NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Reference is made to the stock exchange notice published by Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) on 21 March 2018 regarding the commencement of the subscription period for the fully underwritten repair offering (the "Repair Offering") of 30,769,231 new shares (the "Offer Shares") in the Company.
The subscription period in the Repair Offering expired at 12:00 hours (CET) today, 5 April 2018. A total of 30,769,231 shares were allocated with a subscription price of NOK 1.30 per share, raising NOK 40 million in proceeds. Out of the total number of Offer Shares allocated, 22,645,250 were allocated to Bybrook Capital LLP, as investment manager for certain funds managed by it, as part of their underwriting obligation. Thus, all subscribers were allocated 100% of their subscription.
Following issuance of the Offer Shares the issued share capital of the Company will increase to USD 51,378,671.30 divided into 513,786,713 shares of a par value of USD 0.10 each. The Offer Shares may not be transferred or traded before they are fully paid, issued and registered in the Norwegian Central Securities Depository. The Company expects that the Offer Shares will be issued on or about 11 April 2018, and be admitted to trading on or about 11 April 2018.
ABG Sundal Collier and DNB Markets, a part of DNB Bank ASA, have acted as Joint Managers for the Repair Offering.
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