Bluebird Energy PLC Adoption of new Investing Policy and new Articles (2607A)

TIDMBBE

RNS Number : 2607A

Bluebird Energy PLC

19 March 2013

BLUEBIRD ENERGY PLC

(AIM: BBE)

Proposed Change of Name

Adoption of new Investing Policy and

Notice of General Meeting

Bluebird Energy plc ("Bluebird" or "the Company") announces that it has today issued a circular convening a general meeting ("GM") for the purposes of approving the adoption of a new investing policy and a change of name.

As announced in the Chairman's statement accompanying the interim results of the Company for the six months ended 31 December 2012, James Ede-Golightly, Chairman, stated it was the directors' intention to implement a new investment strategy to enable the Company to diversify away from the oil and gas sector and aimed at growing net asset value (NAV) per share through the realisation of opportunities across a broader range of sectors.

It is proposed that the Company adopt the following Investing Policy:

1. The Directors intend to identify investment opportunities offering the potential to deliver value creation to Shareholders over the medium to long term, as measured by growth in net asset value (NAV) after adjusting for distributions.

2. Depending on specific circumstances, investments may range from minority shareholdings to the acquisition of wholly owned trading subsidiaries, and such investments may be quoted or unquoted. Acquisitions or investments may be funded through the issue of new Ordinary Shares, debt or from the Company's existing cash resources. The Board will have full discretion to focus the Company's investment resource around those opportunities it has identified as offering the best potential for value creation.

3. While the Company does not intend to restrict the investment policy to a specific sector, investments will only be made in areas where the Company has access to appropriate expertise and experience. The primary geographic focus will be on businesses operating, or quoted in, the UK, Ireland, USA and Canada. The strategy will place specific emphasis on partnership with strong management teams.

4. The Company intends to develop an internal investment capability comprising both investment professionals and individuals experienced in the management and direction of companies. The Company will generally pursue an active investment policy aimed at supporting investee companies within a culture of alignment and partnership. The Company may seek board representation at its investee companies and may also provide business services to investee companies. The provision of business services to third party clients may also be undertaken to generate supplementary trading income.

5. Upon the realisation of its investments, the Company may either reinvest or return capital to shareholders through share buy backs or dividends. The Company's goal is growth in NAV per Ordinary Share and the Board will either return or reinvest capital with consideration to this objective.

James Ede-Golightly, Chairman, commented:

"The General Meeting marks a watershed for the company, completing its transition into an investment company with broad flexibility to target a wide range of investment opportunities. The board is focused on implementing this investment policy with the goal of delivering growth in net assets per share."

Shareholders' approval will be sought to the proposed investing policy and for a change of name to Quoram Plc at a GM to be held at 11.00 on Thursday 11 April 2013 at the offices of WH Ireland, 24 Martin Street London EC42

0DR.

 
 Contacts 
 Bluebird Energy plc               www.bluebirdenergy.net 
 James Ede-Golightly - Chairman       +44 (0) 1225 428139 
 
 WH Ireland Limited                  www.wh-ireland.co.uk 
 John Wakefield                      +44 (0) 117 945 3470

This information is provided by RNS

The company news service from the London Stock Exchange

END

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