3rd Jan 2024 08:04
PetroNeft Resources PLC - oil and gas producer in Russia - Shares will be cancelled from trading on AIM in London on Thursday, as PetroNeft continues to try to close the sale of its Russian assets and wind up the company. Following Russia's invasion of Ukraine in 2022, PetroNeft was unable to find an auditor for its 2022 accounts and therefore was unable to publish them, leading to the share cancellation.
Back in October, PetroNeft shareholders approved the sale of its Russian business interest to its chief executive officer, Pavel Tetyakov; however, the deal still awaits approval by a Russian government committee. PetroNeft had hoped the proceeds from the sale would have allowed the company to find an auditor for the 2022 accounts in time to prevent the cancellation from AIM.
PetroNeft says it continues to work to close the sale of the Russian assets. Proceeds will be used to repay loans, settle trade creditors, and pay staff salaries. Then, the company will seek shareholder approval to wind up the company. In the meantime, Anthony Sacca and Eskil Jersing resign as non-executive directors, effective Thursday, while joining is Michael Power, a chartered accountant who has worked with PetroNeft since early 2020.
Current stock price: 0.080 pence
12-month change: down from 30.00p
By Tom Waite, Alliance News editor
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