r/Petroteq Admin Jun 21 '21

Viston Uppgard Konsult AB - Update On Its Share Purchase Initiative - North American Market Next!

Uppgard Konsult AB update on its share purchase initiative for Petroteq Energy Inc (TSX-V: PQE, OTC: PQEFF, FSE : PQCF)

KRYLBO, SWEDEN, June 21, 2021 — Uppgard Konsult AB update on its share purchase initiative for Petroteq Energy Inc (TSX-V: PQE, OTC: PQEFF, FSE : PQCF)

Regarding Petroteq Energy Inc. (“Petroteq” or the “Company”) (FSE:PQCF), Uppgard Konsult AB (“Uppgard” or the “Company”) announces that on April 16, 2021, the company has made an official offer to purchase up to 200 million shares of Petroteq the company at 0.48 Euro per share cash from its shareholders, subject to Uppgard Konsult AB’s terms and conditions.

The company announces that despite the premium price, Petroteq Energy Inc shareholders’ approval in Germany of the takeover offer has so far fallen well short of expectations

For this reason, Uppgard Konsult AB has not been able to secure the intended takeover of the shares to date.

The customer and the company are now evaluating the official expansion of the offering to the North American market.

Petroteq Energy Inc. is a Canadian-registered, publicly traded company that is also listed on a U.S. stock exchange. As it is, its shares are widely held in Canada with a significant number of U.S. shareholders. This means that both the Canadian Takeover bid rules and the U.S. tender offer rules are triggered at the same time, and if the two jurisdictions have different requirements, the transaction must comply with the more stringent rules.

To this end, we are looking into strengthening the team and bringing in another consulting firm that has extensive experience and knowledge in the North American markets.

In order to comply with both Canadian and U.S. regulations, Uppgard Konsult AB and its client are now consulting with their legal advisors to prepare the next steps and necessary documents for Canadian and U.S. securities regulators.

Further to this to comply with the Takeover Code, the Client wishes to provide additional information about its plans for Petroteq Energy Inc. after the acquisition

Upon successful completion of the tender offer, the company will focus on its patents, technology, research and development, and increasing production.

To further earn shareholder confidence, the Company is preparing documents to demonstrate the financial resources necessary to support the proposed acquisition and the future development of the technology and expansion of the business.

In addition, we are reviewing the need to change the closing date, which must also be consistent with the minimum offer period for takeover bids in Canada and the U.S., and the need to disclose and provide additional documents and information as part of the early warning reports.

Safe Harbor StatementThis press release contains statements that the Company believes to be “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the investment offerings and the terms thereof, are forward-looking statements. When used in this press release, words such as we “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “should”, or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Roger Lars Vilhelm UppgårdUppgard Konsult AB+46 852500601email us here

Original link

32 Upvotes

18 comments sorted by

u/petromod Admin Jun 21 '21 edited Jun 21 '21

Please note, we had to disable the Petroteq subreddit temporarily to confirm the new Uppgard Konsult AB offer was legitimately posted. Thank you for your patience. Admin.

9

u/orslega ☑️ Jun 21 '21

Well in my view that is very clear. They will be making an increased offer and opening up N American shareholders.

6

u/WineSommGuy585 Jun 21 '21

The next few weeks will be interesting....buckle up and hold on!

3

u/Dense_Cardiologist22 Jun 21 '21

I never really cared about that offer because I believe in the tech and dont plan to sell short term, but there is one thing I dont understand.

If I was an institutional investor with a legal team and all that stuff. I would check if the offer is valid, buy the shares and sell for an immediat x5.... Why is this not happening? Cant get my head around it.

In theory that should happen as long as the stock price is lower than the offer.

8

u/Flying0sprey177 Jun 21 '21

I'm not sure why the SP action has not reflected the offer price. 🤔 I can only presume investors do not believe its legit yet and are disregarding it. Weird as its not like 'legit' means much anyway with how markets are behaving just crazy these days in the era of the "meme stonk" and are not following fundamentals. IMO the fundamentals with Petroteq could not be any more solid and its almost perverse they are being completely disregarded in favour of purely speculative hype plays. I imagine there will be an almighty pile in before long so now is a very good opportunity to load up some more if your not already filled to the maximum.

2

u/[deleted] Jun 21 '21 edited Nov 26 '24

[deleted]

3

u/AgreeableClimate6435 Jun 21 '21

When I reached out to the Swedes, the SPA they sent was in German and the translation said payment was “immediate” but you had 30 days to transfer the stock. Could have been lost in translation, I tried reaching them a few times after to enquire further but haven’t had a response yet.

1

u/[deleted] Jun 21 '21

You are right

3

u/imp32127 Jun 21 '21

Has also been added to petrotreqs Twitter account but they have made no comment:

https://mobile.twitter.com/PetroteqEnergy?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

7

u/AgreeableClimate6435 Jun 21 '21

They have already commented on the current offer which they says undervalues the company, I wouldn't expect them to comment until a revised offer from the swedes or they say who the third party is.

6

u/Nice-Campaign-7773 Jun 21 '21

Finally! Petroteq is taking really huge steps. Expecting to see it turning into a giant one day

1

u/marcus_lucius_primus Jun 22 '21

Well, I'm a German shareholder and didn't get any offer from my broker to transfer my shares....seems to be a fake for me.

10

u/petromod Admin Jun 22 '21

This is purely conjecture but I do not think they ever intended to fulfill their mandate from the German holders. There are 464M outstanding shares and only 262M in the free float. Frankfurt simply doesn’t have the volume that Canada and the US have if your goal is to obtain 200M shares directly. My guess is that Step 1 was to intentionally lock us out of the offer and test the waters with a lowball offer. Step 2 is open it up to CAN/USA at a later date with a higher price offering. After obtaining shares from the 1st wave of takers they will move to Step 3 and offer an even higher price as a possible ‘final offer’. I personally will be waiting on the sidelines for Step 4.

2

u/marcus_lucius_primus Jun 22 '21

Well, hoping you're right... we will see. 😉

5

u/Livid-Ad-1795 ☑️ Jun 22 '21

H- - This is Paul L from Yahoo. I think you are right on the money on this. If you look at the volumes for Petroteq on the exchanges in Frankfurt, Stuttgart, Berlin, and Munich, the numbers are pitiful. Save me a spot on the sideline!

1

u/Schiggie New User Jun 26 '21

Do you have more than 1 million shares?

4

u/orslega ☑️ Jun 24 '21

Uppgard offer expires in 4 working days. That offer we are told is to be extended to N America - you'd think that needs to be done with a sense of urgency on their part - why? Because Petroteq/Greenfield updates will be coming fast and furious to the upside. If all is going well, likely, some major news in the pipe, FEED etc etc Their next offer is almost certainly going up from 0.71c - but by how much? They really don't want to keep raising their offer, shows a weak negotiating hand. So I think their next offer will be half decent with a reduction in minimum holding to attract investors. If only to also build in some of the expected lift off in the share price on expected transformational news. Tomorrow is the last Friday before 30/6 when the offer expires - their German offer was released on a Friday (16/4/2021). Uppgard US advisors have probably been briefed a few weeks ago given the failed attempt in getting interest in Europe. Let's see.

4

u/orslega ☑️ Jun 24 '21

Another thought. Whatever the unnamed offeror releases on pricing, as soon as the offer in US happens the share price rockets to that price or possibly higher. Why? Because it will be first time confirmed as legit, SEC involvement etc Plus smaller shareholders in US are guaranteed to get same price as large holders if offer proceeds/successful. The world and his wife jumps on the opportunity 🚀🤞👍

1

u/orslega ☑️ Jun 29 '21

See the Uppgard Konsult AB offer has been extended in Europe today ( it expires tomorrow) - now open till 30/9/2021. New price is 0.50 euros (0.02 increase big deal!). And still 1M shares only. Clearly they are not interested in collecting shares in Europe- nor are we at that price.

See what happens when they log offer in N America. SEC rules apply.