Background
On
The Company proposes to enter into the share purchase agreements in connection with the proposed sale of its Russian business interests for a net cash consideration of
The business of the EGM will be to consider and, if thought fit, approve a resolution relating to the disposal of PetroNeft's Russian assets.
The Company has agreed the terms and form of the share purchase agreements with the buyer in connection with the proposed sale of its Russian business interests. The Proposed Disposals constitute a fundamental change of business pursuant to the AIM Rules and Euronext Growth Rules, and therefore require the approval of the shareholders at an EGM of the Company.
The Proposed Disposals will also require Russian Governmental approvals.
RELATED PARTY TRANSACTION
Pavel Tetyakov is the CEO and an Executive Director of the Company and owns 1.46 % of the issued share capital of the Company. Accordingly, the Proposed Disposal constitutes a related party transaction under the AIM Rules and the Euronext Rules.
An independent committee of the Board, comprising
The Independent committee, consider, having consulted with the Company's Nominated Adviser and Euronext Growth Adviser, Davy, that the terms of the Proposed Disposal are fair and reasonable insofar as the Company's shareholders are concerned.
Extraordinary General Meeting
The EGM will held at the
PetroNeft encourages shareholders who wish to submit questions at the EGM to do so in advance by email to info@petroneft.com before
Contact:
Tel: +353 1 498 0300
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