ORLEN Upstream International B.V., a subsidiary of ORLEN Upstream of the ORLEN Group, today became the holder of a 100% interest in TriOil, a Canadian company.

 

The purchase of all outstanding ordinary shares in TriOil Resources Ltd. was settled yesterday, November 13th, MST (Calgary) time. One day before, TriOil's General Meeting had approved, with the required majority of votes, the bid made by PKN ORLEN to purchase the shares and acquire the company. The transaction was formally confirmed by the Court of Queen’s Bench of Alberta and ultimately finalised upon transfer of the cash consideration to the account of the transfer agent designated jointly by the parties to the agreement, and the obtaining of a certificate evidencing entry of the transaction into the commercial register. The transaction's value amounted to approximately CAD 183.7m (approximately PLN 549.2m). Including net debt plus working capital, which amounted to CAD 56.4m (or approximately PLN 168.6m) as at June 30th 2013, the total value of the enterprise acquired in the transaction is approximately CAD 240.1m (approximately PLN 717.8m). All figures expressed in the Polish złoty (PLN) were translated at the PLN/CAD mid rate quoted by the National Bank of Poland for November 13th 2013.