Re Agreement with Nelson
LUKOIL OVERSEAS ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE NELSON RESOURCES LIMITED OF BERMUDA FOR US 2.0 BILLION
LUKOIL Overseas announces that it has entered into an agreement to amalgamate with Nelson Resources Limited of Bermuda whereby The Board of Directors of Nelson Resources Limited will recommend that its shareholders vote in favor of amalgamation at a general shareholders meeting to be held in late November 2005.
If the amalgamation is approved by 75% of votes cast at the general shareholders meeting, LUKOIL Overseas will acquire 100% of the fully diluted common shares of Nelson Resources Limited for US 2.0 billion dollars.
Furthermore, in accordance with irrevocable agreements concluded with shareholders of Nelson Resources Limited holding in aggregate approximately 66% of the outstanding shares of the company, LUKOIL Overseas intends to purchase these shares at the offer price.