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Petro Welt Technologies AG: Joma considers squeeze-out of minority shareholders according to Section 1 (1) of the Austrian Squeeze-out Act

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Petro Welt Technologies AG / Key word(s): Squeeze Out
Petro Welt Technologies AG: Joma considers squeeze-out of minority shareholders according to Section 1 (1) of the Austrian Squeeze-out Act

26-Jul-2022 / 16:45 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Vienna, July 26, 2022

Joma Industrial Source Corp. (“Joma”) holds more than 90% of the shares in Petro Welt Technologies AG (“PeWeTe”) through direct and indirect shareholdings and is therefore deemed to be the principal shareholder pursuant to Section 1 (1) and (2) of the Austrian Squeeze-out Act (Gesellschafter-Ausschlussgesetz, GesAusG).

Joma has today informed the Management Board of PeWeTe of its intention to submit a written request for squeeze-out pursuant to Section 1 (1) GesAusG, provided that (a) the extraordinary general meeting of PeWeTe on August 16, 2022 resolves to approve the sale of the participations in Russia in a way that is valid, binding and not subject to challenge or judicial review, or any such challenge or judicial review has been withdrawn, rejected, or adjudicated in favor of the Company, and (b) if the sale of the participations in Russia has been validly entered into, all necessary regulatory approvals have been granted, and it has been closed. The squeeze-out of the minority shareholders shall take place at a share price calculated as if the sale of the participations in Russia had not been carried out and shall be determined by Joma on the basis of a group valuation made by Grant Thornton Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft.

About Petro Welt Technologies AG

Petro Welt Technologies AG, headquartered in Vienna, is one of the leading, early established OFS companies in Russia and the CIS, specializing in services to increase the productivity of new and existing oil and gas formations.

Inquiries

Konstantin Huber (Male Huber Friends GmbH)

Investor Relations

T: +43 699 1172 68 14

huber@mhfriends.at

26-Jul-2022 CET/CEST News transmitted by EQS Group AG. www.eqs.com

Language:

English

Company:

Petro Welt Technologies AG

Kärntner Ring 11-13

1010 Vienna

Austria

Phone:

+43 1 535 23 20-0

Fax:

+43 1 535 23 20-20

E-mail:

ir@pewete.com

Internet:

www.pewete.com

ISIN:

AT0000A00Y78

WKN:

A0JKWU

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1406325


 

End of Announcement

EQS News Service

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