Cash payment of EUR 5 million
Heidelberg. Deutsche Rohstoff AG has sold a further 15 percent of its 25 percent share in Rhein Petroleum GmbH, Heidelberg, to Tulip Oil Holding B.V., The Hague. The purchase price amounts to EUR 5 million, which is due immediately. For the remaining holding of 10 percent, Tulip Oil will cover 75% (EUR 3 million) of DRAG`S investment obligations, leaving DRAG with only EUR 1 million of committed investment. Tulip will be compensated for the provided carry from earnings of Rhein Petroleum that are attributable to DRAG and/or from proceeds of a sale of DRAG´s remaining 10%. The obligation to compensate Tulip will cease at 31 December 2021.
Dr. Titus Gebel, CEO of Deutsche Rohstoff AG, said: “We expect large investments in Rhein Petroleum over a relatively short period of time. The now signed agreement gives us the opportunity to remain a significant share shareholder without having to provide major funding. We expect that our remaining share will grow its value significantly in the coming years.”
Heidelberg, 10. September 2012