Extraordinary General Meeting – Withdrawal of Resolutions
21 Nov 2011
Reference is made to the Notice dated 2 November 2011 (the “Notice”) published by Polarcus Limited (“Polarcus” or the “Company”) (OAX: PLCS) of an Extraordinary General Meeting to be held on 24 November 2011 at the offices of Polarcus DMCC, Almas Tower, Level 32, Jumeirah Lakes Towers, Dubai, UAE at 11:00hrs (UTC/GMT +4hrs; CET +3hrs.).
After discussions with certain major shareholders, the Board of Directors (the “Board”) of Polarcus Limited has today resolved to withdraw Resolutions nos. 2 and 3 as the Board has concluded that the resolutions will not receive the required support from the Company’s shareholders.
Resolution no. 2 relates to the approval of an increase of the Company’s authorized share capital with 100,000,000 shares and Resolution no. 3 relates to the adoption of amended and restated Memorandum and Articles of Association of the Company reflecting the increase in the Company’s authorized share capital.
Any proxies submitted to the Company will be disregarded in respect of resolutions nos. 2 and 3.
Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus (OAX: PLCS) is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. 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)