Reference is made to the stock exchange release issued on 25 January 2018 in which Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announced a restructuring plan with support from key stakeholders (the "Restructuring") and to the stock exchange release issued on 12 February 2018 in which the Company announced approval of the Restructuring in a joint bondholders' meeting in all the Bond Issues.
As part of the Restructuring plan, Bondholders in the Company's bonds with ISIN (i) NO 001 0757263, (ii) NO 0010757271, (iii) NO 001 0714389, (iv) NO 001 0757255, (v) NO 001 0680150 and (vi) NO 001 0757248 (the "Unsecured Bonds") were offered the option to convert their bonds, valued at 70% (after the reduction of the principal value to 2018 call prices), to equity at a conversion price of NOK 1.3 (the "Bond Conversion"). The option to convert Unsecured Bonds to equity was limited to 50% of the outstanding amount of the Unsecured Bonds. The application period closed yesterday and the Company received applications to convert Unsecured Bonds to shares for more than 50% of the outstanding amount of the Unsecured Bonds. Consequently, the Company will convert approximately 50% of the Unsecured Bonds into approximately 98,868,742 shares, subject to the conditions for the Restructuring being fulfilled. Bondholders that have applied for shares received an allocation of approximately 70.5% of their application. The numbers provided in this release are preliminary and subject to rounding.
Duncan Eley, CEO
+971 4 436 0915
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 over 400 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com