LONDON (AFX) - Sodra Petroleum AB said it decided to improve the terms for early conversion of shares into Lundin shares with the aim of reducing costs.
Under the enhanced conversion rights, for the period from May 21 up to and including June 14, holders of convertible shares of 0.05 skr will be able to receive one new Lundin Oil AB B share at 0.50 skr each for every 11 convertible shares held.
Ian Lundin, managing director of Lundin Oil and Sodra, said: "Sodra has now completed its work obligation in the Falkland Islands and no further work is expected in the near future. To reduce the running costs of the company, we have decided to offer enhanced terms for early conversion".
Lundin Oil holds 50 pct of Sodra. If Lundin Oil acquires more than 90 pct of all shares in Sodra, the convertible shares will be de-listed from the New Market of the Stockholm Stock Exchange and from AIM in London, Sodra said.
The right of early conversion is subject to approval at Sodra's and Lundin Oil's annual general meetings on May 16 and 17, respectively.
Original conversion rights will remain unchanged, and from Nov 5 up to and including Nov 23, Sodra shareholders will be able to receive one new Lundin Oil B share at 0.50 skr per share for every 12 convertible Sodra shares, Sodra added.
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