Schroder Investment Management Limited

April 22, 2010 10:37 ET

Schroder Investment Management Limited's Holdings of Securities of Enhanced Oil Resources Inc.

TORONTO, ONTARIO--(Marketwire - April 22, 2010) - Schroder Investment Management Limited ("Schroders"), the investment manager of one or more investment funds and managed accounts (collectively, the "Funds"), announces that on July 23, 2007, Schroders, on behalf of one or more of the Funds managed by it, acquired units by way of private placement offering (the "2007 Offering") comprised of an aggregate of 12,096,000 common shares ("Common Shares") of Enhanced Oil Resources Inc. ("EOR"), representing approximately 14.12% of the outstanding Common Shares calculated on a non-diluted basis, and an aggregate of 6,048,000 warrants (the "2007 Warrants") of EOR. Each 2007 Warrant entitles the holder to acquire one Common Share at a price of $1.80 per share until June 30, 2010. The Common Shares and 2007 Warrants acquired by Schroders in the 2007 Offering represent approximately 19.79% of the outstanding Common Shares, calculated on a partially diluted basis (assuming exercise of the 2007 Warrants).

In addition, on June 3, 2009, Schroders, on behalf of one or more of the Funds managed by it, acquired units by way of private placement offering (the "2009 Offering") comprised of an aggregate of 3,000,000 Common Shares and an aggregate of 1,500,000 warrants (the "2009 Warrants", and together with the 2007 Warrants, the "Warrants") of EOR. Each 2009 Warrant entitles the holder to acquire one Common Shares at a price of $0.60 per share until June 3, 2010.

The units acquired in the 2007 Offering were purchased for cash at a price of $1.24 per unit and the units acquired in the 2009 Offering were purchased for cash at a price of $0.45 per unit.

Immediately after the 2009 Offering, Schroders, on behalf of one or more of the Funds managed by it, exercised control or direction over an aggregate of 15,096,000 Common Shares (representing approximately 10.36% of the outstanding Common Shares, calculated on a non- diluted basis) and an aggregate of 7,548,000 Warrants, representing approximately 14.77% of the outstanding Common Shares as of June 3, 2009, calculated on a partially diluted basis (assuming exercise of the Warrants). Schroders does not itself own any securities of EOR but exercises control or direction over certain securities of EOR as the investment manager of the Funds.

On December 3, 2009, EOR completed a private placement offering, which Schroders did not participate in. As a result of the increase in the number of Common Shares that were issued subsequent to the completion of the 2009 Offering, the percentage of Common Shares over which Schroders, on behalf of one or more of the Funds managed by it, exercised control or direction decreased to approximately 10.07% of the outstanding Common Shares as of December 3, 2009, calculated on a non-diluted basis, and approximately 14.38% of the outstanding Common Shares as of December 3, 2009, calculated on a partially diluted basis (assuming exercise of the Warrants).

The units acquired by Schroders, on behalf of one or more of the Funds managed by it, are held for investment purposes. These investments will be reviewed on a continuing basis by Schroders and such holdings may be increased or decreased in the future. Schroders, on behalf of one or more of the Funds managed by it, may in the future acquire or dispose of the units, through the open market, privately or otherwise, as circumstances or market conditions warrant.

In connection with this news release, an early warning report has been filed by Schroders in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact:

Taryn O'Donoghue
Compliance
Schroder Investment Management Ltd
31 Gresham Street
London
United Kingdom
EC2V 7QA
 
Tel: +44 207 658 2959
Fax: +44 207 658 3512

Contact Information

  • Schroder Investment Management Ltd.
    Taryn O'Donoghue
    Compliance
    +44 207 658 2959
    +44 207 658 3512 (FAX)