STEINHAUSEN, SWITZERLAND – EQS Newswire – 22 August 2022 – Terraoil Swiss AG, an energy company with a strong focus on the Mediterranean is pleased to announce that preparations for a new holding structure have commenced which is expected to provide equal benefits to all shareholders.
After successfully receiving the ruling from the Swiss tax authorities, to support the transaction for all shareholders, as well the engagement of auditors in Liechtenstein we are happy to announce the completion of the first step. The new structure involves the establishment of a new holding company (Topco) in which all shareholders will be provided the opportunity to exchange their shares in Terraoil Swiss AG (TOS) for shares in Topco.
Upon successful completion of the share exchange the shareholders of TOS will become shareholders of Topco and it is the objective that Topco will finally own 100% of the shares in TOS. Shareholders will have the same ownership percentage in Topco as they held in TOS. The restructuring involves no transfer of assets into or out of TOS and TOS will remain the owner of the Petroleum Agreement for the Visoka field in Albania. Shareholders will be provided with further details about the next steps in due time.
Chief Executive Officer, Peter Krempin commented:
“We have been preparing the Company for the international financial markets since 2018. Macroeconomic factors delayed our plans but not our planning. We have now proceeded with the establishment of our new top holding company in Liechtenstein, a neighbouring country with financial markets embedded in the European Economic Area (EEA). The new structure will provide benefits to Swiss and international investors which we believe will assist the Company in realizing its financial and operational objectives.”
If you are an
Terraoil shareholder and would like
additional information, contact
Peter Krempin either via email [email protected] or by telephone at +41 71 544 01 20.