On October 8, CIM Investment Management Limited has published report on the previously completed transactions, as a result of which it has received control over 18.3% of the outstanding common shares of Stream Oil & Gas Ltd., on a semi-diluted basis. CIM Investment controls the shares held by each of the investment funds – CIM Special Situations Fund Limited (CSSF) and Key Special Situations Fund Limited (KSSF) – both registered in the British Virgin Islands.
On August 16, 2007, CIM caused CSSF to purchase 4,456,000 shares and 2,228,000 warrants of L.G.R. Resources Ltd, and KSSF was caused to purchase 1,485,000 shares and 742,750 warrants of LGR. This combined holding represented a total of 16.2% of the outstanding shares of LGR on a non-diluted basis, and 22.5% of the outstanding shares of LGR on a semi-diluted basis. On April 4, LGR acquired by way of share exchange all the issued and outstanding shares of Stream Oil & Gas Limited, and then the first BVI fund (CSSF) held 3,769,762 shares and 1,884,881 warrants of Stream, and the second BVI fund (KSSF) held 1,256,504 shares and 628,315 warrants of Stream. As a result, the combined holding of both BVI investment funds represented 13% of the outstanding shares of Stream Oil & Gas Limited on a non-diluted basis, and 18.3% of the outstanding shares of Stream on a semi-diluted basis.
By October 8, 2008, the BVI entities controlled by CIM hold approximately 18.30% of the issued and outstanding shares of Stream, based on a total of 41,193,537 shares issued and outstanding. This calculation includes the shares that would be issued if all the warrants held by the BVI funds were exercised. The shares were acquired by the BVI funds for investment purposes.
CIM Investment Management Limited is UK-incorporated asset management company, which manages Funds on behalf of the CIM Dividend Income Fund Limited, Platinum Global Dividend Fund Limited, Perinvest Dividend Equity Fund Limited and the Bahraini Saudi Bank.
