A new structure to provide benefits to all shareholders
STEINHAUSEN, SWITZERLAND – EQS Newswire – 22 August 2022 – Terraoil Swiss AG, an energy company with a strong Mediterranean focus, is pleased to announce that preparations have begun for a new holding structure, which should provide equal benefits to all shareholders.
After successfully receiving the decision from the Swiss tax authorities, in order to support the transaction for all shareholders, as well as the engagement of auditors in Liechtenstein, we are pleased to announce the completion of the first stage. The new structure involves the creation of a new holding company (topco) in which all shareholders will have the opportunity to exchange their shares of Terraoil Swiss AG (TOS) for Topco shares.
Upon successful completion of the share exchange, TOS shareholders will become Topco shareholders and the goal is for Topco to finally own 100% of TOS shares. Shareholders will have the same percentage ownership in Topco that they held in TOS. The restructuring does not involve any transfer of assets into or out of TOS and TOS will retain ownership of the petroleum agreement for the Visoka field in Albania. Shareholders will receive further details on next steps in due course.
Chief Executive Peter Krempin said:
“We have been preparing the Company for international financial markets since 2018. Macroeconomic factors have delayed our plans but not our planning. We have now proceeded with the creation of our new parent holding company in Liechtenstein, a neighboring country whose financial markets are integrated into the European Economic Area (EEA). The new structure will provide benefits to Swiss and international investors which we believe will help the Company achieve its financial and operational objectives.
If you are a Terraoil shareholder and would like Further informationContact Peter Krempin either by email [email protected] or by phone at +41 71 544 01 20.
About Terraoil Swiss AG
Terraoil is an international energy company whose objective is to identify and rapidly advance business opportunities in the upstream oil and gas and renewable energy sectors in the Mediterranean region.
This press release is for informational purposes and does not constitute an offer to sell or a solicitation or advertisement to buy shares of Terraoil Swiss AG in any jurisdiction. This press release does not constitute a prospectus within the meaning of articles 35 and following. federal financial services law. In addition, investors should seek advice from their bank or financial adviser. This press release and the information it contains are not published for the purpose of selling shares in the United States of America, Australia, Canada, Japan, the United Kingdom or the European Economic Area and must not be distributed in or to these countries. or through publications with general circulation in these countries.
This press release contains forward-looking statements such as projections, forecasts and estimates. These forward-looking statements are subject to certain risks and uncertainties that may cause actual results, performance or events to differ materially from those anticipated in this press release. Readers should therefore not rely on these forward-looking statements. The forward-looking statements contained in this press release are based on the opinions and assumptions of Terraoil Swiss AG as of this date and Terraoil Swiss AG undertakes no obligation to update or revise this press release.