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Petro Welt Technologies AG: Majority shareholder Joma requests to exclude the minority shareholders according to Section 1 (1) of the Austrian Squeeze-Out Act (Gesellschafter-Ausschlussgesetz)

·2-min read

Petro Welt Technologies AG / Key word(s): Squeeze Out/AGM/EGM
Petro Welt Technologies AG: Majority shareholder Joma requests to exclude the minority shareholders according to Section 1 (1) of the Austrian Squeeze-Out Act (Gesellschafter-Ausschlussgesetz)

07-Sep-2022 / 13:09 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

AD-HOC ANNOUNCEMENT

 

Petro Welt Technologies AG – Majority shareholder Joma requests to exclude the minority shareholders according to Section 1 (1) of the Austrian Squeeze-Out Act (Gesellschafter-Ausschlussgesetz)

 

Vienna, September 7, 2022

Joma Industrial Source Corp. (“Joma”) has today sent a letter to the Management Board of Petro Welt Technologies AG (“PeWeTe”) requesting to initiate the process of squeezing-out the minority shareholders pursuant to Section 1 (1) of the Austrian Squeeze-Out Act, to prepare all necessary reports and documents and to call an extraordinary general meeting of PeWeTe.

 

The subject of the extraordinary general meeting shall be the resolution on the exclusion of the minority shareholders pursuant to Section 1 (1) of the Austrian Squeeze-out Act and transfer of all shares not held by Joma or its indirect subsidiary Petro Welt Holding Limited to Joma against payment of adequate cash compensation pursuant to Section 2 of the Austrian Squeeze-Out Act.

 

The cash compensation price is EUR 2.20 per share including dividend entitlements. The cash compensation was determined by Joma on the basis of a group valuation carried out by Grant Thornton Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, which was calculated as if the recent sale of the subsidiaries in Russia had not taken place.

 

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

07-Sep-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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:

1437317


 

End of Announcement

DGAP News Service

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