Final Compilation Complete - Sands Acquires 95.5 percent of IPC
STOCKHOLM, Sweden--(BUSINESS WIRE)--Jan. 14, 1998--Sands Petroleum AB Sands Petroleum AB's (''Sands'') offer to the holders of common shares and Swedish Depositary Receipts ("SDRs") of International Petroleum Corporation (Nasdaq:IRPPF - news; "IPC") expired on January 9, 1998.
Sands has acquired 41,130,920 common shares of IPC (including common shares represented by SDRs) representing 95.5 percent of the issued and outstanding common shares in IPC (excluding shares and SDRs held by Sands).
As consideration Sands will issue in total 35,767,003 new shares of series B with a total nominal value of SEK 17,883,502 (including series B shares of Sands which will be represented by global depositary receipts (''GDR'')). Sands' share capital will then amount to SEK 39,597,611. Settlement for tendered SDRs is expected to begin on or about January 15, 1998.
Sands intends to initiate a compulsory acquisition process according to the Canada Business Corporations Act in order to acquire any remaining outstanding shares in IPC, including shares represented by SDRs, on or about January 15, 1998. The compulsory acquisition process is expected to be settled with shares of series B in Sands, pursuant to which every 1.15 shares (or SDRs) in IPC will be exchanged for one newly issued share of series B in Sands (or one GDR). The compulsory acquisition process is expected to be completed in February 1998.
Trading of the newly issued shares of series B in Sands on the O-list at the Stockholm Stock Exchange is expected to begin on January 19, 1998. The last day of trading with SDRs in IPC on the O-list at the Stockholm Stock Exchange is expected to be January 19, 1998. Trading in shares of series B in Sands represented by GDRs is expected to begin on The Toronto Stock Exchange on January 19, 1998 and on NASDAQ on or about January 20, 1998.
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