Petromanas announces closing of sale of Albanian assets to Shell
Petromanas Energy Inc. is pleased to announce closing of the previously announced sale of substantially all of the assets of Petromanas Albania GmbH, Petromanas’ wholly-owned subsidiary, to Shell Upstream Albania B.V. a wholly-owned subsidiary of Royal Dutch Shell plc, for US$45 million.
As previously announced, Petromanas intends to make a special distribution to shareholders as a return of capital. The Distribution will be funded primarily from the net proceeds of the Transaction but will also include approximately US$3 million of working capital. Petromanas anticipates that an aggregate of up to US$43 million will be available for distribution to shareholders which, subject to currency exchange fluctuations, would result in a distribution to Petromanas shareholders of approximately CAD$0.08 to CAD$0.085 per share based on current exchange rates. The Company expects to confirm the final amount of the Distribution in late April and announce the record date for the Distribution in May following determination of post-closing adjustments under the sale and purchase agreement relating to the Transaction.
Source: Stockhouse
Latest Posts
Popular Post
- Thyssenkrupp exclusive distributor of graphite production from Elcora Adv Materials
- Ukraine coal giant DTEK’s assets becoming increasingly stranded
- Greek Court Acquits 21 Environmental Defenders in Eldorado Gold Trial
- Eldorado Gold gets positive Greece ruling, awaits mine permits
- How valuable is Kosovo’s mineral wealth?
- Macedonia: How to Cut the Ilovica-Štuka Gordian Knot, EBRD supported Euromax on crossroad
- Rakita Exploration Serbia & Freeport McMoran mining project development status
- Turkey Alacer Gold Signs $350 Million Project Finance Facility
- European Electric Metals hires Nordmin for inspection of nickel-cobalt mine in Albania
- Where will Europe source its lithium from?