LONDON - The international law firm of McDermott Will & Emery has advised El Oro and Exploration Company plc (the "Company") on its scheme of arrangement under section 425 of the Companies Act 1985. This was sanctioned by the High Court of Justice on 14 January 2005 and took effect on 17 January 2005.
Pursuant to the scheme, the Company agreed indirectly to transfer its shares in Danby Registrars Limited ("Danby") to a newly formed company wholly owned by the Company's chairman Robin Parish. The value of Danby was agreed at £3,225,000. The principal asset of Danby is Walcot Hall and estate, the home of the Parish family. In consideration for the disposal, a number of El Oro stock units owned by Mr. Parish were cancelled by way of a reduction of capital pursuant to the scheme. In addition, stock units held by Danby in its parent were reduced and cancelled.