QOGT Quorum Oil &Gas

 

TIDMQOGT 
 
RNS Number : 9920T 
Quorum Oil and Gas Tech. Fund Ld 
07 October 2010 
 

  Not for release, publication or distribution in, or into, the United States, 
                          Canada, Australia or Japan. 
 
+------------------------------+------------------------------+ 
| Press Release                |               7 October 2010 | 
+------------------------------+------------------------------+ 
 
                   Quorum Oil and Gas Technology Fund Limited 
                                (the "Company") 
 
             Response to Statement by the Quorum Group of Companies 
 
In response to a statement issued by the Quorum Group of Companies ("Quorum") 
dated 30 September 2010, the Board wishes to clarify the Company's position with 
regard to the Extraordinary General Meeting ("EGM") of the Company which began 
on 28 September 2010. 
 
The two votes proposed - Resolutions 1 and 5 - were taken by a poll to ensure 
that all votes properly cast were incorporated.  The poll was conducted by the 
Company's third party administrator and secretary and the Company's auditor 
acted as scrutineer.  The integrity of the poll, therefore, is not in question. 
 
The meeting did not take 33 hours. 33 hours did elapse between the commencement 
of the meeting and the time it ended, but it was in fact adjourned for just over 
21 hours in between to enable the poll to be taken. 
 
In order that all attending parties could satisfy themselves as to the EGM 
process, the Board granted representatives of Quorum the opportunity to access 
votes cast in accordance with the articles of association of the Company.  The 
principal reason that the meeting itself lasted an unusually long time, was due 
to the time taken to enable Quorum's representatives to inspect and satisfy 
themselves as to proxies and corporate authorities received and to address and 
meet challenges raised by representatives of Quorum as to votes excluded from 
voting against Resolution 1 and as to votes cast in favour of Resolution 1. 
Ultimately, Quorum's representatives confirmed during the meeting that all 
challenges were resolved and agreed to their satisfaction. 
 
The only matter regarding the votes cast on which Quorum's position was reserved 
relates to a purported letter of representation regarding 72,144 votes 
purportedly to be cast against Resolution 1.  This letter was received over 24 
hours after the time appointed for the meeting and after the vote on Resolution 
1 had been taken and the result declared.  The Board maintains that it acted 
properly in relation to this purported letter of representation and that 
contrary to the assertions made by Quorum it is not the case that these votes 
were improperly excluded on a poll.  To date the Company has received no 
challenges or objections from any shareholder regarding this matter. 
 
It is untrue that the Company ignored the will of the majority of shareholders 
at the EGM.  On the contrary the will of the majority of members attending and 
entitled to vote at the EGM was expressed and independently assessed and was in 
support of Resolution 1, albeit by a narrow margin. 
 
The EGM process has been a significant draw on management time and Company's 
financial resources and the Board would now like to refocus its efforts on the 
strategic delivery of realising the true value of its investment portfolio and 
providing shareholder value. 
 
                                    - Ends - 
 
For further information: 
+----------------------------------------+---------------------+ 
| Corporate Broker                       |                     | 
+----------------------------------------+---------------------+ 
| Numis Securities                       |                     | 
+----------------------------------------+---------------------+ 
| Nathan Brown, Corporate Broking        |     Tel: +44 (0) 20 | 
|                                        |           7260 1275 | 
+----------------------------------------+---------------------+ 
| n.brown@numiscorp.com                  |                     | 
+----------------------------------------+---------------------+ 
 
Media enquiries: 
+----------------------------------------+-------------------------+ 
| Abchurch                               |                         | 
+----------------------------------------+-------------------------+ 
| Henry Harrison-Topham / Mark Dixon     |         Tel: +44 (0) 20 | 
|                                        |               7398 7702 | 
+----------------------------------------+-------------------------+ 
| henry.ht@abchurch-group.com            | www.abchurch-group.com  | 
+----------------------------------------+-------------------------+ 
 
 
Notes to editors: 
 
Quorum Oil and Gas Technology Fund Limited ("Q-OGT") is an authorised 
closed-ended investment company incorporated in Guernsey to provide expansion 
capital to companies which own and/or are developing proven proprietary 
technology which may have a potentially significant effect on the oil and gas 
industry. Q-OGT was admitted to the Official List of the UK Listing Authority 
and to trading on the London Stock Exchange on 7 January 2008. Its stock market 
EPIC is QOGT.L. Further information can be found at www.q-ogtfund.com. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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