Gulf Oil and Gas accountACCOUNT

Shelton Petroleum Increases the Bid for Petrogrand to 0.34

Source: www.gulfoilandgas.com 2/26/2014, Location: Asia

Shelton Petroleum AB (publ) announced an offer to acquire all outstanding shares in Petrogrand AB (publ) for a consideration of 0.30 Shelton B shares for each Petrogrand share (the “Offer”). On 17 February 2014 Shelton published a prospectus which is also an offer document regarding the Offer (the “Prospectus”). The Prospectus has been approved and registered by the Swedish Financial Supervisory Authority.

Following discussions with a number of shareholders in Petrogrand, Shelton Petroleum has decided to increase the consideration under the Offer to 0.34 Shelton B shares for each Petrogrand share. The increased Offer constitutes a premium of approximately 52.8% based on the volume weighted average share price for Shelton’s B shares on NASDAQ OMX Main Market and Petrogrand’s shares on NASDAQ OMX First North during the past month up until and including 21 January 2014 (the last trading day prior to the announcement of the Offer). Compared to the last closing price for the Petrogrand share, SEK 7.00 per share, on NASDAQ OMX First North on 21 January 2014, the Offer constitutes a premium of 57.4%. Compared to the previous lower Offer, the increased Offer constitutes a premium of approximately 13.3%.

Based on the latest closing price paid for the Shelton B share on 21 January 2014 (SEK 32.40 per share), the increased Offer represents a value of approximately SEK 11.02 for each Petrogrand share. The increased Offer values Petrogrand to approximately SEK 443.6 million.

At full acceptance of the increased Offer approximately 13,690,405 new B shares in Shelton will be issued in the Offer, which is equivalent to a dilution of 53.0% for the existing shareholders of Shelton.

An extraordinary shareholders meeting in Shelton on 9 January 2014 authorized the Board to resolve, among other things, on issue of B shares with provisions regarding payment in kind. As for the previous lower Offer the Board intends to issue B shares under this authorization in connection with the increased Offer.

Due to the increased Offer Shelton has also decided to extend the acceptance period up to and including 12 March 2014. Settlement of consideration will begin as soon as possible after Shelton has announced that the conditions of the Offer have been fulfilled, or otherwise has announced a decision to complete the Offer. Provided that such announcement is given on 14 March 2014 at the latest, settlement is expected to commence on or around 17 March 2014.

Due to the above, Shelton Petroleum will as soon as possible prepare and publish a supplement to the Prospectus. The right to withdraw an acceptance of the Offer applies in accordance with what is set out in the Prospectus.

Except for the increased consideration, the terms and conditions set out in the Prospectus, among other things that the Offer being accepted to such an extent that Shelton becomes the owner of more than 50% of the total number of shares and votes (on a fully diluted basis), remain unchanged during the extended acceptance period. According to what is set out in the Offer and the Prospectus, Shelton reserves the right to waive, in whole or in part, one or more of the conditions of the Offer, including, to complete the Offer at a lower level of acceptance. Shelton reserves the right to extend the acceptance period and to postpone the date for settlement statements of the consideration.

For other terms and conditions of the Offer please refer to the Prospectus that can be downloaded in electronic form from Shelton's website www.sheltonpetroleum.com and from Pareto Securities AB’s website www.paretosec.com. A printed version of the Prospectus can be obtained from Shelton’s and Pareto Securities’ offices.

Mergers and Acquisitions News in Russia >>

Australia >>  3/8/2021 - Santos has been advised by ENN Group (ENN) that it has sold approximately 107.1 million shares representing a 5.14 per cent interest in Santos at $7.3...
United States >>  3/8/2021 - McDermott International, Ltd announced that it has invested in Lummus Technology Holdings I LLC, a holding company of Lummus Technology. Under the te...

Canada >>  3/4/2021 - ARM Energy Holdings, LLC (“ARM”), a premier producer services firm providing innovative solutions across the energy value chain, today announced that ...
United Arab Emirates >>  3/4/2021 - Provider of marine charting solutions, voyage optimization and fleet analytics to be integrated into i4 Insight platform.

LR has acquired t...


Australia >>  3/3/2021 - HIGHLIGHTS:
• Unlocking unrecognized value for shareholders through proposed demerger and separate ASX listing of Armour’s Northern Basin Oil & ...

Canada >>  3/3/2021 - TC Energy Corporation, and TC PipeLines, LP announced that they have completed the previously announced merger (the Merger) pursuant to an Agreement a...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.