Petroneft Board Still Resisting Shelton Petroleum’s Offer
The acceptance period of Shelton Petroleum AB to Petrogrand AB‘s shareholders expired on 12 March 2014. Only 12.4 % of the shareholders had at this point accepted the Offer. Shelton, who had stipulated in the Offer that at least 50 % of Petrogrand’s shareholders should accept the Offer, has nevertheless …
Shelton Petroleum: Ups Offer Significantly for Petrogrand and Becomes the Largest Shareholder
Shelton Petroleum completes the Offer and becomes the largest shareholder in Petrogrand. In order to make the offer attractive to even more shareholders we have increased and extended the Offer. We look forward to creating new value for the shareholders of both Shelton and Petrogrand, says Robert Karlsson, CEO of …
Petrogrand: Confirms New Board Recommends to Reject Shelton Petroleum’s Offer
On 22 January 2014, Shelton Petroleum AB made a public offer to acquire all outstanding shares in Petrogrand AB, offering 0,30 B shares in Shelton for each share in Petrogrand. On 24 February 2014 commented the Board of Petrogrand on Shelton’s offer and recommended Petrogrand’s shareholders not to accept the …
Shelton Petroleum AB: Production Report for February 2014
Shelton Petroleum’s total oil production in February 2014 amounted to 26,480 barrels, equivalent to 946 barrels per day. Shelton Petroleum holds 100% of the Rustamovskoye license in Russia. Shelton Petroleum has a 45% working interest in Kashtan Petroleum (holder of the license to the Lelyaki oil field) through its wholly …
Shelton Petroleum AB: PR Tennis on Petrogrand Offer Continues
Shelton Petroleum AB publishes a supplement to the prospectus published on 17 February 2014 in connection with Shelton’s public offer to the shareholders of Petrogrand AB. The supplement to the prospectus has been approved and registered by the Swedish Financial Supervisory Authority. The Supplement has been prepared in connection with: …
Shelton Petroleum AB: Comments on Petrogrand’s Fairness Opinon
Shelton Petroleum comments on Petrogrand’s fairness opinion. The valuation is based on information that contradicts Petrogrand’s previous assessment of Shelton Petroleum’s reserve base. On 22 January 2014, Shelton Petroleum announced a public offer to the shareholders of Petrogrand. Based on a fairness opinion from an investment bank, the board of …
Shelton Petroleum AB: Maks Grinfeld and Mats Jansson Resign Board Due to Potential Conflict of Interests
On 22 January 2014 Shelton Petroleum AB announced an offer to acquire all the outstanding shares in Petrogrand AB. Maks Grinfeld and Mats Jansson are board members of both Shelton Petroleum and Petrogrand. Maks Grinfeld is also the CEO of Petrogrand. Due to the potential conflict of interest that may …
Petrogrand’s Board Rejects Increased Offer From Shelton Petroleum
Shelton Petroleum AB announced an offer to acquire all outstanding shares in Petrogrand AB for a consideration of 0.30 Shelton B shares for each Petrogrand share. On 24 February 2014, the Board of Directors of Petrogrand commented Shelton’s offer and advised Petrogrand’s shareholders not to accept the offer. Since Petrogrand’s …
Shelton Petroleum: Ups Offer for Petrogrand and Increases Acceptance Time
On 22 January 2014 Shelton Petroleum AB announced an offer to acquire all outstanding shares in Petrogrand AB for a consideration of 0.30 Shelton B shares for each Petrogrand share. On 17 February 2014 Shelton published a prospectus which is also an offer document regarding the Offer (the “Prospectus”). The …
Petrogrand’s Board’s Recommends Rejecting Shelton Petroleum’s Public Offer
On 22 January 2014, Shelton Petroleum AB submitted a public offer to the shareholders of Petrogrand. The Board of Directors of Petrogrand has engaged ABG Sundal Collier Norway ASA “ABG Sundal Collier” for making an independent valuation of Shelton Petroleum AB and its assets. ABG Sundal Collier is considered the …