PA Resources to divest assets and apply for delisting; CFO to leave

In April, PA Resources AB’s board of directors initiated a review of the company’s strategic options with regard to the company’s future. The review process has concluded, and the board has found no viable alternatives for long-term financing or M&A, leaving a sale of the company’s assets and subsidiaries as the company’s remaining option.

The board of directors has consequently asked the management to pursue discussions with parties who have expressed an interest in acquiring PA Resources’ oil and gas assets.

Following the board of directors’ decision to pursue the sale of the company’s assets, it is the company’s intention to apply for delisting of its shares from the Nasdaq Stockholm exchange in the coming days. The decision to delist the company’s shares is required by the agreements signed with its major creditors as part of the corporate reorganization.

The extra general meeting of shareholders held on Oct. 27 authorized the company’s board to apply for delisting. In anticipation of the decision to delist, the company has sought the opinion of the Swedish Securities Council, which has responded that, under the current circumstances, it is essential from the perspective of good practice on the stock market that the company provides to the shareholders clear information regarding its delisting plans and abstains from filing for delisting until the shareholders have had reasonable time to divest their shares if they so wish before the trading ceases. It is the company’s intention to follow the council’s opinion. More information will be provided once the delisting process has been initiated.

In other company news, PA Resources CFO Tomas Hedström has resigned his position and will leave at year’s end to take up a position at another company. Urban Adolfson, head of group control and accounting, has been appointed acting CFO, effective Dec. 1.

 

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