Key information relating to the reverse share split to be carried out by Polarcus Limited
15 May 2017
Reference is made to the Minutes of the Annual General Meeting 2017 (“AGM”) of Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) published on 3 May 2017. At the AGM, the General Meeting resolved to consolidate the shares of the Company such that ten old shares be converted into one new share (the “Reverse Split”).
The Company has resolved that the Reverse Split shall be implemented as set out below:
– Date on which the corporate action was made public: 10 April 2017
– Reverse split ratio: 10:1 (10 existing shares give 1 new share)
– Last day including right: 18 May 2017
– Ex-date: 19 May 2017
– Record date: 22 May 2017
– Date of approval: 3 May 2017
– Other information: After the completion of the Share Consolidation, the Company will have 153,438,539 shares outstanding and the nominal or par value of all shares will be USD 0.10 each.
Shareholders who, as a consequence of the Reverse Split, would own a fraction of a share will have their shareholding rounded up to the nearest whole share, free of cost. The shares will be traded ex-consolidation from 19 May 2017.
As a consequence of the Reverse Split, the Conversion Price of the “USD 125,000,000 2.875% Secured Convertible Bond Issue 2011/2016” as amended (ISINs NO0010607435, NO0010757271 and NO0010757263) will be adjusted according to the Bond Agreement, clause 15.2, from USD 13.8694 to USD 138.694. The new Conversion Price is effective from 19 May 2017.
This information is published in accordance with the requirements in the Continuing Obligations.
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