The Directors of COIL announced at a Thursday meeting of COIL shareholders convened by the Court that the required majority of shareholders of COIL (other than Xtract) approved the Scheme without modification. At the subsequent EGM, also held Thursday, COIL shareholders passed the resolution which was proposed, as set out in the notice of Scheme EGM dated March 16, 2007.
The Scheme is subject to final sanction by the Court and is expected to become effective on April 23, 2007.
Under the terms and conditions of the Scheme (as set out in Scheme Circular):
--COIL shareholders will receive 9 Xtract Ordinary Shares for every 10 COIL Shares they hold on the Scheme Record Date (which is expected to be April 19, 2007). --Certain 3p COIL warrants which are not exercised prior to the effective date of the Scheme shall cease and determine in accordance with their terms. --For those COIL options and 3p warrants which are not exercised prior to the effective date of the Scheme and which under their terms do not cease and determine if they are not so exercised, following the completion of the Scheme, such COIL option and warrant holders shall be entitled to receive Xtract shares upon exercise of such options and warrants on the basis of 9 new Xtract ordinary shares for every 10 COIL shares which the option or warrant holder is entitled to under the terms of the option or warrant.
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