The Board of Directors of Misen Energy proposes voluntary liquidation of the company and consequently intends to apply for delisting of the company's shares
INSIDE INFORMATION: The Board of Directors of Misen Energy AB (publ) ("Misen", the "Company") announced on 2 May 2024 that the Company had entered into a share purchase agreement to sell all shares in the Company's operating subsidiary, Misen Enterprises AB. The Board of Directors of the Company has today proposed that the Annual General Meeting, as a result of the sale of the Company's operating subsidiary, resolves on a voluntary liquidation of the Company. Subject to such resolution, the Board of Directors also intends to apply for a delisting of the Company's shares from Nasdaq First North Growth Market in Stockholm. Notice to the Annual General Meeting with a complete proposal for voluntary liquidation will be published in a separate press release. The Annual General Meeting is planned to be held on 28 June 2024.
The Board of Directors proposal for voluntary liquidation of the Company is conditional upon (i) the Extraordinary General Meeting on 12 June 2024 approving the sale of all shares in the Company's subsidiary, Misen Enterprises AB and (ii) the Annual General Meeting, planned to be held on 28 June 2024, resolving in accordance with the Board of Directors proposal for voluntary liquidation of the Company. Subject to these resolutions, the Board of Directors of the Company intends to apply for delisting of the Company's shares on Nasdaq First North Growth Market in Stockholm. Notice to the Annual General Meeting with the complete proposal for voluntary liquidation will be published in a separate press release.
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
This information constitutes inside information as defined in the (EU) Market Abuse Regulation 596/2014 (MAR) and which Misen Energy AB (publ) is obliged to make public pursuant to MAR. The information was submitted for publication through the agency of the contact person above, at the time specified by the Company's news distributor, Cision, at publication of this press release.
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