Reverse takeover of Tuskar approved

SHAREHOLDERS in Tuskar Resources have voted to give a 65 per cent shareholding in their company to the Houston-based Camac/Allied Group, in return for a 40 per cent working interest in an oil lease off the Nigerian coast.

The acquisition, which is effectively a reverse takeover, is expected to lead to resumed dealing in the company's shares on Monday,

During the annual general meeting yesterday one resolution, which could have empowered the directors to issue new shares for cash for up to £400,000, failed to receive the required number of votes.

Mr Frank Taylor, director, told The Irish Times that the failure of the resolution would not affect the reverse acquisition.

The directors informed the subsequent extraordinary general meeting that the resolutions concerned with the reverse takeover were to be put to a poll. The four resolutions were passed, with votes of 84.4 million to 48.8 million in each case.

Shareholders approved the appointment of Mr Kase Lawal and Mr Howard Wolf to the board. Both are directors of Camac Holdings Ltd. Mr Emmet Brown will become managing director of Tuskar.

There was some criticism of the board during the meetings, which were attended by little more than 20 shareholders. Mr Tony Kearney, who said he was a small shareholder, said the history of Tuskar was "appalling. If Tuskar was going to drill in Fort Knox for gold, I would vote against".

The chairman, Mr Duncan McGregor, said he was aware there were disappointed shareholders, "but we can look forward to (the reverse takeover) being the remaking of the company".