SPM Spg Media

RNS Number:2036C
Sodra Petroleum AB
18 April 2001

18 April 2001

              Enhanced conversion rights for Sodra Shareholders

Sodra Petroleum AB (the "Company") is pleased to announce the enhancement of
the conversion rights of its convertible shares of SEK 0.05 each ("Convertible
Shares"), subject to the approval by the shareholders of the Company and the
shareholders of Lundin Oil AB ("Lundin Oil") at their Annual General Meetings
on 16 May and 17 May 2001 respectively.

It is proposed that during the period commencing 21 May 2001 up to and
including 14 June 2001 a holder of Convertible Shares ("Convertable
Shareholder") may exercise conversion rights on the following basis:

  * for every eleven Convertible Shares the Convertable Shareholder will
    receive a warrant to subscribe for one new Lundin Oil B Share at a price
    of SEK 0.50

The original conversion rights will remain unchanged. During the period
commencing 5 November 2001 up to and including 23 November 2001 Convertible
Shareholders may choose to exercise thier conversion rights. Upon exercise of
conversion rights, for every 12 Convertible Shares, Convertible Shareholders
will receive a warrant to subscribe for one new Lundin B Share at a price of
SEK 0.50

Ian H. Lundin Managing Director of Lundin Oil and Sodra comments" Sodra has
now completed its work obligation in the Falklands Islands and no further work
is expected in the near future. To reduce the running costs of the Company, we
have decided to offer enhanced terms for early conversion".

Terms and conditions

  * For every 11 Convertible Shares, Convertible Shareholders may convert to
    a warrant to subscribe for one Lundin Oil B-share at a price of SEK 0.50
    during the period commencing 21 May 2001 up to and including 14 June 2001.
  * The right of early conversion is subject to approval at the Company's
    AGM on 16 May 2001 and at the AGM of Lundin Oil on 17 May, 2001.
  * Convertible Shareholders may only convert in multiples of 11 Convertible
    Shares. Any Convertible Shares, subject to a maximum of 10, that remain
    after a Convertible Shareholder has converted his maximum entitlement may
    be sold to Lundin Oil for SEK 2 per share, payable in cash.
  * The original conversion rights of the Convertible Shares remain
    unchanged. However, if Lundin Oil has acquired more than 90 per cent. of
    the total number of shares in the Company, following the conversion period
    in May to June, Lundin Oil will commence compulsory acquisition of the
    remaining shares in accordance with the Swedish Companies Act.
  * If Lundin Oil acquires more than 90 per cent. of all shares in the
    Company the Convertible Shares will be de-listed from the New Market of
    the Stockholm Stock Exchange and from the Alternative Investment Market
    (AIM) of the London Stock Exchange.


                For further information, please contact:

                       Ian H Lundin, Managing Director


                            Tel: +41-22 319 66 00

Spg Media (LSE:SPM)
Historical Stock Chart
From May 2024 to Jun 2024

Spg Media (LSE:SPM)
Historical Stock Chart
From Jun 2023 to Jun 2024