westmount Energy Ld - Final Results <Origin Href="QuoteRef">WNRG.L</Origin> - Part 8

Westmount EnergyAnnouncement

20/11/2015 07:01

- Part 8: For the preceding part double click  ID:nRST3729Gg 

The Company does
not employ any staff except for its Board of Directors.  The Company does not
contribute to the pensions or any other long-term incentive schemes on behalf
of its Directors. 
 
13.        RELATED PARTIES 
 
The preparation of the financial statements of the Company, and Company
Secretary services are undertaken by Crestbridge Corporate Services Limited.
During the year fees totalling £46,471 (2014: £42,331) were paid to
Crestbridge Corporate Services Limited of which £12,360 (2014: £4,750) was
outstanding at the year end. D R King resigned as a Director of Crestbridge
Corporate Services Limited on 31 May 2015 and is a an employee of Stonehage
Fleming Corporate Services Limited who were appointed as Company Secretary on
17th September 2015. 
 
Fees paid to the Directors are disclosed in note 12. 
 
14.        CONTROLLING PARTY 
 
In the opinion of the Directors the Company does not have a controlling
party. 
 
15.        SUBSEQUENT EVENTS 
 
On 27 July 2015 the Company sold 200,000 shares in Falkland Oil & Gas Limited
for a net consideration of £47,633. On 19 August 2015 the Company sold 50,000
shares in Falkland Oil & Gas Limited for a net consideration of £11,978. On 19
November 2015 the market value of the investments that were held at 30 June
2015 not taking into account the above disposals was £254,936 which represents
a material decline in the value of the investments from the end of the
reporting period. The decline reflects the current market conditions on
investments. 
 
On 19 November 2015, the Board of the Company approved a private placement of
6,000,000 shares in the Company at 4p per share to raise £240,000 before
expenses. At the same time the Board approved an Open Offer to existing
shareholders on a 1 for 1 basis to subscribe for new shares in the Company at
4p per share to raise a further £393,212, before expenses, if fully
subscribed. 
 
This information is provided by RNS
The company news service from the London Stock Exchange