As previously announced, the Board of Directors of Shelton Petroleum will
conduct a thorough analysis of Petrogrand’s public offer. In relation to this,
the Board has requested that the Swedish Securities Council
(Aktiemarknadsnämnden) reviews and comments on several aspects of the public
offer. The Securities Council has in a statement criticized Petrogrand’s public
offer since Petrogrand has not acted in accordance with applicable rules and
regulations.
The Swedish Securities Council’s role is to promote good practices in the
Swedish stock market. Furthermore, the Securities Council can determine how
NASDAQ OMX Stockholm’s takeover rules regarding public offers on the stock
market should be interpreted and applied.
In conjunction with Shelton Petroleum’s Board of Directors’ evaluation of
Petrogrand’s public offer, the Board has requested that the Securities Council
reviews and comments on whether Petrogrand has adhered to the takeover rules
and good practices on the stock market. In the Securities Council’s Statement
2014:15, it criticizes Petrogrand in several aspects since Petrogrand’s public
offer and their actions in relation to the public offer are in breach of the
takeover rules and good practices on the stock market. The statement is
available in Swedish at www.aktiemarknadsnamnden.se.
The Board of Directors in Shelton Petroleum will analyze the Securities
Council’s statement and continue its evaluation of Petrogrand’s public offer so
that it can provide further information to the company’s shareholders. The
Board recommends all shareholders, holders of convertible loans and warrants
not to make any final decision until all information is available.
For more information, please contact:
Robert Karlsson, CEO, Shelton Petroleum, +46 709 565 141
robert.karlsson@sheltonpetroleum.com
www.sheltonpetroleum.com
The information provided herein is such that Shelton Petroleum AB is obligated
to disclose it pursuant to the Securities Markets Act (2007:528) and the
Takeover rules. The information was submitted for publication at 11:00 (CET) on
4 April 2014.
About Shelton Petroleum
Shelton Petroleum is a Swedish company focused on exploring and developing
concessions in Russia and the resource-rich basins of Ukraine. In Russia, the
company holds three licenses in the Volga-Urals area in Bashkiria and has
commenced production on the Rustamovskoye field after a successful exploration
program. In Ukraine, Shelton Petroleum’s wholly owned subsidiary has a joint
venture with Ukrnafta and Chornomornaftogaz, two leading Ukrainian oil and gas
companies. The Shelton Petroleum share is traded on NASDAQ OMX Stockholm under
the symbol SHEL B.
