MEQ Microcap (See "LSE:DEO")

 
TIDMMEQ 
 
30 December 2009 
 
                             Microcap Equities plc 
 
                         ("Microcap" or the "Company") 
 
             Results of annual general meeting and general meeting 
 
Further to the announcement on 8 December 2009 in relation to the proposed 
Capital Reorganisation, the Subscription, the waiver of Rule 9 of the Code, the 
adoption of the new investing policy, the adoption of the New Articles and the 
change of name of the Company to Deo Petroleum plc, the Directors are pleased 
to announce that at the annual general meeting and the general meeting of the 
Company held earlier today, all resolutions were duly passed. 
 
Microcap had entered into the Subscription Agreement pursuant to which the 
Investors had conditionally agreed to subscribe for 307,693,000 New Ordinary 
Shares at the Subscription Price, raising approximately GBP200,000 before 
expenses for the benefit of the Company. The passing of the resolutions at 
today's general meeting represents satisfaction of the penultimate condition of 
the Subscription, with the only remaining unsatisfied condition being the 
admission of such shares to trading on AIM. 
 
Trading in the Enlarged Issued Share Capital as Deo Petroleum plc (Ticker: DEO) 
is expected to commence at 8.00 a.m. on Thursday, 31 December 2009. The new 
ISIN on Admission will be GB00B42T1X27. To reflect the Company's change of 
name, the Company's website for AIM Rule 26 purposes will be 
www.deopetroleum.co.uk. 
 
Following Admission, the Company will have in issue 330,681,200 ordinary voting 
shares of 0.01p each. 
 
Pursuant to the requirements of the FSA's Disclosure and Transparency Rules, 
this is the total number of voting rights in respect of each class of share in 
issue and admitted to trading on AIM at the date of this announcement. The 
above figure may be used by shareholders as the denominator for the 
calculations by which they will determine if they are required to notify their 
interest in, or a change to their interest in, the Company, under 
the FSA's Disclosure and Transparency Rules. 
 
In addition, Microcap is pleased to confirm the appointment of Kevin Burke as 
executive chairman and the appointment of David Marshall as chief executive 
officer of the Company with immediate effect. Further details as required under 
Schedule 2, paragraph (g) of the AIM Rules for Companies are disclosed below. 
 
As a result of the Subscription, Mr Burke and Mr Marshall will hold an interest 
in 205,129,000 New Ordinary Shares and 102,564,000 New Ordinary Shares, 
equivalent to 62.03 per cent. and 31.02 per cent., respectively. 
 
Terms defined in the circular to shareholders dated 8 December 2009 have the 
same meaning in this announcement. 
 
For enquiries: 
 
Microcap Equities plc                                             020 7247 9691 
 
Nicolas Greenstone                                                020 8371 3071 
 
Rakesh Patel 
 
Merchant John East Securities Limited                             020 7628 2200 
 
Bidhi Bhoma / Virginia Bull 
 
Under Schedule 2, paragraph (g) of the AIM Rules, the following information is 
disclosed: 
 
The directorships of the Investors currently held and held over the five years 
preceding the date of this announcement are as follows: 
 
Director         Current directorships Past directorships 
 
Kevin Burke      None                  Eastern Oil Services Limited 
 
                                       Linkangle Limited 
 
                                       Oilexco Inc 
 
                                       Oilexco North Sea Limited (now called 
                                       Premier Oil ONS Limited) 
 
David Marshall   Deo Petroleum Limited The United Kingdom Offshore Oil and Gas 
                                       Industry Association Limited 
 
                                       Oilexco North Sea Limited (now called 
                                       Premier Oil ONS Limited) 
 
                                       Oilexco N.S. Exploration Limited (now 
                                       called Premier Oil Exploration ONS 
                                       Limited) 
 
Kevin Burke was a non-executive director of Oilexco Inc. ("Oilexco") from 
August 2005 until October 2009 and its operating subsidiary Oilexco North Sea 
Limited ("ONSL") from February 2005 until January 2009. David Marshall was also 
a director of ONSL from December 2004 to May 2009. 
 
Oilexco was an oil and gas exploration and production company active in the 
United Kingdom, with producing properties, exploration and development 
activities located in the UK Central North Sea, specifically in the Outer Moray 
Firth and Central Graben areas. Oilexco operated in the United Kingdom 
principally through its wholly owned subsidiary, ONSL, a company registered 
under the laws of England and Wales. Oilexco's shares were listed for trading 
on the London Stock Exchange and the Toronto Stock Exchange. 
 
On 4 July 2008, ONSL announced that it had signed an engagement letter with 
respect to refinancing its debt obligations and increasing its total debt 
availability from US$700 million to US$1 billion. The credit facility was to be 
underwritten by a syndicate of key relationship banks lead by Royal Bank of 
Scotland plc, subject to standard internal credit approvals and due diligence. 
By October 2008, however, due to the unprecedented liquidity and volatility 
issues facing the credit markets, the process to financial close was delayed. 
 
The revised facility was ultimately not obtained and on 7 January 2009, ONSL 
was placed into administration upon application by its directors. It was 
subsequently sold by the administrator to Premier Oil plc for US$505 million on 
21 May 2009. 
 
On 16 July 2009, the court ordered the liquidation of all of Oilexco's assets 
and the distribution of them to creditors. The plan for the payment of 
creditors was approved by creditors on 15 September 2009 and approved by the 
court on 16 September 2009. 
 
Mr Burke and Mr Marshall have confirmed that there is no further information 
required to be disclosed under Schedule 2, paragraph (g) of the AIM Rules for 
Companies. 
 
 
 
END 
 

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