Misen Energy has completed the sale of all shares in its subsidiary Misen Enterprises
The Board of Directors of Misen Energy AB (publ) ("Misen", the "Company" or the "Group") has today completed the sale of all shares in the Company's subsidiary, Misen Enterprises AB, as announced on 30 April 2024. The proceeds amounted to EUR 3,000,000.
On 30 April 2024, the Board of Directors of Misen announced that the Company had resolved to enter into a share purchase agreement to sell all shares in the subsidiary Misen Enterprises AB for a purchase price of EUR 3,000,000 to Breakfast Language LLC (the "Transaction"). The completion of the Transaction was conditional upon the approval of an Extra General Meeting which was obtained on 28 May 2024.
The Company's operational activities has been carried out in its entirety in Misen Enterprises AB. Consequently, the completion of the Transaction therefore means that there are no longer any operational activities in the Group. The Company expects to inform the market and the Company's shareholders about the Company's continued operations at the latest on the date of the Annual General Meeting which will be held on 28 June 2024.
For further information, please contact:
Göran Wolff, MD
Direct line: +46 31 759 50 72
Mobile: +46 709 45 48 48
E-mail: goran@misenenergy.se
info@misenenergy.se
The company was founded in 2004 and its shares have been traded on Nasdaq First North Growth Market since June 2007. In 2011, Misen Energy AB (publ) acquired Misen Enterprises AB and its Ukrainian subsidiary, LLC Karpatygaz, including the rights to 50.01% of the revenue and profit from a gas production project in Ukraine. Misen Energy AB (publ) acquired the rights to produce hydrocarbons under Joint Activity Agreement No.3 (“JAA No.3“) between Misen Enterprises AB and LLC Karpatygaz (together 50.01%) and JSC Ukrgasvydobuvannya (49.99%), a subsidiary of the NJSC Naftogaz of Ukraine. The purpose of the JAA No.3 was to significantly increase production of hydrocarbons by providing modern technologies via a large-scale investment program for the purposes of attainment of profits.
The JAA No.3 (as amended and restated) was terminated in June 2018. As a result, Misen Energy AB (publ) received compensation that reflected its share of the replacement costs of the equipment subject to the joint ownership under the JAA No.3. In March 2021, Misen Energy AB (publ) and Misen Enterprises AB initiated an investment arbitration against Ukraine (ICSID Case No. ARB/21/15) concerning Ukraine‘s breaches of the investor‘s rights resulting from the imposition of a 70% subsoil use charge.The registered office of Misen Energy AB (publ) is in Stockholm. Misen Energy AB (publ) is listed on Nasdaq First North Growth Market and the Company adheres to the rules and regulations for First North. The Company’s Certified Adviser is Carnegie Investment Bank AB (publ).
For further information, please visit our website www.misenenergy.se.