Reference is made to the stock exchange release issued on 6 January 2016 in which Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announced a restructuring plan with support from key stakeholders (the "Restructuring"). Reference is also made to the stock exchange releases issued on 22 January in which the Company announced approval of the Restructuring in bondholders' meetings in all the three Bond Issues, the stock exchange release issued on 27 January in which the Company announced approval of the Restructuring by the Extraordinary General Meeting as well as the stock exchange release on 2 February in which the Company announced the result of the "Mix and Match".
Polarcus is pleased to announce that the conditions for the Restructuring have now been fulfilled and that the various financing agreements have been amended as contemplated by the Restructuring, and consequently the technical transformation of the Company's previously issued Bond Issues has been initiated.
The Company will issue in total 463,491,579 Class B shares of a nominal or par value of USD 0.0013 each to the bondholders having chosen Option B within the "Mix and Match".
The new bonds and Class B shares are expected to be issued within two weeks from today as soon as the technical transformation is completed. During this period, and until the Class B shares have been delivered to the respective bondholders, all existing bonds and new bonds issued in connection with the Restructuring will be blocked for transfer in the VPS.
Following the issue of the Class B shares, the Company will have an 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 having 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.
Tom Henrik Sundby, CFO
+971 50 708 6480
Hans-Peter Burlid, VP Finance & Investor Relations
+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)