EANS-News: C.A.T. oil AG
C.A.T. oil AG calls for full transparency
05.11.2014 – 08:31
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Subtitle: Management contacted Joma Industrial to obtain clarity on its intentions No written documentation of share transfer within majority shareholder available to date CEO Manfred Kastner: In the interest of all shareholders of C.A.T. oil AG, our customers and employees we again urge Joma Industrial to promptly disclose its intentions. Mergers - Acquisitions - Takeovers Vienna, 05 November 2014 - The Management Board of C.A.T. oil AG (O2C, ISIN: AT0000A00Y78; "the Company")is fully committed to get clarification on the asserted shareholder change at its major shareholder CAT. Holding and the mandatory public takeover offer announced by Joma Industrial Source Corp. ("Joma Industrial") on October 31, 2014. In the interest of all shareholders, customers and employees the Management Board will take all reasonable steps to avoid uncertainty about the future direction of the Company. Manfred Kastner, Chief Executive Officer of C.A.T. oil AG said: "Until now the intentions by the asserted new major shareholders are in the dark. In the interest of all shareholders of C.A.T. oil AG, our customers and employees we again urge Joma Industrial to promptly disclose its intentions." The Management Board contacted Joma Industrial on October 31, 2014 to request documentary proof of the asserted acquisition of the 50.25% stake in CAT. Holding. Furthermore, the Management Board requested, among others, information about the bidder's intentions, his plans with respect to strategy, management composition as well as the financing of the announced offer. Until today, these requests have not been answered by Joma Industrial or its representatives. The Management Board has furthermore received confirmation by Dr Walter Höft that the asserted sale of his stake in CAT. Holding was not planned by him. Dr Höft also stated that he subsequently requested Joma Industrial to provide a written documentation which proves the transfer of his stake in Skible Holdings Limited and thus indirectly in CAT. Holding. In addition, the Management Board has been informed that Joma Industrial is disputing the interest of Anna Brinkmann, Chief Operating Officer of C.A.T. oil AG and shareholder of CAT. Holding. Through AB PCO and CAT. GmbH Consultancy Agency Trade & Co (Cyprus), Anna Brinkmann holds 49.75% in CAT. Holding. Additionally, she directly holds approx. 11% of the share capital in C.A.T. oil AG and, therefore, is the Company's largest shareholder. AB PCO has been informed, that Joma Industrial has filed an action in the District Court of Nicosia (Cyprus) seeking to dissolve CAT. GmbH Consultancy Agency Trade & Co (Cyprus). Anna Brinkmann will defend her legal interests by exhausting all legal possibilities. 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 hydraulic 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 producers such as Rosneft, Lukoil, Gazprom Neft, Tomskneft VNK, Slavneft, Russneft and KazMunaiGaz. The Company has long-standing relationships with these customers 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 Kazakhstan. Further inquiry note: 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 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