Reference is made to the stock exchange releases published by Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) on 27 January 2016 regarding the Extraordinary General Meeting's resolution to increase the Company's authorized share capital by creating new Class B shares in connection with the financial restructuring of the Company (the "Restructuring"), on 2 February in which the Company announced the result of the "Mix and Match", as well as on 25 February 2016 regarding the completion of the Restructuring.
Polarcus is pleased to announce that 463,491,579 Class B shares of a nominal or par value of USD 0.0013 each, authorized by the Company in connection with the Restructuring and the results of the "Mix and Match", have now been issued and the corresponding share capital increase has been registered in the Company's shareholder register as maintained in the Norwegian Central Securities Depository (VPS).
The transfer restrictions in VPS on the existing bonds and new bonds issued in connection with the Restructuring have been lifted with effect as of today.
Following the issuance of the Class B shares and the registration of the share capital increase, the Company has a total issued share capital of USD 13,998,812.65 divided into 66,981,368 shares of a nominal or par value of USD 0.20 each and 463,491,579 Class B shares of a nominal or par value of USD 0.0013 each. All shares have equal rights in all respects, including with respect to voting and dividends.
The Company will work towards joining the two share classes, but can give no guarantee that this will be done as this is subject to conditions outside its control. The new shares will be sought to be listed on Oslo Børs, subject to approval of a listing application and prospectus.
Hans-Peter Burlid, CFO
+971 50 559 8175
Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs nearly 500 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)