GUNVOR ANNOUNCEMENT

Gunvor Investments Limited (“Gunvor”), a subsidiary of Gunvor Group Ltd, today entered into an agreement to sell shares in PA Resources AB (publ) for market value (the “SPA”), and purchased a cash settled option over such shares, with a strike price of zero and for a premium that is commensurate to the market value of the shares today (the “Option”), with Villefranche S.à r.l. (“VS”).

The number of shares that are the subject of the SPA and the Option is 6,790,080. The transaction became effective immediately.

The shares purchased by VS under the SPA will constitute its hedge position in respect of the Option. Upon exercise of the Option, VS will liquidate its hedge and pay to Gunvor the liquidation proceeds resulting from the sale of the relevant hedge shares.

There are no arrangements between Gunvor and VS as regards the exercise of any voting rights pertaining to the shares purchased by VS under the SPA.

Upon the closing of the transaction, Gunvor will still through its remaining shareholding exercise significant influence over PA Resources AB (publ) without having overall control of the company, which is in line with the global strategy of Gunvor in the upstream investments. Gunvor’s objective is to allow it to optimize its equity investment in PA Resources AB (publ) and at the same time retain its financial exposure.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of these securities, in Sweden or elsewhere.

For inquiries:
Seth Thomas Pietras
Corporate Affairs Director
seth.pietras@gunvortrade.ch
+41 79 870 6290