The bondholders in PA Resources’ NOK and SEK denominated bonds, have at the
bondholders meeting and by the written procedure respectively, approved PA
Resources’ proposal announced on 3 October 2014 of, inter alia, deferred
interest payments. The decision to approve the proposal obtained 99.61% of the
votes in the written procedure for the SEK bonds and was unanimous in the
bondholders meeting for the NOK bond.
In summary, the approval means that the originally scheduled payment dates in
October 2014 under the bonds have been deferred to February 2015 and that,
consequently, interest payments owed to PA Resources’ largest creditor and
shareholder, the Gunvor Group, under credit facilities with them, are deferred
until February 2015. Notwithstanding the interest payment deferrals, a majority
of the bondholders, and the Gunvor Group, are entitled under the respective
agreements to bring the relevant interest payment dates forward to an earlier
date with a 30 days’ notice period.
Stockholm on 21 October 2014
PA Resources AB (publ)
For queries, please contact:
Tomas Hedström
CFO
PA Resources AB
Tel: +46 (0)8 545 211 50
E-mail: ir@paresources.se
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 1,049 million in 2013. 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 08:30 a.m. CET on 21 October 2014.
