Reference is made to the special resolution 8.1 (the "Special Resolution") duly passed by the shareholders of Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) at the 2016 Annual General Meeting held on 12 May 2016 (the "AGM") which approved that, subject to the sanction of the Grand Court of the Cayman Islands (the "Court") and the other requirements of the Companies Law (as amended) of the Cayman Islands:
(a) the par value of every issued ordinary share in the Company be reduced from US$0.20 to US$0.01 by cancelling share capital to the extent of US$0.19 per issued share; and
(b) the par value of every authorised but unissued ordinary share in the Company be reduced from US$0.20 to US$0.01,
such that the authorised share capital of the Company is reduced from US$152,051,997.8065 to US$8,347,097.7956 (the "Share Capital Reduction").
On 12 August 2016, the Court made an order confirming the Share Capital Reduction (the "Order"). Upon registration of the Order (and the minute approved by the Court) with the Registrar of Companies on 12 August 2016, the Special Resolution took effect.
By virtue of the Special Resolution, and with the sanction of the Order, on 12 August 2016 the Company's authorised share capital was reduced from US$ 152,051,997.8056 divided into 756,341,579 ordinary shares of a nominal or par value of US$ 0.20 each and 602,832,312 Class B shares of a nominal or par value of US$ 0.0013 each, to US$ 8,347,097.7956 divided into 756,341,579 ordinary shares of a nominal or par value of US$ 0.01 each and 602,832,312 Class B shares of a nominal or par value of US$ 0.0013 each.
As of today 530,472,947 ordinary shares of a nominal or par value of US$ 0.01 each have been issued and fully paid and no Class B shares of a nominal or par value of US$ 0.0013 each have been issued and fully paid.
In accordance with the ordinary resolution 8.2 passed by the Company's shareholders at the AGM, paragraph 6 of the Memorandum of Association of the Company will be amended to reflect the Share Capital Reduction.
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
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)