Corporate Information

Westmount Energy Limited (the “Company”), was incorporated in Jersey on 1 October 1992 under the Companies (Jersey) Law 1991, as amended, and is a public company with registered number 53623. The Company now operates solely as an energy investment company. The shares of the Company commenced trading on the Alternative Investment Market (“AIM”) at 15p on 2 October 1995. The middle market closing share price on 30 June 2010 was 98.5p (30 June 2009: 32.5p). Following the re-organisations and increases of the Company’s share capital on 22 December 2005, 30 January 2009, 28 January 2011, 11 December 2015, 2nd May 2017, 16th May 2017 and the exercise of warrants on 23 February 2018, 21 March 2018, 3 April 2018, 25 April 2018, 2 May 2018 and 14 May 2018 the Company now has a total of 47,147,796 shares of Nil Par value each in issue held by approximately 1,000 shareholders. The company’s shares are solely traded on AIM. There are no treasury shares currently in issue and there are no restrictions on the transfer of the company’s AIM securities.

Shares held by Directors

The total number of shares held by Directors as at 30 June 2018 is 15,325,000 shares.

Share Options

There are Director’s share options outstanding over 2,250,000 Nil Par value shares exercisable at a subscription price of 7.5p per share expiring 31 December 2019.

Shares not held in public hands

As far as the Company is aware the total number of shares not regarded as being held in public hands as at 30 June 2018 is 19,825,000 shares, i.e. 42.05%.

Statement of shareholder rights

The Company is incorporated in Jersey as a public company under the Companies (Jersey) Law, 1991 (the “Companies Law”), and as such the rights of shareholders of the company may differ from the rights of shareholders of a UK incorporated company. The holders of ordinary shares only benefit from those protections or rights reflected in the memorandum and articles of association of the Company and any further rights conferred by Jersey law, in particular the Companies Law.

The Company is subject to AIM Rules and the Disclosure and Transparency Rules (the “DTRs”).  In order to assist the Company in complying with its obligations under the AIM Rules and DTRs, shareholders should please note that, any shareholder who acquires an interest in the Company equal to or exceeding 3% of the issued shares (a “Notifiable Interest”) is required to notify the Company forthwith of such interest. In addition, having acquired a Notifiable Interest, a shareholder is required to notify the Company forthwith (a) of any increase or decrease in his or her Notifiable Interest which crosses a 1% threshold and/or (b) if he or she ceases to hold such a Notifiable Interest.

The Company is subject to the UK City Code on Takeovers and Mergers.
The information on this website is being disclosed in accordance with rule 26 of the AIM rules.

Directors

The Board comprises three shareholder Directors (including the Chairman Gerard Walsh) and one Non-Executive Director (David King) resident in Jersey, who is considered to be independent.

Given the Company has only one independent non-executive director, Westmount deviates from the requirements of the QCA Code. The Directors consider that the structure of the Board is appropriate and proportionate for the business at this stage of the Company’s growth, and that the Independent Director, in conjunction with the Company’s Nominated Adviser, provides appropriate challenge to the executive directors on all corporate governance matters. The Board intends to keep all aspects of its corporate governance –independence and the balance of executive and non-executive roles in particular – under review going forward.

Each of the four directors has considerable experience in their respective fields of expertise and act collectively in all decision making of the Company. The Board is satisfied that it has a suitable balance between independence on the one hand and knowledge of the Company’s activities, to allow it to properly discharge its responsibilities and duties. Directors are expected to use their judgement and experience to challenge and assess the appropriateness of operations and decision making at all times.

The Board has met 7 times since 1st January 2018  and Directors dedicate between 12 and 60 days’ time to the Company per annum.

Our Strategy

The strategy of the Company is to invest in and provide follow on capital to small and medium sized companies which have significant growth possibilities operating in the oil and gas sector. Members of the Board have specialist knowledge and experience in the upstream sector of the oil and gas industry (gained from extensive investing activity over a number of decades) allowing them to identify projects and growth companies with potentially higher returns, commensurate with acceptable levels of risk. The Company undertakes extensive due diligence on potential investment opportunities and monitors performance of its investments via close contact with the companies concerned and analysis of their public announcements and presentations. In common with other investment companies in this sector, access as a minority shareholder to projects and valuable investments is challenging but the Board is confident of its ability to continue to source attractive investment opportunities given close relationships with a number of companies and their management teams, and recognition of the Board’s experience and strong network.