Further to the earlier story posted today – Richard Chandler confirmed they have taken on 15.21% of Taqa’s reported 18% equity sale in WZR.
This leaves just under 3% (under the formal declaration level) in other hands.
It’s unclear how this relationship might mature for WZR but the far east connection could have some sway should WZR wish to seek further funding in the future. Taqa’s reputation for being supportive of high impact exploration was of value to WZR. It’s unclear whether RC will see things the same.
RC joins Crest International as one of a few large investors in the company. The latter has a representative on the WZR board. One might expect RC to also request a board appointment. Gazprom (the russian oil giant) will also take interest in RC’s involvement.
Interesting developments indeed, and with a holding at 118cents, RC look set to profit handsomely from any future success that WZR may have. Test results on the latest Kurdamir-2 drill are expected shortly.
Richard Chandler Corporation Announces Investment in WesternZagros Resources Ltd.
SINGAPORE, Dec. 1, 2012 /CNW Telbec/ – The Richard Chandler Corporation (“RCC”) announced today that Jasmine Capital Investments Pte Limited (“Jasmine”) has acquired 62,670,000 common shares (the “Acquired Shares”) of WesternZagros Resources Ltd. (“WesternZagros”), which represents approximately 15.21% of the issued and outstanding common shares of WesternZagros. The Acquired Shares were acquired through the facilities of the TSX Venture Exchange at a price of C$1.18 per common share.
As a result of this acquisition and pursuant to applicable Canadian securities laws, each of Richard Chandler Holdings (“RCH”), RCH’s sole shareholder, Athena Holdings Limited (in its capacity as trustee of the Richard Chandler Capital Trust, a discretionary trust) and RCH’s direct wholly-owned subsidiary, Richard Chandler Pte Limited (which owns the common shares of Jasmine), is deemed to beneficially own the Acquired Shares.
The Acquired Shares are held for investment purposes. Jasmine, RCH, Richard Chandler Pte Limited and Athena Holdings Limited (in its capacity as trustee of the Richard Chandler Capital Trust, a discretionary trust) may, from time to time and at any time, subject to applicable securities laws, acquire additional common shares of WesternZagros and/or other equity, debt or other securities or instruments (collectively, “Securities”) of WesternZagros in the open market or otherwise may dispose of any or all of its Securities in the open market or otherwise, at any time and from time to time, and engage in any hedging or similar transactions with respect to the Securities, in each case subject to applicable securities laws.
About the Richard Chandler Corporation
The Richard Chandler Corporation is an international business group founded by New Zealand-born entrepreneur Richard F. Chandler. The Richard Chandler Corporation builds and operates businesses in energy, consumer and financials, healthcare, and education, with operations in Asia and the Pacific, Africa, the Americas, Europe, and the Middle East. The Corporation’s vision of Building Great Companies and Great Nations reflects its belief in the power of business to drive national prosperity. In all its work, the Corporation places a special emphasis on good corporate governance as a crucial element of business sustainability and increasing stakeholder value. More information about the Richard Chandler Corporation is available on its website atwww.richardchandler.com.
A copy of the report prepared in connection with the matters disclosed herein in accordance with applicable Canadian securities laws will be available at www.sedar.com.
SOURCE: Richard Chandler Corporation