Indago Petroleum Limited says that a document containing details of the proposal to wind up the Company has been posted to Shareholders together with the notice of the Extraordinary General Meeting (EGM), convened for 10 July 2009 and the 2008 Annual Report and Accounts.

The Circular describes the background to and process of the proposed winding up of Indago by means of a members' voluntary liquidation. The EGM will consider resolutions which, if passed, will approve the winding up, appoint a liquidator, cancel the admission to trading on AIM of Indago's Ordinary Shares and receive the 2008 Annual Report and Accounts which have been prepared on a break-up basis. The Board is recommending that the Shareholders approve these resolutions.

The timing and the amounts of distributions will be the decision of the liquidator, assuming his appointment. Currently, however, the Directors estimate that approximately $32.5 million ($0.61 per Ordinary Share) will be available for returning to Shareholders. Of this sum, it is expected that about $3.5 million ($0.07 per Ordinary Share) will be set aside for a period of time in case of potential additional liabilities.

Tags: Indago Petroleum Limited