Agreement Re Velosi Nigeria
03 11월 2009 - 4:00PM
UK Regulatory
TIDMVELO
RNS Number : 7879B
Velosi Limited
03 November 2009
3 November 2009
Velosi Limited
Agreement regarding Velosi Nigeria
Velosi Limited ('the Group'), the provider of asset integrity and HSE services
to a number of major national and multinational oil and gas companies, is
pleased to announce that it has reached an agreement with the
executors/beneficiaries of Richard Ogunmakin's estate regarding the future
ownership and operation of Velosi Nigeria.
Shares in Velosi Nigeria and Velosi Angola owned by Richard Ogunmakin's estate
have now been acquired by the Group and as a result, operations in Nigeria are
expected to recommence under a new local manager and we anticipate that Nigeria
will again make a contribution to Group revenues from 2010 onwards.
The terms of the agreement are not expected to materially affect the performance
of the group as a substantial portion of provisions had already been made in
prior year accounts.
-END-
For further information, please contact:
+-------------------------+--------------------+-----------------------+
| Velosi | Dr Nabil Abdul | 020 7930 0777 |
| | Jalil | |
| | Joe Vincent | |
+-------------------------+--------------------+-----------------------+
| Strand Partners | James Harris | 020 7409 3494 |
+-------------------------+--------------------+-----------------------+
| Charles Stanley | Mark Taylor | 020 7149 6000 |
| Securities | Freddy Crossley | |
+-------------------------+--------------------+-----------------------+
| Cardew Group | Tim Robertson | 020 7930 0777 |
| | Catherine Maitland | |
+-------------------------+--------------------+-----------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGRUURVRKRRARAA
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