Eland's joint venture company, Elcrest Exploration and Production Nigeria Ltd has been in discussions with relevant government departments in Nigeria about its tax status. Good progress has been made and Elcrest expects to benefit from a significant reduction in underlying tax rates. The Company will provide further detail when appropriate.
Exercise of Options
Following the announcement on 27 February 2014 relating to the exercise of options by Solstice, application has been made to the London Stock Exchange for 3,000,000 ordinary shares to be admitted to trading on AIM and admission is expected to occur on 18 March 2014. The New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares.
Following the admission of the New Ordinary Shares and the issue of Non-Voting Shares to Helios Natural Resources, the Company's issued share capital will consist of 138,263,214 Ordinary Shares and 3,000,000 Non-Voting Shares. Eland does not hold any Ordinary Shares in treasury.
