Lundin Petroleum AB, Stockholm, has completed the reorganization of Lundin Petroleum Group into a spinoff of its assets in Malaysia, France, and the Netherlands after receiving regulatory approvals (OGJ Online, Feb. 13, 2017).
Distribution of shares of the newly formed International Petroleum Corp. (IPC), on a pro rata basis, to Lundin shareholders was conditionally approved by Lundin shareholders on Mar. 22.
IPC has now received conditional approval for the listing of its shares on the Toronto Stock Exchange and is intending to list on the Nasdaq First North stock exchange. Distribution and first day of trading of IPC’s shares on the TSX and Nasdaq First North is expected on Apr. 24.
The Lundin board has determined that the conditions for shareholder approval have been satisfied and that the record date for the distribution of IPC shares will be Apr. 20. Based on that record date, the shares of Lundin will commence trading without the right to the distribution of IPC shares on Apr. 19.
Each three shares in Lundin will entitle the holder to one common IPC share. If the shareholding in Lundin is not evenly divisible by three, the holder will receive an entitlement to a fraction of a share.
The fractions will be added together with the fractions held by other shareholders into whole shares in IPC, which will be sold on the market. The proceeds will then be paid to the relevant IPC shareholders.
Statoil ASA has indicated to Lundin and IPC that it intends to tender its IPC shares to the offer if the offer is made.