Group of companies Smart Holding got the approval of its new Offer regarding purchase of controlling stake of Regal Petroleum from the shareholders holding 54.97% of Regal Petroleum shares.

As of March 3, 2001 Energees Management got the approval of its new Offer regarding purchase of a part of shares of the British oil and gas company from the shareholders holding 54.97% of Regal Petroleum shares. Therefore, the Offer of the Group of companies Smart Holding becomes absolute.

Smart Holding and Energees Investments have signed agreement of relationships with Regal Petroleum. According to this document, Smart Holding will be represented in the Regal’s Board of Directors by its three representatives.

If in future Smart Holding cuts its share in the equity capital of Regal Petroleum to less than 50%+1 share, but not less than 25%, Smart Holding will be represented in the Board of Directors of Regal Petroleum by two Directors.

According to the concluded agreement of organized trade between Energees Management, Strand Hanson Limited and Merrill Lynch International, Energees Management will not sell Regal Petroleum shares during one year.

According to new Offer of the Group of companies Smart Holding regarding purchase of a part of shares of British Oil and Gas Company Regal Petroleum published on February 6, 2011, Energees Management is ready to buy out 70% of Regal Petroleum shares (224 446 485 shares) at £0.38 per share. Total amount of the Offer is valued at £85.3 mln. for above number of shares or £121.8 mln. based on total capital of the company.

Offered new price for redemption of Regal Petroleum shares includes:

• 204% premium to closing price in £0.125 per share of Regal Petroleum on November 24, 2010 (last business day prior to Offer period);
• 147% premium to closing price in £0.154 per share of Regal Petroleum during the month prior to Offer period;
• 58% premium to price of the previous Energees Management’s Offer in £0.24 per share of Regal Petroleum.