PetroNor Gets Supreme Court of Western Australia Approval for Share Scheme
PetroNor E&P Limited (OSE ticker: “PNOR”) (the “Company”, and together with its consolidated subsidiaries, “PetroNor”) announces that the Supreme Court of Western Australia (“Court”) has today approved the scheme of arrangement pursuant to which all of the shares held by PetroNor shareholders will be transferred to PetroNor E&P ASA (“PetroNor Norway”) (“Scheme”).
As from end of trading today, 17 February 2022, the shares in the Company will be suspended from trading on Euronext Expand, and are expected to be delisted as from 24 February 2022. The shares of PetroNor Norway are expected to be listed and start trading on Oslo Børs on or about 28 February 2022.
Pursuant to the Scheme, PetroNor shareholders will receive one (1) new PetroNor Norway share for every one (1) share in the Company owned at end of trading today, as shown with the register as at 16:00 AWST (09:00 CET) 22 February 2022 (the “Record Date”), excluding shareholders whose PetroNor shares are not registered with the VPS as at the Record Date (“Non-VPS Shareholders”).
Non-VPS Shareholders will not be entitled to receive any new PetroNor Norway shares and will instead receive cash proceeds from the sale by the sale agent of the new PetroNor Norway shares which they were otherwise entitled to receive.
As described below, there will be a trading halt in the PetroNor shares in order to transfer the shares to PetroNor Norway. No further actions by shareholders are required for this exchange to take place. Shareholders will not be able to trade or otherwise dispose of their shares during the trading halt period.
