Polarcus: Summons to Bondholders of a Proposed Written Resolution

Polarcus Limited (in provisional liquidation) (“Polarcus” or the “Company”) (OSE: PLCS) announces that Nordic Trustee AS (the “Bond Trustee”) has issued a Summons to Bondholders of a proposed written resolution in the following Bond Issues (the “Bond Issues”) pursuant to a request from the Company (the “Summons”).

ISIN NO0010607435:            2.875% Polarcus Limited Secured Convertible Bond Issue 2011/2022 (A Bonds)

ISIN NO0010757263:            0% Polarcus Limited Secured Convertible Bond Issue 2016/2025 (B Bonds)

ISIN NO0010921398:            Polarcus Limited NO0010607435 RD 270121

ISIN NO0010921406:            Polarcus Limited NO0010607435 IN 270121

The holders of A Bonds, Overdue A Principal Claims and B Bonds (as those terms are defined in the Summons) are the only holders eligible to vote in relation to the matters in the Summons (the “Eligible Bondholders”).

The Summons invites Eligible Bondholders to consider a proposed resolution (among other matters) to approve certain working capital loans, a sale and purchase agreement in relation to the issued shares in Polarcus Selma Ltd, the guarantor in the Bond Issues (the “Guarantor”), a partial release of the A Bonds in consideration for the issue of shares in the parent company of the purchaser of the Guarantor and the release of all security held by the Bond Trustee in the Bond Issues (the “Proposed Resolution”).

For a vote to be valid, the Bond Trustee must receive a completed voting form by no later than 16:00 on Friday 9 April. Notwithstanding the voting deadline, the Proposed Resolution will become effective automatically upon receipt of affirmative votes who represent such majority of votes as would be required if the Proposed Resolution was voted on at a Bondholders’ Meeting at which all Bondholders entitled to attend and vote were present and voting.

Eligible Bondholders holding in excess of 60% of the Voting Bonds have informed the Company that they will vote in favour of the Proposed Resolution.

Please find the summons attached.

Contacts

Hans-Peter Burlid, CFO
+971 50 559 8175
hp.burlid@polarcus.com

Lisa Rickelton, Joint Provisional Liquidator, as agent

Polarcus@fticonsulting.com

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.