Shelton Petroleum closes the public offer to the shareholders of Petrogrand. Shelton Petroleum holds approximately 28.8% of Petrogrand

THIS PRESS RELEASE MAY NOT, DIRECTLY OR INDIRECTLY, BE DISTRIBUTED OR PUBLISHED
TO OR WITHIN THE UNITED STATES OF AMERICA, AUSTRALIA, HONG KONG, JAPAN, CANADA,
NEW ZEALAND OR SOUTH AFRICA. THE OFFER IS NOT GIVEN TO (AND ACCEPTANCES WILL
NOT BE ADMITTED FROM) PERSONS IN THESE COUNTRIES OR PERSONS IN ANY OTHER
COUNTRY WHERE AN ACCEPTANCE OF THE OFFER WOULD REQUIRE FURTHER DOCUMENTATION,
REGISTRATION OR OTHER MEASURES IN ADDITION TO WHAT IS REQUIRED BY SWEDISH LAW.


 

  • Shelton Petroleum closes the public offer to the shareholders of Petrogrand
  • The Offer has been accepted in the extended acceptance period which expired
    April 11, 2014 by owners holding in total 135,422 shares in Petrogrand,
    corresponding to approximately 0.3 % of the shares in Petrogrand
  • In total, Shelton holds 11,585,308 shares in Petrogrand, corresponding to
    approximately 28.8 % of the shares in Petrogrand

 

Shelton Petroleum AB (publ) (“Shelton”) announced on January 22, 2014 an offer
to the shareholders of Petrogrand AB (publ) (“Petrogrand”) to acquire all
outstanding shares in Petrogrand (the “Offer”). On February 26, 2014, Shelton
announced an increase of the consideration offered from 0.30 to 0.34 Shelton B
shares for each Petrogrand share and an extension of the acceptance period up
to and including March 12, 2014. On March 14, 2014, Shelton announced a
completion of the Offer, an increase of the consideration offered from 0.34 to
0.44 Shelton B shares for each Petrogrand share and an extension of the
acceptance period up to and including March 28, 2014. The Swedish Securities
Council (Sw Aktiemarknadsnämnden) has in AMN 2014:19 made a statement
concerning the circumstances around the above increase (the statement is
available on www.aktiemarknadsnamnden.se). On April 3, 2014, Shelton announced
an extension of the acceptance period up to and including April 11, 2014.

The Board of Directors of Shelton has resolved to close the public offer to the
shareholders of Petrogrand.

The Offer has been accepted in the extended acceptance period which expired
April 11, 2014, by owners holding in total 135,422 shares in Petrogrand,
corresponding to approximately 0.3 % of the shares and votes in Petrogrand.

Settlement of consideration for the shares that have been submitted in the
Offer’s extended acceptance period which expired on April 11, 2014 is expected
to commence on or about April 17, 2014. Thus, Shelton will within the limits of
the resolution to issue new shares that the company announced on April 3, 2014,
issue an additional 59,585 B shares with payment in kind consisting of shares
in Petrogrand, resulting in that after subscription and allocation of these
shares, a total of 674,693 B shares will have been issued in accordance with
the above mentioned resolution to issue new shares (the issue is thus not fully
subscribed). Consideration will initially consist of Shelton interim shares (Sw
Shelton BTA), and transfer of interim shares to subscribers’ vp accounts will
be notified through vp notices. There will be no notification of the transfer
of Petrogrand shares from reservation accounts. Shelton interim shares will be
exchanged for Shelton B shares as soon as possible after the issue has been
registered with the Swedish Companies Registration Office. Exchange of interim
shares to common shares is expected to take place during week 18 without
separate notification. No trading in interim shares will be facilitated.

Shelton has not purchased any shares in Petrogrand outside the Offer. As of
April 14, 2014, Shelton owns in total 11,585,308 shares, corresponding to
approximately 28.8 % of the shares and votes in Petrogrand.

 

Stockholm April 14, 2014

Shelton Petroleum AB (publ)

The Board of Directors

 

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 08:50 (CET) on
April 14, 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.

 

IMPORTANT INFORMATION

THIS PRESS RELEASE MAY NOT, DIRECTLY OR INDIRECTLY, BE DISTRIBUTED OR PUBLISHED
TO OR WITHIN THE UNITED STATES OF AMERICA, AUSTRALIA, HONGKONG, JAPAN, CANADA,
NEW ZEALAND OR SOUTH AFRICA. THE OFFER IS NOT GIVEN TO (AND ACCEPTANCES WILL
NOT BE ADMITTED FROM) PERSONS IN THESE COUNTRIES OR PERSONS IN ANY OTHER
COUNTRY WHERE AN ACCEPTANCE OF THE OFFER WOULD REQUIRE FURTHER DOCUMENTATION,
REGISTRATION OR OTHER MEASURES IN ADDITION TO WHAT IS REQUIRED BY SWEDISH LAW.

This press release contains forward looking statements which in relation to the
Offer means certain risks and uncertainties, including the expected advantages
of the acquisition for Shelton and Shelton’s strategic and operational
expectations. Actual events or results can due to a number of risks and
uncertainties significantly differ from what has been described in this press
release, including among other things that the Offer cannot be completed or
that the completion is delayed and that the expected advantages of the Offer
for Shelton cannot be realized.

All information in this press release has been submitted as of April 14, 2014,
and Shelton has no intention, and does not undertake to, update the
information.

This is an English translation of the Swedish original. In case of
discrepancies, the Swedish original shall prevail.