United Kingdom ,11 October 2022 Reference is made to the22 August 2022 announcements byRAK Petroleum plc (the "Company") of its plan to transfer the Company's interest inMondoil Enterprises LLC toDNO ASA ("DNO") for 78,943,763 new DNO shares, following which the Company will transfer all its DNO shares andUSD 20 million in cash to its shareholders through aUK court-approved capital repayment and then delist and voluntarily liquidate the Company (the "Plan"), and also to the shareholder circular issued on the same date outlining the Plan in detail (the "Shareholder Circular"). Reference is further made to the announcements on21 September 2022 regarding the resolutions passed by the general meeting of the Company, on30 September 2022 regarding the completed directions hearing concerning the capital repayment, and on10 October 2022 regarding the intra-group transfer ofMondoil Enterprises LLC and the DNO shares fromRAK Petroleum Holdings BV to the Company. TheUK Companies Court has today issued a sealed confirmation order that approves the capital repayment proposed by the Company (the "Confirmation Order"). The Company is therefore pleased to announce the fulfilment of all conditions for the closing of the Transaction Agreement with DNO and for the capital repayment. Accordingly, the Transaction Agreement has been completed and the Company is entitled to receive 78,943,763 DNO Shares from DNO. The process of registering the share capital increase pertaining to the new DNO shares in theNorwegian Register ofBusiness Enterprises has been initiated and such registration and delivery to the Company of the new DNO shares is expected to be completed tomorrow. The Company will now pursue the remaining steps to effectuate the Plan. As the Company's Class A shares will be suspended from trading from tomorrow until delisting from theOslo Stock Exchange from and including21 October 2022 , today is the last day of trading in the Company's shares on theOslo Stock Exchange . As stated in yesterday's announcement, the Company has effected the transfer of 438,379,418 DNO shares from its wholly owned subsidiary,RAK Petroleum Holdings BV , to the Company. After receipt of the new DNO shares, the Company holds 517,323,181 DNO shares corresponding to 49.06 % of the issued and outstanding shares in DNO. All DNO shares owned by the Company and cash ofUSD 20 million will be transferred to shareholders who hold the Company's shares today, as registered in the VPS on13 October 2022 . This will result in each holder of a Class A or restricted Class A share of the Company receiving 1.6574 DNO Shares and a cash amount ofUSD 0.064 (such cash amount to be transferred in NOK) for each Class A or restricted Class A share of the Company that they hold, rounded down to the nearest whole number of DNO shares for each shareholder. A total of approximately 323,379,913 DNO shares will be transferred to holders of the Company's Class A Shares as of the record date and approximately 193,943,268 DNO shares will be transferred to the holders of the unlisted restricted Class A Shares. The Company expects to sell in the market any surplus DNO shares that are not transferred under the capital repayment due to the rounding. The DNO shares and the cash to be distributed in the capital repayment are expected to be transferred to the VPS accounts of the Company's shareholders on19 October 2022 . Following completion of the capital repayment,10,323,018 of the Company's Class A Shares will remain outstanding and will be subject to the Members Voluntary Liquidation (the "MVL"). Assuming that the capital repayment is finalised by way of distribution as planned on19 October 2022 , the MVL will be effective from21 October 2022 as previously anticipated. For further queries, please contact:Kevin Toner RAK Petroleum plc Email: kevin.toner@rakpetroleum.uk AboutRAK Petroleum plc :RAK Petroleum plc is anOslo Stock Exchange listed oil and gas investment company established under the laws ofEngland andWales as a public limited company. As mentioned above, today is the last day of trading in the Company's shares on theOslo Stock Exchange . Important Notice: This information is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act. The information was submitted for publication byKevin Toner , Managing Director, on behalf of the Company on the time and date set out above. The distribution of this announcement and other information in connection with the Plan may be restricted by law in certain jurisdictions. The Company assumes no responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. This release contains certain forward-looking statements within the meaning of the securities laws and regulations of various international, federal, and state jurisdictions. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the Plan, future plans and objectives of the Company are forward-looking statements that involve risk and uncertainties. There can be no assurances that such statements will prove to be accurate and actual results could differ materially from those anticipated in such statements. As stated above, various matters in the Plan are subject to approval by, inter alia, courts in theUnited Kingdom and theOslo Stock Exchange . There can be no assurance that such approvals will be forthcoming or obtained on the dates projected.
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