PA Resources AB (publ) announces the preliminary result from the bondholders’
meeting held as a procedure in writing on 4 July 2013 during which the
bondholders under the Swedish bond loan (ISIN: SE0003652577) granted the company
a waiver. The voting was closed at 4 pm CET on 4 July 2013 and the agent
CorpNordic had by then registered all votes. The final result will be released
on 8 July 2013 when the agent has received the debt ledger from Euroclear
setting out the bondholders as per the record date 28 June 2013 (to determine if
the received votes are eligible to participate).
Due to the proposed fully underwritten rights issue, announced on 5 June 2013,
in which the company intends to increase the Group’s equity and the Group’s
equity in relation to capital employed to levels exceeding the minimum levels
that apply in the terms and conditions for the Swedish bond loan, the
preliminary result from the bondholders’ meeting held on 4 July 2013 is that the
bondholders have granted PA Resources AB a waiver of the relevant financial
covenant under the Swedish bond loan. The waiver is required since PA Resources
may be in a breach of its financial covenants in the interim report for the
second quarter of 2013.
The waiver is conditional upon the shareholders of the company approving the
rights issue at the extraordinary general meeting to be held on 5 July 2013. No
charges will be made for the waiver.
Stockholm, 5 July 2013
PA Resources AB (publ)
For additional information, please contact:
Tomas Hedström, CFO
+46 706534108
PA Resources AB (publ) is an international oil and gas group which conducts
exploration, development and production of oil and gas assets. The Group
operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United
Kingdom, Denmark, 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 share 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 8.15 a.m. CET on 5 July 2013.
