POLARCUS LIMITED – CONTEMPLATED PRIVATE PLACEMENT

by polarcus on 13-Mar-12 16:31

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

 

Polarcus Limited (“Polarcus” or the “Company”) has retained DNB Markets and SEB Enskilda (collectively referred to as the "Managers") to advise on and effect a contemplated undocumented private placement (the “Private Placement”) of new shares directed towards investors in Norway and internationally, raising gross proceeds in the region of USD 40 million (approx. NOK 230 million).

 

The Company currently experiences a strong demand for its services and will use the proceeds from the Private Placement for working capital purposes, investments in multi-client projects and additional streamer equipment in order to position itself to take advantage of the stronger market.

 

The issue price for the Private Placement will be set through a book-building process conducted by the Managers. The minimum order in the Private Placement has been set at an amount equaling at least EUR 50,000.

 

The book-building period will commence today at 17:30 (CET). Application for shares will take place according to the application form prepared by the Company and the Managers.

 

The allocation of shares will be determined at the end of the book-building process. The final allocation will be made at the Board’s sole discretion. The Company will announce the number of shares placed and the final subscription price in the Private Placement through a stock exchange notice expected to be published before opening of the trading on the Oslo Stock Exchange tomorrow, 14 March 2012.

 

Sabaro Investments Limited and Zickerman Holding Limited will subscribe for shares corresponding to their pro-rata ownership. In addition, both Zickerman Group Limited and Rolf Rønningen, CEO, will subscribe for shares in the Private Placement.

 

The new shares will be issued pursuant to the authorization to the Board of Directors granted at Polarcus’ Annual General Meeting held on 27 April 2011. Completion of the Private Placement is subject to the approval by the Board of Directors.

 

For further information, please contact:

 

Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982

Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480

 

About Polarcus

 

Polarcus (OAX: PLCS) is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company’s principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com.

 

 

This publication is not for distribution, directly or indirectly, in or into the United States, nor is it an offer for sale of or the solicitation of an offer to purchase securities in the United States. Any securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities  Act"), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. North Energy ASA does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into the United States.

 

This information is subject of the disclosure requirements acc. To §5-12 (Norwegian Securities Trading Act).