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,|Last day of trading before the reverse share split. |
|2013 | |
+---------+------------------------------------------------------------------+
|April 29,|First day of trading after the reverse share split. New ISIN code.|
|2013 | |
+---------+------------------------------------------------------------------+
|May 2, |Record date for the reverse share split. |
|2013 | |
| | |
+---------+------------------------------------------------------------------+
|Around |Payment of proceeds from the sale of excess shares. |
|May 13, | |
|2013 | |
+---------+------------------------------------------------------------------+
Stockholm, April 22, 2013
PA Resource AB (publ)
For queries, please contact:
Carolina Haglund Strömlid, Head of Corporate Communications & IR, + 46 708
807173
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.
