EANS-News: C.A.T. oil AG received information about legal dispute around its major shareholder CAT.Holding (Cyprus) Ltd.
21.11.2014 – 14:48
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Company Information The Management Board of C.A.T. oil AG (O2C, ISIN: AT0000A00Y78; "the Company") was informed by AB PCO Investment Limited ("AB PCO"), which is fully controlled by Anna Brinkmann, that AB PCO has also filed for dissolution of CAT GmbH Consulting Agency Trade & Co (Cyprus) ("CAT GmbH") on November 18, 2014. Through AB PCO Anna Brinkmann holds 49.75% of the shares of CAT GmbH. CAT GmbH is a Limited Partnership under Cyprus Law, which is in the process of dissolution by court action filed on October 27, 2014 by Joma Industrial Source Corp. The Limited Partnership indirectly holds 100 % of the shares in CAT. Holding Ltd. (Cyprus) ("CAT. Holding"), the Company's major shareholder. AB PCO has therefore requested the Management Board of C.A.T. oil AG not to cast any voting rights or accept the exertion of any other rights attributed to the shares in C.A.T. oil AG without knowing that all limited partners of CAT GmbH - including AB PCO - have consented to such, pending dissolution of the Limited Partnership. In addition to the shares which Anna Brinkmann indirectly holds in C.A.T. oil AG through CAT. Holding, she directly holds approx. 11 % of the authorized share capital of the Company. Furthermore, the Management Board was informed by Dr. Walter Höft on November 20, 2014 regarding the asserted transfer of shares from his holding company Skible Holding to Joma Industrial Source Corp. After the review of documents Dr. Höft decided not to take legal action against the asserted transfer of shares in Skible Holding. www.catoilag.com Press contact: FTI Consulting Carolin Amann Phone: +49 (0)69 92037-132 Email: carolin.amann@fticonsulting.com Steffi Susan Kim Phone: +49 (0)69 92037-115 Email: steffi.kim@fticonsulting.com About C.A.T. oil AG: C.A.T. oil AG is one of the leading independent oil and gas field service contractors in Russia and Kazakhstan and is listed on the Frankfurt Stock Exchange (SDAX). C.A.T. oil provides a range of high quality services, which enable oil and gas producers to extend lifecycle of their fields or bring yet unexploited oil and gas reserves to production. Since its foundation in 1991 in Celle, Germany, C.A.T. oil has built up a leading hy-draulic fracturing service, a very effective method of well stimulation by cracking rock formations with pressurized fluids, in Russia and Kazakhstan. Following its IPO in 2006, the Company developed a second core service of sidetrack drilling in 2006-08 and has established a strong presence in Russia's sidetrack drilling market. Sidetrack drilling is a term used to describe drilling of a new wellbore from the upper section of an existing well. In 2011-12, the Company launched the next phase of its growth and diversification strategy and set up high class drilling operations as a third core service offering. High class drilling is the classical technology of drilling vertical, inclined and horizontal wells for extraction of oil and gas. In total, the Company has already invested more than EUR 450 million in growth and diversification since its IPO in 2006. Following the successful set up of high class drilling in 2011-12, C.A.T. oil introduced its new segment reporting in 2013 clustering its activities in "Well Services" (fracturing, cementing and completion operations) and "Drilling, Sidetracking and IPM (Integrated Project Management)". C.A.T. oil's customer base includes the leading Russian and Kazakh oil and gas pro-ducers such as Rosneft, Lukoil, Gazprom Neft, Tomskneft VNK, Slavneft, Russneft and KazMunaiGaz. The Company has long-standing relationships with these custom-ers and has been a reliable service provider since its market entrance in the early nineties. C.A.T. oil has its headquarters in Vienna. The Company's H1 2014 weighted average headcount stood at 2,873 people, most of which are based in Russia and Kazakh-stan. Further inquiry note: Carolin Amann Tel: +49(0)69-92037-132 Email: carolin.amann@fticonsulting.com Steffi Susan Kim Tel: +49(0)69-92037-115 Email: steffi.kim@fticonsulting.com end of announcement euro adhoc -------------------------------------------------------------------------------- company: C.A.T. oil AG Kärntner Ring 11-13 A-1010 Wien phone: +43(0) 1 535 23 20 - 0 FAX: +43(0) 1 535 23 20 - 20 mail: ir@catoilag.com WWW: http://www.catoilag.com sector: Oil & Gas - Upstream activities ISIN: AT0000A00Y78 indexes: SDAX, Classic All Share, Prime All Share stockmarkets: regulated dealing/prime standard: Frankfurt language: English