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Receipt of all necessary governmental approvals for the Combination between Lundin Energy’s E&P business and Aker BP

Receipt of all necessary governmental approvals for the Combination between Lundin Energy’s E&P business and Aker BP

Receipt of all necessary governmental approvals for the Combination between Lundin Energy’s E&P business and Aker BP

02 May 2022

Lundin Energy AB (“Lundin Energy”) is pleased to announce that Lundin Energy and Aker BP have received all necessary approvals from the Norwegian Ministry of Petroleum and Energy, Norwegian Ministry of Finance and the Norwegian competition authority, for the completion of the combination between Lundin Energy’s E&P business and Aker BP (the “Combination”).

As previously communicated the Combination was approved by the shareholders of Lundin Energy and Aker BP, respectively, at Lundin Energy’s AGM on 31 March 2022 and Aker BP’s AGM on 5 April 2022.

Completion of the Combination is expected to take place on 30 June 2022.

For further details of the Combination, please visit the Lundin Energy website: https://www.lundin-energy.com/investors/combination-proposal/



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Lundin Energy publishes the Annual Report and the Sustainability Report for 2021

Lundin Energy publishes the Annual Report and the Sustainability Report for 2021

Lundin Energy publishes the Annual Report and the Sustainability Report for 2021

01 March 2022

Lundin Energy AB (Lundin Energy) is pleased to announce the publication of the Annual Report and the Sustainability Report for 2021.

We would encourage all shareholders to read or download the reports on Lundin Energy’s website, www.lundin-energy.com or via the Lundin Energy App, as the Company is striving to reduce the provision of printed copies as part of our wider sustainability strategy. For those shareholders who would still like to receive a printed copy of the Annual Report 2021 or the Sustainability Report 2021, these can be specifically requested on Lundin Energy’s website or by telephone on +46 8 440 54 50.



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Annual Report 2021
01.03.2022, 873 KB

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Annual report 2021 ESEF
01.03.2022, 825.57 KB

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Årsredovisning 2021
01.03.2022, 893 KB

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Årsredovisning 2021 ESEF
01.03.2022, 824.63 KB

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Sustainability Report 2021
01.03.2022, 7.7 MB

Lundin Energy publishes the Report on Payments to Governments for 2021

Lundin Energy publishes the Report on Payments to Governments for 2021

Lundin Energy publishes the Report on Payments to Governments for 2021

01 March 2022

Lundin Energy AB (Lundin Energy) has published the report on payments made to governments by Lundin Energy and its subsidiaries during the year 2021.

The report gives an overview of payments to governments made by Lundin Energy and its subsidiaries during the year 2021. The report is available to download on Lundin Energy’s website, www.lundin-energy.com.


Year End Report 2021

Year End Report 2021

Year End Report 2021

01 February 2022

 

Board of Directors of Lundin Energy and Aker BP agreed on a combination to create the leading European independent E&P company, with completion of the transaction anticipated around mid 2022
Record financial performance in 2021, with free cash flow generation of USD 1.6 billion and net debt reduced to USD 2.7 billion
Board of Directors propose to increase 2021 quarterly dividend by 25 percent to USD 0.5625 per share until completion of the Aker BP transaction
Record quarterly production for the fourth quarter of 195 Mboepd and 2022 production guidance set between 180 and 200 Mboepd
Key projects progressing on schedule, with Johan Sverdrup Phase 2 set for first oil in the fourth quarter of 2022 and five new projects heading towards sanction within the temporary tax incentives
Delivering growth with resource additions of 200 percent of production in 2021
On track with Decarbonisation Plan to achieve carbon neutrality by 2023 from operational emissions

 

Financial summary11 Jan 2021-
31 Dec 2021
12 months
1 Oct 2021-
31 Dec 2021
3 months
1 Jan 2020-
31 Dec 2020
12 months
1 Oct 2020-
31 Dec 2020
3 months
Production in Mboepd190.3194.8164.5185.1
Revenue and other income in MUSD5,484.71,621.82,564.4779.7
CFFO in MUSD
Per share in USD
3,058.0
10.75
558.1
1.96
1,528.0
5.38
276.7
0.97
EBITDAX in MUSD
Per share in USD
4,822.8
16.96
1,462.2
5.14
2,140.2
7.53
708.4
2.49
Free cash flow in MUSD
Per share in USD
1,645.5
5.79
22.6
-0.08
448.2
1.58
-97.5
-0.34
Net result in MUSD
Per share in USD
493.8
1.74
121.7
0.43
384.2
1.35
303.7
1.07
Adjusted Net result in MUSD
Per share in USD
795.7
2.80
253.3
0.89
280.0
0.99
86.9
0.31
Net debt in MUSD2,747.92,747.93,911.53,911.5
1) All numbers in this table relate to continuing and discontinued operations combined. For a further breakdown between continuing and discontinued operations, reference is made to pages 32-33

Nick Walker, President and CEO of Lundin Energy AB, commented on the proposed combination of Lundin Energy’s E&P business with Aker BP:
“We were very pleased to announce at the end of 2021, that the Board of Directors of Lundin Energy and Aker BP reached an agreement to combine the businesses to create the leading European independent E&P company. Value creation is at the heart of our business and this deal is a unique opportunity to create a world class company, with significant scale, production growth and strong free cash flow generation into the next decade. Coupled with that is a business with industry leading low costs and low carbon emissions.

“I am convinced that the combination proposal with Aker BP is a win-win outcome for both sets of shareholders, as it creates a business that is positioned to prosper through the energy transition and deliver increased and sustainable dividends. For Lundin Energy shareholders, this will deliver a significant up-front cash consideration, the opportunity to be a shareholder in the leading European E&P company and a retained interest in a renewables business that is positioned for growth. We are anticipating that the proposed combination will be completed around the middle of the year.”

Nick Walker, President and CEO of Lundin Energy AB, commented on the 2021 full year results:
“I’m pleased to report that in 2021 Lundin Energy delivered record production and financial results, underpinned by continued excellent operational performance and strong oil and gas prices.

“Our world class assets continue to outperform, with industry leading production efficiency and low operating costs. We exited the year with production at just under 200 Mboepd and full year production came in above the top of our original guidance range.

“Johan Sverdrup keeps on delivering above expectations. Phase 2 of the project, which will lift production to 755 Mbopd gross, is making excellent progress and is firmly on track for first oil in the fourth quarter of 2022.

“At the Greater Edvard Grieg Area the completion of the infill drilling programme and the Solveig and Rolvsnes tie-back projects, together with a number of new projects being planned, will keep the facilities full in the long term. This is a prolific area where I see great opportunity to further extend the production plateau.

“We completed the acquisition of a further interest in the major Wisting oil development project, taking our share to 35 percent, which will help sustain the production profile of the business long term with a significant addition of low carbon emissions barrels. The Wisting development concept has been decided upon and the project is heading towards sanction at the end of 2022.

“Our growth strategy continues to deliver results with total resource additions in 2021 of 200 percent of produced volumes, supported by further reserves growth in the Greater Edvard Grieg Area and the additional interest in Wisting. I see multiple opportunities to continue to grow the business with significant potential resource upside at Johan Sverdrup, a pipeline of new projects being progressed towards development and an active exploration programme.

“At the same time, we are making great progress on our industry leading Decarbonisation Plan and are set to become carbon neutral by 2023 from operational emissions, with around 60 percent of our production already being carbon neutral. I see this as a key value differentiator for Lundin Energy.

“Financially we had a very strong year, delivering free cash flow of USD 1.6 billion, covering our 2021 dividend three times and allowing us to reduce net debt to USD 2.7 billion. I’m pleased to note that the Board of Directors is recommending a 25 percent increase in the quarterly dividend until completion of the Aker BP transaction, clearly demonstrating our commitment to long-term growth of shareholder returns.

I would like to thank all our stakeholders for their continued support over the last year, and our employees for their tremendous efforts in delivering these record results.”

Webcast presentation
Listen to Nick Walker, President and CEO, Dan Fitzgerald, COO and Teitur Poulsen, CFO, commenting on the report and providing a 2022 business update at a live webcast held today, at 14:00 CET. Follow the presentation on www.lundin-energy.com or dial in using the following telephone numbers:

UK/International: +44 3333000804
Sweden: +46 856642651
Norway:+47 23500243
USA:+1 6319131422
Access Pin :17161382
Webcast link:https://edge.media-server.com/mmc/p/ifchzb4n

 

THESE MATERIALS DO NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE OR A SOLICITATION OF AN OFFER TO PURCHASE THE SECURITIES DESCRIBED IN SUCH MATERIALS IN THE UNITED STATES. IN PARTICULAR, ANY SECURITIES REFERRED TO IN THESE MATERIALS HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND MAY NOT BE OFFERED, SOLD OR DELIVERED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THERE WILL BE NO PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES.

 

 

10 licences awarded in the Norwegian APA 2021 licensing round

APA 2021 licence awards

10 licences awarded in the Norwegian APA 2021 licensing round

18 January 2022

Lundin Energy AB announces that its wholly owned subsidiary, Lundin Energy Norway AS (together Lundin Energy), has been awarded interests in a total of ten exploration licences in the 2021 Awards in Predefined Areas (APA) licensing round, in Norway.

The award includes six licences in the North Sea, three licences in the Norwegian Sea and one licence in the Southern Barents Sea. Five of the newly awarded licences will be operated by Lundin Energy Norway.

The licence interests are detailed below and maps of their location are provided in the link below.

LicenceBlocksWorking InterestLicence Area
1170*7324/6,8,9; 7325/4,735%Southern Barents Sea
1164*6507/1140%Norwegian Sea
1162*6407/250%Norwegian Sea
1157*6407/760%Norwegian Sea
115233/3,5,6; 34/450%North Sea
114729/9; 30/7,8,10,1120%North Sea
114325/4,59.05%North Sea
114225/4,59.05%North Sea
1139*15/640%North Sea
113815/9; 16/4,730%North Sea

*Operator Lundin Energy Norway

 


 

Creating the leading E&P company of the future Combining AkerBP and Lundin Energy

Completion of Wisting acquisition

Creating the leading E&P company of the future Combining AkerBP and Lundin Energy

21 December 2021

Lundin Energy AB (Lundin Energy or the Company) is pleased to announce that the Board of Directors of Lundin Energy and AkerBP have reached an agreement on a combination (Combination Proposal) to create the leading European independent E&P company (the Combined Company) with a world class asset base, industry leading operating costs and low carbon emissions with increased and sustainable dividends.

Under the agreement in exchange for Lundin Energy’s portfolio of E&P business, shareholders will be entitled to;

  • Cash totalling BUSD 2.22 (approx. SEK 71.0 per share after conversion from USD)
  • 271,910,019 AkerBP shares (0.950985 AkerBP shares, represented by Swedish Depository Receipts, for each share in Lundin Energy outstanding at completion of the combination – which is equivalent to approximately 279.3 SEK per Lundin Energy share at close 20th of December 2021)
  • Retain their existing shareholding in Lundin Energy and its renewables businesses

Accordingly, following the completion of the Combination Proposal, the shareholders of Lundin Energy will hold 43 percent of the total number of shares and votes of AkerBP (based on a total of 360,113,509 shares and votes in AkerBP). The Combination Proposal will be carried out as a statutory cross-border merger in accordance with Norwegian and Swedish law, through which AkerBP will absorb a company holding Lundin Energy’s E&P business.

AkerBP
AkerBP is a pure-play oil and gas company, focused on the Norwegian Continental shelf with industry-leading low emissions, efficient low-cost operations and a strong production growth profile, with robust free cash flow and attractive returns in a supportive fiscal regime. The company is listed on the Oslo Stock Exchange under the ticker ‘AKRBP’.

The Combined Company
The proposed combination of Lundin Energy’s E&P business and AkerBP has the following strategic and value accretive benefits:

  • World class asset base with market leading low operating costs and production efficiency
  • One of the lowest carbon intensities of any E&P globally
  • Over 2.7 billion barrels of oil equivalent (boe) of reserves and resources with significant growth potential
  • Production in 2022 of over 400 Mboepd and growing to over 500 Mboepd by 2028
  • Ownership of 31.6% in the world class Johan Sverdrup field, delivering 755 Mbopd gross on plateau
  • Low break-even and highly cash generative portfolio
  • Enhanced balance sheet with investment grade credit profile
  • Operational synergies by combining the expertise of both organisations

Dividend Policies
Lundin Energy will continue with its currently announced quarterly dividend, representing a payment of USD 0.45 per share in January 2022. The Board has proposed to increase the 2021 quarterly dividend by 25 percent, amounting to USD 0.5625 per share from April 2022 until completion of the transaction, subject to approval at the 2022 Annual General Meeting for shareholders (AGM).

AkerBP today proposed to increase their current quarterly dividend by 14 percent to USD 0.475 per share from January 2022, and will continue to pay this increased dividend after completion, with the ambition to increase by a minimum of 5% per annum from 2023 onwards.

Lundin Energy to retain its Renewable Portfolio
Lundin Energy has developed a portfolio of onshore renewable assets in the Nordics, with power generation of 600 gigawatt hours per annum once fully built out. As part of this transaction the Company’s E&P businesses are being sold to and combined with AkerBP, leaving behind a standalone renewable energy business. As such, the legal entity of Lundin Energy is not a part of the Combination Proposal. The renewable business will remain listed on the Nasdaq Stockholm, and maintain its headquarters in Sweden. The renewable business will be debt free and, on completion will have a cash balance of MUSD 130, to cover all capital expenditure and other working capital requirements until late 2023. After the completion of all currently planned projects, this business is expected to be free cash flow positive and will form the basis of a viable, independent renewables company. Details on the business plan, management and governance will be published prior to the 2022 AGM.

Furthermore, Lundin Energy will continue to vigorously defend itself in regards to the ongoing legal case in Sweden in relation to the past operations in Sudan, and is convinced that there is no basis for any claim of wrongdoing by any Company representative. In addition, the Company will retain certain non-Norwegian potential liabilities related to past operations. The business has sufficient capital to build out all of its projects, will be cash flow positive from late 2023 and retain value in excess of any of the contingent liabilities, should any arise.

Conditions for completion of the Combination Proposal
Completion of the Combination Proposal is conditional upon, among other things the Combination Proposal being approved with a two-third majority vote at the general meetings of shareholders of AkerBP and Lundin Energy, respectively, and the receipt of necessary governmental clearances (including from competition authorities as well as from the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance).

The Board of Directors1 unanimously recommends the shareholders to vote in favour of the Combination Proposal from AkerBP at the 2022 AGM
Lundin Energy is a leading European independent E&P business, generating significant free cash flow from its world class asset base, with some of the lowest cost and lowest CO2 emissions assets in the industry. Similarly, AkerBP has world class assets, a strong production growth trajectory and a proven operating capability, while delivering strong free cash flow and growing dividends. With this in mind, the Board of Directors supports the combination of Lundin Energy’s E&P business and AkerBP to create the leading European independent E&P business.

Based on the above, the Board of Directors recommends the shareholders of Lundin Energy to vote in favour of the Combination Proposal at the 2022 AGM.

The Board of Directors, as part of its process to evaluate the Combination Proposal and in line with its fiduciary duties, has investigated alternative strategic opportunities, however the combination with AkerBP is in the view of the Board of Directors the best opportunity to create long term shareholder value.

Upon written request by AkerBP, the Board of Directors has permitted AkerBP to conduct confirmatory due-diligence and Lundin Energy has conducted a similar reciprocal due diligence review of AkerBP. No inside information has been exchanged in connection with these reviews.

Shareholder’s irrevocable voting undertaking
Lundin Energy’s largest long term shareholder, the Lundin Family, represented by Nemesia S.à.r.l., with significant expertise in the industry, representing 33.39 percent of the total shares in issue, has signed an irrevocable undertaking to vote in favour of the Combination Proposal at the AGM 2022.

In addition, Aker Capital AS and BP Exploration Operating Company Ltd, who in aggregate control 64.99 percent of the shares and votes in AkerBP, have irrevocably undertaken to vote in support of the Combination Proposal at the general meeting of shareholders of AkerBP.

Ian Lundin, commented:
“Creating long term value for shareholders has been at the core of this business for 20 years since inception and this combination of Lundin Energy and AkerBP is a unique opportunity to create a future proof independent E&P company, exposing shareholders to a business with significant scale, production growth and strong free cashflow into the next decade. Coupled with this is a world class asset base which will have one of the lowest cost and lowest CO2 emissions per barrel in our industry.

“This combination proposal with AkerBP merges our two great businesses together, builds on our individual strengths, and creates a company which will prosper through the energy transition and continue to deliver strong dividends into the next decade. For Lundin Energy shareholders, this will deliver a significant cash consideration and the opportunity to be a shareholder in the leading European E&P company. The Lundin Family are in full support of this transaction and have given our irrevocable undertaking to vote in favour of this transaction. The independent members of the Board of Directors have also recommended that all shareholders vote in favour of this transaction.”

Effects on Lundin Energy and its employees
In its press release announcing the Combination Proposal, AkerBP states:

“Following the Merger, AkerBP’s executive management team will run the Combined Company. The Target executive management team shall remain available to the Combined Company for a period of three months after completion of the transaction to ensure an orderly transition. All personnel of Lundin Energy’s oil and gas assets in Norway will remain employed by Aker BP upon completion and will have a work location in Oslo, Norway.”

The Board of Directors assumes that the above statements made by AkerBP are correct and has, in relevant respects, no reason to take a different view.

Additional information
AkerBP and Lundin Energy have agreed to carry out the Combination Proposal in all material respects in accordance with Section V of Nasdaq Stockholm’s Takeover Rules.

More information about the Combination Proposal is set out in AkerBP’s press release announcing the combination, which is attached as an appendix to this press release.

Preliminary timetable

  • Publication of merger plan: 23 February 2022
  • Publication of the merger document: 23 February 2022
  • Publication of description of the new Lundin Energy and its renewable business: 23 February 2022
  • EGM in AkerBP: End Q1, 2022
  • AGM in Lundin Energy: 31 March, 2022
  • Completion of the Proposed Combination: Late Q2 / Early Q3 2022

Advisors
Lundin Energy has engaged Barclays as financial advisor in relation to the Combination Proposal. Gernandt & Danielsson Advokatbyrå and Advokatfirmaet Schjødt are acting as legal advisors to Lundin Energy in relation to the Combination Proposal.

Conference call and webcast
AkerBP and Lundin Energy will co-host an investor and press conference call today, Tuesday 21 December 2021 at 16:00 CET.

The conference call will be available as a live webcast on www.akerbp.com/en.

To participate in the conference call, please use the dial-in numbers and passcode below.

Phone number Norway:    +47 2350 0347
Phone number UK:     +44 (0)33 033 69600
Participant Passcode:    959538

This statement by the Board of Directors of Lundin Energy shall be governed by and construed in accordance with substantive Swedish law. Disputes arising from this statement shall be settled exclusively by Swedish courts.

Stockholm, 21 December 2021

The Board of Directors of Lundin Energy

 

1 Board members Ian H. Lundin, Lukas H. Lundin and Adam I. Lundin have not, due to conflict of interest, participated in the Board of Director’s evaluation of the proposed combination nor in resolutions concerning the proposed combination.

AkerBP Press Release 

Completion of Wisting acquisition

Completion of Wisting acquisition

Completion of Wisting acquisition

17 December 2021

Lundin Energy AB (Lundin Energy) is pleased to note the completion of the previously announced transaction to acquire a further 25 percent working interest from OMV (Norge) AS in the Wisting development, for USD 320 million. Lundin Energy has also entered in to a cooperation agreement with Equinor ASA (Equinor) regarding the operatorship of Wisting and nearby exploration licences.

The transaction to acquire a further 25 percent working interest in the Wisting development has completed following the closing of all pre-requisite conditions, including regulatory and government approvals and is effective from 1 January 2021. In addition, Lundin Energy has concluded a cooperation agreement with Equinor for the Wisting development with the following key terms, which will see Lundin Energy:

  • Propose Equinor to retain operatorship of the Wisting development into the operations phase, allowing operational synergies across their various developments in the Barents Sea
  • Become operator for the exploration acreage surrounding Wisting (PL1133 and PL1134), including an increase in Lundin Energy’s working interest to 35%1
  • Collaborate further with Equinor in the Wisting development by secondment of Lundin Energy employees into key technical and operational positions within the Wisting project

This agreement further strengthens the relationship between Equinor and Lundin Energy and sets out a strong collaboration for exploration and operations in what will be the next Barents Sea production hub.

Wisting Acquisition Highlights:

  • Transaction increases Lundin Energy’s working interest in the Wisting development from 10 percent to 35 percent
  • Strengthens Lundin Energy’s position in a core area with significant remaining prospectivity and meaningfully contributes to the Company’s long-term production outlook
  • Adds net 130 million barrels of oil equivalent (MMboe) fully appraised contingent resources at an acquisition price of approximately 2.5 USD/boe
  • Project concept selection and award of front-end engineering and design (FEED) contracts has taken place with the project on track to submit a Plan for Development and Operation (PDO) by end of 2022
  • Wisting’s development concept is in line with Lundin Energy’s decarbonisation plan with a power from shore solution being matured
  • Addition of Wisting resources alone delivers total resource replacement ratio for the Company of approximately 190 percent in 2021

(1) Operatorship and additional working interest in licences PL1133 (15 percent) and PL1134 (5 percent) as well as for licence applied for in the 2021 APA round

 

Lundin Energy Norway Management Succession

Lundin Energy Norway Management Succession

Lundin Energy Norway Management Succession

01 December 2021

Lundin Energy AB (Lundin Energy or the Company) announces that the Board of Lundin Energy Norway AS (Lundin Energy Norway) and Managing Director Kristin Færøvik have agreed that she will retire from her position on 31 December 2021. Morten Grini has been appointed as the new Managing Director from 1 January 2022.

Morten Grini is presently Director for Drilling and Wells in Lundin Energy Norway and has been a member of the leadership team in the Company since joining in 2017. Prior to that he worked for ExxonMobil in Norway and internationally for 19 years across a range of leadership roles.

Nick Walker, President and CEO, Lundin Energy comments:
“I would like to thank Kristin for seven years of committed service. Lundin Energy Norway has seen continued and successful growth under her leadership, from production of just over 20 thousand barrels of oil per day to around 190 thousand barrels per day in 2021. The flagship operated Edvard Grieg field on the Utsira High has consolidated its position as a host facility, and the giant Johan Sverdrup field has been put into production. The Company has delivered strong results throughout her tenure. She has also built a high performing team that will be an important asset for the Company moving forwards.

“We know Morten very well as a highly successful technical professional and leader, who has made a significant impact in Lundin Energy in the relatively short time he has been with us. I look forward to working closely with him in his new role of Managing Director, as we continue to build Lundin Energy as one of the leading companies operating on the Norwegian Continental Shelf”.

Kristin Færøvik, Managing Director, Lundin Energy Norway comments:
“I am proud of having continued to develop Lundin Energy’s business in Norway, and of the success of Edvard Grieg and Johan Sverdrup. After seven years of leading the Company, it is with pleasure I hand over the baton to Morten. Lundin Energy Norway has fabulous employees and I wish them and the Company all the best for the future”.

 

 

Response to Market Rumours

Response to Market Rumours

Response to Market Rumours

29 November 2021

Lundin Energy AB (Lundin Energy or the Company) has noted recent speculation in the markets. The Company continuously engages in opportunities that are potentially value accretive to its shareholders. In that context, the Company does at times hold discussions with various parties. As of today there are no conclusive decisions that have been made in relation to any such discussions.

 

 

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