Two partially owned subsidiaries of Misen Energy AB (publ) received compensation from JSC Ukrgasvydobuvannya

On 10 February 2021, Misen Enterprises AB received US dollars 47,060,537.16 (approx. kSEK 393,426) and LLC Karpatygaz received UAH 1,001,242.74 (approx. kSEK 295) from JSC Ukrgasvydobuvannya in accordance with the ruling of the Kyiv Court of Appeal of 5 January 2021. This compensation is after taxes applicable to Misen Enterprises AB in Ukraine. As previously reported, JSC Ukrgasvydobuvannya was entitled to withhold a tax on non-resident income for 15% of the compensation to Misen Enterprises AB (UAH 236,113,788, approx. KSEK 75,845) and pay the withheld amount to the budget of Ukraine.

This compensation reflects Misen Enterprises AB's and LLC Karpatygaz's share of the replacement costs of the equipment subject to the joint ownership under the JAA No.3. However, this compensation does not reflect the going concern value of Misen Energy AB (publ.)'s share at the time the exorbitant subsoil use tax was imposed on the Joint Activity, which led to the termination of the Joint Activity Agreement. Misen Energy AB (publ) and its partially owned subsidiaries reserve all their rights in this respect.

Given that the awarded amounts have been paid to the partially owned subsidiaries of Misen Energy AB (publ), the effect of compensation will be reflected in the Misen Group's accounts for 2020. Misen Energy AB (publ) assesses its outstanding obligations and will inform the market on the proposed way forward under Swedish law, including about a prospective possibility to distribute dividends. 

Source: Cision
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