Alliance Oil Company Ltd, will from today be traded giving effect to the name
change from West Siberian Resources Ltd and a reverse split where 20 shares are
consolidated into one share. The new trading symbol is AOIL.
At the Annual General Meeting, held on Thursday May 28, 2009, shareholders
approved to change the company name to Alliance Oil Company Ltd. The name has
now been registered and as of today the company's SDRs (Swedish depository
receipts) will be traded under the symbol AOIL SDB, thus moving from the bottom
to the top of the large cap list on NASDAQ OMX Nordic.
The name change to Alliance Oil Company marks the final step in the integration
to one company - a dynamic and profitable business with a solid international
reputation. The company's new website is available at www.allianceoilco.com.
Simultaneously with the name change a reverse split has been executed where 20
shares are consolidated into one share. The reverse split reduces the number of
outstanding shares from 3,230,568,280 to 161,528,414, a more manageable number
of shares that is expected to increase the transparency of the pricing of the
company's SDRs. The closing price on June 5 2009 of SEK 5.30 per SDR
consequently corresponds mathematically to a price of SEK 106 giving effect to
the reverse split.
The record date for the reverse split is June 10, 2008. For those SDR holders
who, on the record date, do not hold a number of SDRs evenly divisible by
twenty, the surplus SDRs will on the holder's behalf be sold at the Company's
expense on NASDAQ OMX Nordic through SEB. It is estimated that the proceeds of
the sale of the surplus SDRs will be distributed among the previous owners of
these SDRs on or around 25 June 2009.
For further information:
Arsen Idrisov, Managing Director, Alliance Oil Company Ltd., tel +7 (495) 777 18
08
Eric Forss, Chairman, Alliance Oil Company Ltd., tel. +46 8 613 00 85
Also visit www.allianceoilco.com
