At the Annual General Meeting 2017 ("AGM") of Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) (the minutes of which were published on 3 May 2017), the General Meeting authorised the Company to purchase its own shares. Pursuant to this authority, the Company purchased 25,000 shares of Polarcus stock on 15 May 2017. The transaction was executed a price of NOK 0.30 per share. Subsequent to the transaction, the aggregate number of treasury shares held by Polarcus is 26,310.
The acquisition was authorised to ensure that no fractional shares are held by any shareholder following the consolidation of shares approved at the AGM (the "Share Consolidation"). The Company will, after the Share Consolidation, dispose any treasury shares not needed for the purpose of the Share Consolidation.
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