Announcement from PA Resources’ EGM on 9 April 2013
The shareholders of PA Resources AB (publ) held an extraordinary general meeting on Tuesday 9th of April 2013 in Stockholm. The meeting decided in accordance with the board’s proposal, including among others approval of a reversed share split.
The following decisions were made at the meeting:
Decision to adopt new articles of association
To enable a reversed share split, the meeting decided to adopt new articles of association, involving among others the following amendments:
- the number of shares are changed to a minimum of 25,000,000 and a maximum of 100,000,000
- the section on different share classes is cancelled, since the company now only has one class of shares.
Decision on a minor new share issue and reversed share split
For purely administrative reasons and in order to achieve as even a number of shares as possible to carry out the reversed split, the meeting decided to issue 28 new shares. The new shares will be subscribed for exclusively by Carnegie Investment Bank AB (publ) to a subscription price of SEK 0.10 per share (equivalent to the quota value before the reversed share split).
The meeting then decided to carry out a reverse split of shares 1:500, meaning that 500 present shares are consolidated into 1 share. The consolidation is intended to increase the transparency of the price of the shares while it results in a number of shares more appropriate for the company. The reversed share split will be made by rounding off downwards, by which each complete number of 500 shares on the record day will result in 1 share after the reversed split.
For shareholders whose shares on the record date do not correspond to a full number of new shares (after consolidation), the excess shares will be transferred to the company’s ownership on the record day. The excess shares will then be sold, at the company’s expense, by Carnegie Investment Bank AB (publ), who has been engaged to handle the reversed share split and the sale of excess shares. The profits from the sale will be distributed among the shareholders who owned the excess shares when they were transferred to the company, in relation to their part of the sold shares.
The meeting authorized the board of directors to determine the record date of the consolidation. The record date must not be earlier than registration of the decision to consolidate. Further information regarding the procedure for the reversed split will be made public in connection with the board’s determination of record date.
The managing director was authorised to make minor changes in the decisions above as may be required in connection with registration with the Companies Registration Office and Euroclear Sweden AB. The minutes from the extraordinary general meeting will be available at www.paresources.se .
Stockholm, April 9, 2013
PA Resources AB (publ)
For further information, please contact:
Bo Askvik, PA Resources’ President and CEO, +46 8 545 211 50
or Hans Kristian Rød, Chairman of the board, +47 90 11 86 12
PA Resources AB (publ) conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 2,184 million in 2012. The company is listed on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit www.paresources.se .
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 11.15 am CET on 9 April, 2013.