Crown Energy publishes prospectus and new financial information and other information included in the prospectus
Crown Energy AB (publ) (”Crown Energy” or the ”Company”) publishes prospectus regarding admission to trading of the shares, issued in the private placement, on NGM Equity (“NGM”). The prospectus contains new financial information attributable to the Company’s indebtedness as of 30 June 2016 that has not previously been published. Furthermore, the Company clarifies in the prospectus that the buy-back option in Crown Energy Iraq AB (“Crown Energy Iraq”) has expired.
Publication of prospectus
Crown Energy’s prospectus, prepared in connection with the admission to trading on NGM of the shares issued in the private placement conducted 30 June 2016, has today been approved and registered by the Swedish Financial Supervisory Authority. The prospectus has today been published and is available on the Company’s web page www.crownenergy.se and the Company’s head office.
New financial information
Crown Energy’s equity and liabilities and net indebtedness are provided in the prospectus as of 30 June 2016 and has not previously been published. The table below contains this information. The table includes both interest bearing debt and non-interest bearing debt.
| CAPITALIZATION AND INDEBTNESS (KSEK) | 2016-06-30 |
| Total current debt | 12,819 |
| Guaranteed | - |
| Secured | - |
| Unguaranteed/Unsecured | 12,819 |
| Total Non-Current debt | 24,210 |
| Guaranteed | - |
| Secured | - |
| Unguaranteed/Unsecured | 24,210 |
| Shareholder’s equity | 196,927 |
| Share capital | 2,721 |
| Reserves | 9,743 |
| Other contributed capital | 247,657 |
| Total Capitalization | 233,956 |
| NET INDEBTNESS (KSEK) | 2016-06-30 |
| A) Cash | 52,354 |
| B) Cash equivalent | - |
| C) Trading securities | - |
| D) Liquidity (A)+(B)+(C) | 52,354 |
| E) Current financial receivable | - |
| F) Current bank debt | - |
| G) Current portion of non-current debt | - |
| H) Other current financial debt | - |
| I) Current Financial Debt (F)+(G)+(H) | - |
| J) Net Current Financial Indebtedness (I)-(E)-(D) | -53,380 |
| K) Non-current bank loans | - |
| L) Bonds issued | - |
| M) Other non-current loans | 6,304 |
| N) Non-current Financial Indebtedness (K)+(L)+(M) | 6,304 |
| O) Net Financial Indebtedness (J)+(N) | -47,076 |
The buy-back option in Crown Energy Iraq has expired
On 18 November 2013 Crown Energy entered the current subsidiary Crown Energy Iraq AB (“Crown Iraq”). The consideration consisted of newly issued shares in Crown Energy through a share issue. In addition to the newly issued shares, T Intressenter AB (“TIAB”) also received a buy-back option for a limited time which gave TIAB the right to buy back 250 shares in Crown Iraq. This represents 25 percent of all shares in Crown Iraq. As a further part of the agreement a consortium agreement was signed with TIAB regarding representation in the board and management of Crown Iraq. According to the agreement it would expire in September 2018. In connection with TIAB’s expired buy back option in May 2016 the consortium agreement was mutually terminated. This means that there are no outstanding buy-back options in Crown Iraq and Crown Energy owns 100 per cent of the total 1 000 shares in Crown Iraq. Due to this fact the provision of 6 204 KSEK are no longer reported in Crown Energy’s balance sheet.
This information is information that Crown Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 3:30 PM CET on 15 July 2016.
MORE INFORMATION
Please contact Andreas Forssell, CEO, Crown Energy AB
+46 8 400 207 20
+46 760 15 15 95
ABOUT CROWN ENERGY
Crown Energy is an international oil and gas company engaged in exploration in Africa and Middle East. Growth is created by developing assets in early stages and then maximising value by introducing appropriate industry partners in the development and production stages. For more information please visit www.crownenergy.se.