| The offering and take-up of subscription warrants over series C shares within the scope of conditional share capital increase and take-up of series C shares |
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| Own release | |
| 04.07.2011 | |
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The Management Board of PETROLINVEST S.A. (the “Company”) announces that in relation to the cash payment in the total amount of PLN 2,200,000 received on 30 June 2011 and 4 July 2011, made by an entity designated by Prokom Investments S.A. as the financing entity - within the meaning of the agreement on financing concluded by the Company and Prokom Investments S.A. on 20 March 2009, of which the Company informed the public in current report No 33/2009, amended by the annexes dated 31 December 2010 and 18 April 2011, of which the Company informed the public in current reports No 1/2011 and No 34/2011 (the “Agreement on Financing”) - which makes a direct equity investment (the “Financing Entity”), on 4 July 2011, the Company received:
(i) a request to transfer to the Financing Entity a number of shares that corresponds to the quotient of the amount equal to the direct equity investment in Company’s shares in the amount of PLN 2,200,000 performed by the Financing Entity in the form of cash payment and the issue price of PLN 10.00, as well as In connection with the said request and call, and also in connection with the resolution of the Extraordinary General Shareholders' Meeting of 9 May 2011 regarding the issue of subscription warrants, conditional Company share capital increase, the exclusion of the pre-emptive rights of the existing shareholders of the Company and amendment of the statutes of the Company (the “Issue Resolution”) published in current report No 35/2011, on 4 July 2011, the Management Board of the Company adopted a resolution regarding the offering of registered subscription warrants entitling to take-up of series C Company’s shares (“Subscription Warrants”) and setting forth the detailed terms and conditions of the issue of the Subscription Warrants. The Management Board decided to issue 220,000 Subscription Warrants and offered them for take-up to the Financing Entity. Subscription Warrants were subsequently taken up by the Financing Entity. At the same time the Financing Entity exercised its rights under the Subscription Warrants to take up series C shares and filed a statement of acquisition of 220,000 ordinary series C bearer shares of the Company. The issue price of the ordinary series C bearer shares, issued to holders of Subscription Warrants on the basis of the Issue Resolution within the scope of the conditional increase of the Company's share capital, was set by the Management Board at PLN 10.00 per share, considering statutory restrictions regarding the minimum issue price of shares. The issue price was approved by the Supervisory Board on 4 July 2011. The value of the cash payment for the take-up of series C shares was PLN 2,2 million. Funds received by the Company will be used mainly for the implementation of the exploration and production project and reducing the debt of PETROLINVEST S.A. The current total value of financing invested in PETROLINVEST S.A. by Prokom Investments S.A. and the entities indicated by the same as part of performance of the above-mentioned Agreement on Financing was more than PLN 163 million, of which payments made in the current year amounted to PLN 95 million. |