Polski Koncern Naftowy ORLEN Spolka Akcyjna ('PKN ORLEN') informs that on 15 December 2015 direct subsidiary ('SPV') of ORLEN Upstream Sp. z o.o. ('ORLEN Upstream') acquired 67,3% of issued and outstanding shares of common stock of FX Energy, Inc. ('FX Energy'). It is a result of the settlement of the tender offer announced by SPV on 27 October 2015 for all issued and outstanding shares of common stock of FX Energy.
FX Energy shareholders received USD 1,15 (i.e. ca. PLN 4,56) in cash for each share they held. The total amount paid today by SPV for 67,3% of FX Energy common shares amounted to USD 42,5 million (i.e. ca. PLN 168,7 million).
SPV, aiming to acquire 100% of all issued and outstanding shares of common stock of FX Energy, commenced a subsequent offering period of the Tender Offer, during which shareholders of FX Energy, who have not yet tendered their shares, will have the opportunity to do so.
The transaction of FX Energy shares acquisition by ORLEN Upstream's SPV has already received the only one required approval of Polish anti-monopoly office.
Closing of the transaction is expected to occur by the end of 2015 but not later than by the end of 1Q 2016.
PKN ORLEN owns 100% of the registered capital of ORLEN Upstream. ORLEN Upstream owns 100% of the registered capital of SPV through which the transaction is realized.
All amounts in PLN have been calculated based on the average PLN/USD exchange rate as of 14 December 2015, as stated by the National Bank of Poland.
See also: regulatory announcement no 145/2015 dated 13 October 2015.
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