Reference is made to the stock exchange release published by Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) on 1 March 2018 regarding completion of the Company's financial restructuring. That release also describes the process for completing the conversion of unsecured bonds to shares in the Company ("Bond Conversion Shares").
The following primary insiders of the Company have been allocated Bond Conversion Shares:
- Tom Henning Slethei, through his wholly owned company Alto Holding AS, has been awarded approximately 3,405,581 Bond Conversion Shares at a conversion price of NOK 1.30 per share. Following the Bond Conversion, Mr. Slethei will hold approximately 14,350,581 shares in the Company, corresponding to 2.97% of the total outstanding shares of the Company after completion of the Bond Conversion.
- Carl-Peter Zickerman, through his wholly owned companies Zickerman Group Limited and Zickerman Holding Limited, has been awarded an aggregate of approximately 1,700,050 Bond Conversion Shares at a conversion price of NOK 1.30 per share. Following the Bond Conversion, Mr. Zickerman will hold an aggregate of approximately 34,925,410 shares in the Company, corresponding to 7.23% of the total outstanding shares of the Company after completion of the Bond Conversion.
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 approximately 350 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com