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The Management Board of PETROLINVEST S.A. (the “Company”) announces that on 9 September 2010 the Company and Kingsbrook Opportunities Master Fund LP, Iroquois Master Fund Ltd. (jointly the “Investors”), and Prokom Investments S.A. (“Prokom”) executed an agreement (“Transfer Agreement”) regarding the transfer by the Investors to Prokom of 2,400,000 subscription warrants entitling their holders to take up 2,400,000 shares in the Company at an issue price of PLN 20 per share, issued in favour of the Investors under the subscription agreement of 18 March 2010, reported by the Company in the current report number 20/2010 of 18 March 2010 (“Subscription Agreement”) and under the assumption agreement reported by the Company in the current report number 39/2010 of 28 May 2010 (“Assumption Agreement”).
Pursuant to the Transfer Agreement, the Company undertakes to issue 2,400,000 free-of-charge subscription warrants to the Investors for 2,400,000 shares in the Company at an issue price of PLN 16.50 per share, and, additionally, 1,800,000 subscription warrants for 1,800,000 shares in the Company at an issue price of PLN 20 per share (“Additional Warrants”). The Additional Warrants will be issued following the adoption at the General Meeting of the Company of a resolution regarding their issuing as well as the conditional increase of the Company’s share capital, registration of the resolution by the registry court and adoption by KDPW S.A. (National Depository for Securities) and GPW S.A. (Warsaw Stock Exchange) of relevant resolutions concerning the registration of shares with the National Depository for Securities (KDPW) as well as admittance and introduction of the shares at the GPW S. A. 1,800,000 Additional Warrants will be issued instead of 1,800,000 New Warrants which were to be issued under the provisions of the Assumption Agreement.
The Management Board of the Company emphasises the fact that the conclusion of the Transfer Agreement will enable the Company to decrease its existing debt within a short space of time.
Download current report no. 74/2010
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