The combination of the companies will be structured as an exchange offer, whereby NOIL shares will be exchanged for Pertra shares. Accordingly, Pertra will make an offer to acquire all shares in NOIL in exchange for Pertra shares at an exchange ratio of 3:1 (three NOIL shares will give right to one new Pertra share).
The acceptance period for the Offering will commence on and include November 21 and shall expire on Friday November 30, 2007 at 16:30 hours (CET).
As of today, Pertra already owns a total of 99,000,000 shares in NOIL, corresponding to 83.67% of the share capital in NOIL.
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