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News

Terraoil Swiss AG hosted its first multimedia conference for shareholders on 27 March 2020

On 27 March 2020 Terraoil Swiss AG (“TOS” or the “Company”) launched its first multimedia conference for shareholders following the Extraordinary General Meeting (“EGM”), where several decisions were taken, and all applications of the Board of Directors were approved. As previously mentioned, the EGM was held in the absence of shareholders’ physical presence and with only a small group of representatives, due to extraordinary circumstances arising from the coronavirus outbreak.

The multimedia conference was well received, with more than 140 shareholders participating via telephone and video. The conference was also attended by the Company’s Board of Directors, including non-executive members and the Chairman. The conference included a presentation from Mr. Peter Krempin, CEO, which reported on the current status of the Company and the influence of the coronavirus outbreak on the Company's business. Shareholders were also informed about the special incentive offer from Terraoil Swiss AG, which is available until 30 April 2020. This offer, addressed exclusively to existing shareholders, enables shareholders to further participate in the Company in order to avoid any dilution; this at a reasonable valuation which will be adjusted if the Brent price decreases further.

During the conference there was also the opportunity for attendees to participate in a Q&A session. Several shareholders took the opportunity to raise questions regarding the decisions taken at the EGM, including questions regarding shareholder participation after share capital increases, the change of auditors, the offtake agreement, implications of the current economic environment and the oil price implications for Terraoil Swiss AG.

Additionally, several questions were answered in regards to the Company’s continuous preparation towards an international listing.