Shelton Petroleum and Petrogrand want to dissolve the cross-ownership
Shelton Petroleum and Petrogrand have today entered into an agreement that will facilitate for the companies to negotiate a breakup of the cross-ownership, which in turn will enable the companies to focus on the development of their operations and license portfolios.
In accordance with the agreement, the parties will not use their voting rights at the upcoming general meetings in June and will refrain from calling for new shareholders’ meetings. Shelton Petroleum withdraws its request for extraordinary general meeting and its share swap settlement proposal that was announced on 4 June 2014 and Petrogrand undertakes not to prolong the cash offer that expires on 1 July 2014. The companies will not acquire any additional shares in each other. The agreement, which is valid until the end of September 2014, will facilitate for the companies to negotiate a breakup of the cross-ownership between the companies and does not limit the companies to conduct and develop their respective businesses.
