egm-agm-post

Extraordinary General Meeting of Lundin Petroleum AB – 22 March 2017

Extraordinary General Meeting of Lundin Petroleum AB – 22 March 2017

22 March 2017

An Extraordinary General Meeting of Shareholders of Lundin Petroleum AB (publ) (the “Company”) was held today Wednesday 22 March 2017 in Stockholm.

The Meeting was convened in connection with the proposed transaction to spin-off the Company’s non-Norwegian producing assets into a newly formed company called International Petroleum Corporation (IPC) and to distribute the shares of IPC, on a pro-rata basis, to Lundin Petroleum shareholders as announced by the Company on 13 February 2017.

The Meeting resolved, in accordance with the Board of Directors’ proposal, to approve the dividend in kind of all shares in IPC to Lundin Petroleum shareholders. Three (3) shares in Lundin Petroleum shall entitle the holder to one (1) common share in IPC. If the shareholding in Lundin Petroleum is not evenly divisible by three, the holder will receive an entitlement to a fraction of a share. Such fractions will be added together with the fractions held by other shareholders into whole shares in IPC, which will be sold on the market by Pareto Securities. The proceeds, without deduction of any commissions, will then be paid to the relevant IPC shareholders via Euroclear Sweden. The Board of Directors is authorised to resolve upon the record date for the right to the distribution of IPC shares.

Completion of the distribution and the listing of the IPC shares remain subject to the receipt of the necessary approvals regarding the reorganisation of Lundin Petroleum to form IPC and the receipt of conditional listing approval for the IPC shares to be listed on the Toronto Stock Exchange (TSX) and the Nasdaq First North stock exchange. IPC plans to initially list its shares on Nasdaq First North, with an intention to move to NASDAQ Stockholm. Listing of IPC’s shares on the TSX and Nasdaq First North, and then NASDAQ Stockholm, will be subject to IPC fulfilling the requirements of the respective exchange. There can be no assurance that the shares will be accepted for listing on the TSX, Nasdaq First North or NASDAQ Stockholm.

Completion is expected to occur during April 2017.

Questions regarding the distribution of IPC shares will be answered by Pareto Securities at the following telephone number +46 8 402 51 40 during normal office hours in Sweden, or at the following email address issueservice.se@paretosec.com, until the distribution has been completed.

Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of worldclass assets primarily located in Europe and South East Asia. The Company is listed on NASDAQ Stockholm (ticker “LUPE”). Lundin Petroleum has proven and probable reserves of 743.5 million barrels of oil equivalents (MMboe) as at 31 December 2016.

For further information, please contact:

Maria Hamilton
Head of Corporate Communications
maria.hamilton@lundin.ch
Tel: +41 22 595 10 00
Tel: +46 8 440 54 50
Mobile: +41 79 63 53 641
orTeitur Poulsen
VP Corporate Planning & Investor Relations
Tel: +41 22 595 10 00

¹ Since the value of the assets to be distributed is determined in USD and the reorganisation has not yet been carried out, the final value of the dividend in SEK will depend on the exchange rate between USD/SEK as per the day of completion of the reorganisation. The value as stated herein is based on the Swedish Central Bank’s (Sw. Riksbanken) USD/SEK exchange rate of USD 1 / SEK 8.9724 as per 24 February 2017.

Forward looking statement link