12:17 PM EST - Pemberton Energy Ltd. : said it has proposed a return of capital transaction involving a farm out of its interest in its Panny well assets to its wholly owned subsidiary Clinch Energy Ltd. Also, the company added that Clinch shall be a publicly traded company and shall provide a mechanism for Pemberton shareholders to realize the full market value of Pemberton's Panny oil and gas project. As per the proposed return of capital, it is contemplated that each Pemberton shareholder shall receive one share of Clinch for every five Pemberton shares held on the record date, which will be announced shortly, Pemberton Energy noted. The company said it would distribute units of Clinch to Pemberton shareholders and there would be no hold period on shares of Clinch distributed under this return of capital transaction. Pemberton Energy Ltd.
shares V.PBT are trading up $0.015 at $0.07.
