re:some posts got me thinking: Formation of Crown Oil Corporation (April 23 2004)
Crown Corporation (AIM: CCO) has formed its first wholly owned subsidiary, Crown Oil Corporation. Crown Oil Corporation will be the holding company for a number of operating businesses within the oil and gas sector, incorporating related exploration, transportation and construction activity on a global basis.
Crown Oil Corporation Ltd (“Crown Oil”) is currently close to agreeing its first acquisition and has entered into a Non-Binding Heads of Terms for the acquisition of International Hydrocarbon Trading Ltd (“IHT”) for a total consideration of €235 million, to be satisfied by the issue to the vendors of a combination of a Certificate of Deposit, Cash and Common Shares. The structure of the consideration will be determined at the time when the companies enter into a binding agreement.
IHT is a BVI Company, which holds the right to a 49 years lease over property in excess of 100 hectares in Russia with approval to develop a natural resources transhipment terminal and berth structures. Crown Oil is also close to entering into a contract pertaining to the construction of a gas pipeline within Russia. Further details on the structure of the consideration and final terms will be released in due course at a time when a binding agreement has been reached.
Crown has put a strong management team together for Crown Oil, with the international contacts base and proven experience to capitalise on the many opportunities currently under review. Dr. Mariusz Rybak, currently Executive Chairman and Chief Executive Officer of Crown, will be Executive Chairman of Crown Oil. Barry Townsley has been appointed as Vice Chairman, with Joseph Benhamou as Non Executive Director and Dr. Witali Wilkin as a Strategic Adviser to Crown Oil.
Barry Townsley, CBE, was the founder and senior partner of Townsley & Co and is currently Chairman of Insinger Townsley, a private client and institutional stockbroker which is a member of the London Stock Exchange and regulated by the Financial Services Authority. Mr Townsley has more than 35 years experience in finance and commerce. Insinger Townsley acts as stockbroker to Crown.
Joseph Benhamou is a Swiss citizen and qualified Chartered Accountant with extensive expertise in the international banking sector, having worked as a banker in Geneva throughout his career. Mr. Benhamou has held several high level executive positions, including General Manager of the Republic National Bank of New York (Switzerland), responsible for Europe, and as General Manager of Banque Jacob Safra S.A. in Geneva. He is currently Chairman of the compliance committee and Director of Banque SCS Alliance S.A. Mr Benhamou is also an electronics engineer with a diploma from Ecole Technique Supérieure in Geneva and was a professor of econometrics at the Geneva University.
Dr. Wilkin brings to the Company considerable expertise within the oil and gas sector and was responsible for the design, development and construction of the first European Liquid Gas Terminal in the ferry port near Rostock, Germany. Dr. Wilkin holds a Ph.D. from the Technical University in Moscow, where he carried out research on oil and gas as an alternative fuel for automobiles. Dr. Wilkin was formerly President of Wostok Chemical GmbH and currently also acts as adviser to one of the world’s leading independent energy companies.
Dr. Mariusz Rybak, Executive Chairman and Chief Executive Officer of Crown, comments “We see exceptional opportunities in the oil and gas sector, which have the potential to deliver strong growth to the businesses which will form part of Crown Oil.”
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