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Shelton Petroleum increases the bid for Petrogrand


Published Feb 28, 2014
Shelton Petroleum-3

On 22 January 2014 Shelton Petroleum AB (publ) announced an offer to acquire all outstanding shares in Petrogrand AB (publ) ('Petrogrand') for a consideration of 0.30 Shelton B shares for each Petrogrand share (the 'Offer'). On 17 February 2014 Shelton published a prospectus which is also an offer document regarding the Offer (the 'Prospectus'). The Prospectus has been approved and registered by the Swedish Financial Supervisory Authority.

Following discussions with a number of shareholders in Petrogrand, Shelton Petroleum has decided to increase the consideration under the Offer to 0.34 Shelton B shares for each Petrogrand share. The increased Offer constitutes a premium of approximately 52.8% based on the volume weighted average share price for Shelton's B shares on NASDAQ OMX Main Market and Petrogrand's shares on NASDAQ OMX First North during the past month up until and including 21 January 2014 (the last trading day prior to the announcement of the Offer). Compared to the last closing price for the Petrogrand share, SEK 7.00 per share, on NASDAQ OMX First North on 21 January 2014, the Offer constitutes a premium of 57.4%. Compared to the previous lower Offer, the increased Offer constitutes a premium of approximately 13.3%.

Tags: Shelton Petroleum




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