Primeline Cancels Escrowed Shares
November 19, 2002, London, England. Primeline Energy Holdings Inc. (TSX Venture: PEH), (“Primeline” or the “Company”) announces that as authorized by shareholders today, it has repurchased for a total of US$1.00 the 2,127,070 common shares registered in the name of its controlling shareholder Primeline International (Holdings) Inc. (“PIHI”) and cancelled them, resulting in its issued capital being reduced to 23,987,290 common shares.
Such common shares (the “Cancellable Shares”) were required to be cancelled by the Company pursuant to the escrow agreement dated July 7, 1995 made between the Company and Pacific Corporate Trust Company. However, under Cayman Islands law, under which the Company is incorporated, in order for the Cancellable Shares to be no longer in issue they had to be repurchased by the Company, and under Cayman Islands corporate law, it was necessary for the Company to ask its shareholders to pass a special resolution to approve the Company purchasing the Cancellable Shares for less than their issue price and only after so repurchasing them, can they be cancelled. For further information, see the Company’s Information Circular dated October 16, 2002 filed at www.sedar.com.
The Company’s shares are listed on the TSX Venture Exchange under the symbol ‘PEH’.
Primeline Energy Holdings Inc.
For More Information Please Contact:
Primeline Investor Relations
Tel. + 44 20 7499 8888
Fax. + 44 20 7499 2288
Toll Free: 1 877 818 0688
Web Site: www.primelineenergy.com
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