The observation status of Petrotarg AB (previously Ginger Oil AB) is updated (222/16)


On February 5, 2016, Nasdaq Stockholm AB decided that the shares in Petrotarg AB (previously Ginger Oil AB) (the “Company”) were to receive observation status due to material adverse uncertainty in respect of the Company’s financial position with reference to a press release published by the Company on the same day.

On May 25, 2016, the Company published a press release with information regarding that the Company’s board of directors proposed the annual general meeting to approve an acquisition of the assets of U.S. Energy Group AB, a company listed on AktieTorget (name changed to MedClair International AB). The board of directors also proposed that the Company should apply for delisting from First North and apply for listing on AktieTorget.

On June 30, 2016, the Company published a bulletin from the annual general meeting on June 29, 2016 with information regarding that the general meeting had approved the acquisition proposal and had given the board of directors a mandate to act for a delisting from First North and a listing on AktieTorget.

On October 19, 2016, the Company published a press release with information regarding that two of the Company’s board members had resigned from the board of directors with reference to that the same board members had chosen to leave their appointments in the board of directors of MedClair International AB, where they acted on the same ownership mandate as in the Company. According to the same press release, the remaining board of directors would therefore propose the next general meeting to decide that the Company was to remain listed on First North.

With reference to the above, Nasdaq Stockholm AB has decided that the Company shall undergo a new listing process on First North, comparable to that conducted for an entirely new company applying for listing. Furthermore, the current rules of First North state that a listed company can be given observation status if the company has been subject of a reverse takeover or otherwise plans to make or has been subject to an extensive change in its business or organization so that the company upon an overall assessment appears to be an entirely new company.

With reference to what is stated above, Nasdaq Stockholm AB has decided that the shares in Petrotarg AB (PETR, ISIN code SE0005095643, order book ID 97083) and the preference shares in the Company (PETR PREF, ISIN code SE0005034725, order book ID 97084) shall be given observation status also with reference to the above circumstance.

For further information about this exchange notice please contact Karin Ydén or Niklas Ramstedt, telephone + 46 8 405 60 00.