SPM Spg Media

RNS No 0082u
SODRA PETROLEUM AB
12th March 1999

                           SODRA PETROLEUM AB

Sodra Petroleum AB announces that its parent company, Lundin Oil AB
("Lundin") has today issued the following announcement:-
                                    
                     Lundin Oil AB to issue Warrants
                          and Incentive Options
                                    
The  Board  of  Directors of Lundin Oil AB has decided to propose  at  an
Extraordinary  General  Meeting of Shareholders  that the meeting  decide
to issue warrants to shareholders of the company. The Board proposes that
one  warrant  be issued free of charge for each ten shares held and  that
the warrants shall have a life of one year between 1 April 1999 until and
including  31  March  2000.  One warrant  shall  entitle  the  holder  to
subscribe  for  one  newly  issued share of  series  B  of  the  Company.
Subscription can take place during two periods: At a price of SEK 23  for
each  newly issued share between 1 October and 15 October 1999  or  at  a
price of SEK 28 between 10 January and 31 March 2000.

A total of approximately 8.2 million warrants will be issued according to
the Board's proposal. The company intends to apply to the Stockholm Stock
Exchange to have the warrants quoted.

An  Extraordinary General Meeting of shareholders will be held on Tuesday
30  March  in  the Almega House at Blasieholmsgatan 5 in  Stockholm.  The
Notice for the meeting will be published in Svenska Dagbladet on 13 March
1999.

In addition the board has decided  to issue 1.3 million incentive options
to group employees under the company's incentive program.

The  exercise  period  of the incentive options is three  years  and  the
subscription price is 24 Swedish kronor corresponding to 148 per cent  of
the  average  last price paid for shares in Lundin Oil as quoted  on  the
Stockholm Stock Exchange between 26 February 1999 and 11 March 1999.  The
incentive programme involves a dilution effect of around 1.6 per cent  on
the  outstanding share capital of the company upon full subscription, via
the options.

The  Board  decision  to offer incentive options  to group  employees  is
conditional  upon  the  approval  of  the  Annual  General   Meeting   of
shareholders  to be held on 20 May 1999. For approval to be  received,  a
majority of more than 90 per cent of both the voting rights of the shares
of  the company, and the shares represented at the AGM must vote for  the
proposal.

For further information, please contact:

Ian H. Lundin                           Tel: +41 22 319 6606
President

Magnus Nordin                           Tel: +46 8 440 54 50

Judith Parry/Simon Rothschild           Tel: 0171 256 5756
Millham Communications

Notes to editors

1.   Lundin is the parent company of Sodra by virtue of its holding of
     40,506,500 Ordinary Shares of SEK0.50 each.  The 40,506,476 Convertible
     Shares of SEK0.50 each in Sodra listed on the AIM market are effectively
     convertible into the right to subscribe for B Shares in Lundin in
     November 2001.  Upon exercise of the conversion right, for every 12
     Convertible Shares, the holder will receive a warrant to subscribe for 1
     new Lundin B Share at the nominal price of SEK0.50.

2.  Convertible Shares in Sodra are also listed on the New Market of the
    Stockholm Stock Exchange.  Lundin B Shares are currently quoted on the    
    Stockholm Stock Exchange, Toronto Stock Exchange and the Nasdaq National  
    Market.


END

MSCBLFFFKXKXBKF

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