HONG KONG, May 24, 2017 (GLOBE NEWSWIRE) -- OLISOL Petroleum Limited (“Olisol” or the “Company”) today announces that on May 23, 2017, having more than 10% shareholding in Tethys Petroleum Limited (“Tethys”), the Company exercised its right according to the paragraph 35(B) of Tethys’ Articles of Association having demanded from Board of Directors to call Extraordinary General Shareholders Meeting (“EGM”) at Tethys. The Company proposed having EGM on the same day and at the same place as the upcoming Annual General Shareholders Meeting of Tethys.
Accordingly, on the same day, May 23, 2017 Olisol provided Tethys Board with a draft notice on calling EGM including the resolutions that Olisol intends to include into the agenda and substantiation for the approval of those resolutions. When Tethys Board will send the official notice of EGM to the shareholders they are invited to consider the resolutions addressing important and strategic issues including the London delisting, suggestions on changes in Tethys Board, and to take their vote.
About Olisol
Olisol is headquartered in Almaty, Kazakhstan and its subsidiaries and affiliates have investments in energy and oil and gas operations in the Russian Federation and Kazakhstan. Olisol has worked with Tethys in Kazakhstan for over seven years, is joint owner of the Aral Oil Terminal with Tethys and has its own fleet of special oil trucks involved in oil transportation from Tethys’ oil fields. Olisol, through its affiliates, is engaged in railroad transportation, processing of oil, storage and sale of oil products.
Disclaimer
Some of the statements in this press release are forward-looking. When used in this document, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “intends”, “should” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements including risks and uncertainties with respect to the foregoing. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company, Tethys or any other entity, and shareholders of Tethys, are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.