Increase in the Target Minimum Shareholding for the Purchase Offer in Petroteq Energy Inc. (PQE) Shares by Uppgard Konsult AB.

Rhea-AI Summary

Petroteq Energy Inc. has announced an amendment to its takeover offer by Uppgard Konsult AB, increasing the target shareholding for the offer from 200 million shares to 270 million shares at a premium price of EUR 0.50 per share, as published on July 29, 2021. This revision aims for a simple majority in the takeover process. The company is also exploring a friendly takeover approach and has engaged legal representatives to facilitate discussions regarding potential bids in Canada and the U.S.

Positive

• Increased target shareholding for the takeover from 200 million to 270 million shares could indicate stronger interest in acquiring Petroteq Energy.
• The purchase price of EUR 0.50 per share represents a premium offer, which could make the proposal more attractive to shareholders.

Negative

• The need to raise the minimum shareholding indicates potential challenges in gaining shareholder support for the takeover.
• Engaging in discussions for a friendly takeover suggests uncertainties or difficulties in the current acquisition strategy.

KRYLBO, SWEDEN / ACCESSWIRE / August 3, 2021 / Regarding Petroteq Energy Inc. ('Petroteq' or the 'Company'), (CA:PQE), (OTC:PQEFF), (FSE:PQCF)
Uppgard Konsult AB ('Uppgard' or the 'Company') announces that on July 29, 2021, the company officially filed and published an amendment to the takeover offer of April 16, 2021 in the German Federal Gazette.

In order to achieve the first objective of a simple majority, the target minimum holding for the takeover offer of 200 million shares in Petroteq Energy Inc. was increased to 270 million shares at a premium offer price of EUR 0.50 per share on July 29, 2021.

Parallel with our efforts in Germany, the client contacted Petroteq Energy Inc.'s official legal representative, DLA Piper (Canada) LLP, through its Canadian legal counsel, Gowling WLG (Canada) LLP, to discuss the possibility of a friendly takeover, to obtain support for the purchase offer prior to seeking a takeover bid in Canada and/or a tender offer in the United States.

For further information on the voluntary public purchase offer in Germany please visit the website of the German Federal Gazette:

https://www.bundesanzeiger.de/pub/en/start?2

and/or contact Uppgard Consult AB at:

email: info@uppgardab.com
tel.: + 46 (8) 465 026 18

Upon clicking on the link and searching for 'Petroteq' select the latest Business Disclosure from the 07/29/2021 'Freiwilliges öffentliches Kaufangebot an die Aktionäre der Petroteq Energy', Amendment of publication of 04/16/2021, the offer can be reviewed in the German language.

The purchase offer is subject to Uppgard Konsult AB's terms and conditions.

The German federal gazette the 'Bundesanzeiger' , is the official publication of the Federal Department of Justice and Consumer Protection, of the Federal Republic of Germany and the official proclamation and announcement organ for legally mandated announcements by the private sector in Germany.

Please note that this is not investment advice or an offer to purchase investments.

We strongly recommend that all investors consult with their own financial representatives or investment advisors before making any decisions.

Safe Harbor Statement
This press release contains statements that the Company believes to be 'forward-looking statements' within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the investment offerings and the terms thereof, are forward-looking statements. When used in this press release, words such as we 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe', 'should', or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

SOURCE: Uppgard Konsult AB

View source version on accesswire.com:
https://www.accesswire.com/658136/Increase-in-the-Target-Minimum-Shareholding-for-the-Purchase-Offer-in-Petroteq-Energy-Inc-PQE-Shares-by-Uppgard-Konsult-AB

FAQ

What is the new target minimum shareholding for the takeover offer of Petroteq Energy Inc. by Uppgard Konsult AB?

The new target minimum shareholding has been increased to 270 million shares.

What premium offer price has been set for Petroteq Energy Inc. shares in the takeover?

The premium offer price is EUR 0.50 per share.

When was the amendment to the takeover offer for Petroteq Energy announced?

The amendment was announced on July 29, 2021.

What is the purpose of the engagement with legal representatives by Uppgard Konsult AB?

The engagement aims to facilitate discussions regarding a potential friendly takeover bid for Petroteq Energy.

How does the takeover offer impact Petroteq Energy Inc. shareholders?

The takeover offer presents shareholders with a premium buyout opportunity, but the increased shareholding requirement indicates potential challenges.