MERGERS-ACQUISITIONS / Sands Petroleum AB has Received in
Excess of 90 Percent of the Shares of International Petroleum
Corporation. The SDR Offer Unconditionally Extended Until
January 9, 1998
DECEMBER 30, 1997
STOCKHOLM, SWEDEN--In connection with its offer to purchase the
outstanding shares of International Petroleum Corporation ("IPC")
(including shares represented by Swedish Depositary Receipts
("SDRs"), Sands Petroleum AB ("Sands") is pleased to announce that
in excess of 90 percent of the common shares of IPC (including
shares represented by SDRs), calculated on a fully diluted basis,
have been tendered to the offer by Sands, thereby satisfying one
of the conditions of the offer. The other conditions of the offer
for the outstanding SDRs (the "SDR Offer") have already been
fulfilled or waived. The SDR Offer has now been completed. The
offer for the common shares of IPC (the "Share Offer"), which is
being made according to Canadian law, is, however, still subject
to registration with the Swedish Patent and Registration Office of
the newly issued Series B shares of Sands.
The final compilation of shares and SDRs tendered is expected to
be completed by January 9, 1998, after which Sands will announce
the level of acceptance. Settlement is expected to begin on or
about January 15, 1998.
To enable holders of SDRs who have not yet accepted the SDR Offer
to do so, Sands has extended the acceptance period until January
9, 1998. The acceptance form must be received by Skandinaviska
Enskilda Banken, Publika Emisisoner, no later than 6:00 p.m.
Swedish time on January 9, 1998. Settlement for SDRs tendered
during the extended acceptance period is expected to begin on or
about January 23, 1998. After the expiration of the extended
acceptance period Sands intends to initiate a compulsory
acquisition process in order to acquire any remaining shares in
IPC, including shares represented by SDRs. |
