STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
PA Resources (STO:PAR)(OSE:PAR):
Through the resolved reverse share split 500 present shares are consolidated into one share, with record day 2 May 2013. Friday 26 April 2013 is the last trading day for the share before the reverse split and Monday 29 April is the first trading day after the reverse split.
The Extraordinary General Meeting in PA Resources AB (publ) (“PA Resources”) resolved on a reverse share split on April 9, 2013, meaning that 500 existing shares are consolidated into one share, with authorization for the Board of Directors to decide upon the record date. The Board of Directors in PA Resources has resolved that the record date shall be May 2, 2013.
The last day of trading in PA Resource’s shares on NASDAQ OMX Stockholm before the reverse share split is April 26, 2013. The first day for trading in PA Resource’s shares after the reverse share split is April 29, 2013, which implies that the share price from and including April 29, 2013 will reflect the effect of the reverse share split. Please also note that from this date the PA Resource’s share will be traded with a new ISIN code SE0005126729.
For shareholders who hold their shares in the Norwegian VPS, there is a stop for all cross-border trading between Sweden/Norway from April 25, 2013 until May 2, 2013.
A reverse share split 1:500 implies that 500 shares, each share with a quota value of SEK 0.10 will be consolidated into one share with a quota value of SEK 50. Following the reverse share split, the total number of shares will be reduced from 14,145,999,000 shares to 28,291,998 shares.
Shareholders in PA Resources will automatically receive a new, lower number of shares in proportion to their holding on the record day. For shareholders whose shares on the record date, after the reverse share split, do not correspond to a full number of new shares (ie. not evenly divisible by 500), PA Resources will at the company’s expense arrange that the excess shares are sold by Carnegie Investment Bank AB. The aggregated proceeds of the sale will be distributed among the shareholders who owned the excess shares on the record date, in relation to their share in the shares sold. This will occur by way of cash payment around May 13, 2013 and through Euroclear Sweden AB. Those shareholders who hold their shares in the Norwegian VPS-system will receive cash payment through DNB Bank ASA with a few days of displacement.
Timetable for the reverse share split:
|April 26, 2013||Last day of trading before the reverse share split.|
|April 29, 2013||First day of trading after the reverse share split. New ISIN code.|
|May 2, 2013||Record date for the reverse share split.|
|Around May 13, 2013||Payment of proceeds from the sale of excess shares.|
Stockholm, April 22, 2013 PA Resource AB (publ)
PA Resources AB (publ) conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 2,184 million in 2012. The company is listed on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit www.paresources.se.
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 8.30 am CET on 22 April, 2013.
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