The board of Sefton provides an update on the Company, its activities and its financial position.
Update on the Kansas Assets
The Company's primary business assets at present are its two subsidiaries operating in Kansas, USA: TEG MidContinent Inc. and TEG Transmission LLC. The Board continues negotiations over the potential sale of the Kansas Assets (as previously announced on 24 February and 31 March 2015) and hopes to conclude an agreement before the end of June. The Kansas Assets are not currently producing hydrocarbons as current market prices for both oil and gas would not make this profitable, and the assets require significant capital investment to maintain regular production and commence pipeline operations.
Financial results for the 13 months to 31 January 2015
The Board expects to publish its audited annual report and accounts for the 13 months to 31 January 2015 during the second half of June 2015 which will then be followed by an Annual General Meeting of the Company which the Board intend to convene for August following publication of the annual report and accounts. During this period the primary activity of the Company was undertaken by its former subsidiary, TEG USA Inc., which was sold following the approval of shareholders at the Company's extraordinary general meeting held on 30 January 2015.