Shelton Petroleum Closes Public Offer to Shareholders of Petrogrand. Shelton Petroleum Holds Approximately 28.8% of Petrogrand
Shelton Petroleum AB (publ) (“Shelton”) announced on January 22, 2014 an offer to the shareholders of Petrogrand AB (publ) (“Petrogrand”) to acquire all outstanding shares in Petrogrand (the “Offer”). On February 26, 2014, Shelton announced an increase of the consideration offered from 0.30 to 0.34 Shelton B shares for each Petrogrand share and an extension of the acceptance period up to and including March 12, 2014. On March 14, 2014, Shelton announced a completion of the Offer, an increase of the consideration offered from 0.34 to 0.44 Shelton B shares for each Petrogrand share and an extension of the acceptance period up to and including March 28, 2014. The Swedish Securities Council (Sw Aktiemarknadsnämnden) has in AMN 2014:19 made a statement concerning the circumstances around the above increase (the statement is available on www.aktiemarknadsnamnden.se). On April 3, 2014, Shelton announced an extension of the acceptance pe riod up to and including April 11, 2014.
The Board of Directors of Shelton has resolved to close the public offer to the shareholders of Petrogrand.
The Offer has been accepted in the extended acceptance period which expired April 11, 2014, by owners holding in total 135,422 shares in Petrogrand, corresponding to approximately 0.3 % of the shares and votes in Petrogrand.
Settlement of consideration for the shares that have been submitted in the Offer’s extended acceptance period which expired on April 11, 2014 is expected to commence on or about April 17, 2014. Thus, Shelton will within the limits of the resolution to issue new shares that the company announced on April 3, 2014, issue an additional 59,585 B shares with payment in kind consisting of shares in Petrogrand, resulting in that after subscription and allocation of these shares, a total of 674,693 B shares will have been issued in accordance with the above mentioned resolution to issue new shares (the issue is thus not fully subscribed). Consideration will initially consist of Shelton interim shares (Sw Shelton BTA), and transfer of interim shares to subscribers’ vp accounts will be notified through vp notices. There will be no notification of the transfer of Petrogrand shares from reservation accounts. Shelton interim shares will be exchanged for Shelton B shares as soo n as possible after the issue has been registered with the Swedish Companies Registration Office. Exchange of interim shares to common shares is expected to take place during week 18 without separate notification. No trading in interim shares will be facilitated.
Shelton has not purchased any shares in Petrogrand outside the Offer. As of April 14, 2014, Shelton owns in total 11,585,308 shares, corresponding to approximately 28.8 % of the shares and votes in Petrogrand.