Transfer of shares with warrants to CFO and SVP Human Resources
28 Jul 2008
Polarcus announces that Zickerman Holding Limited, a company controlled by Mr. Carl-Gustav Zickerman, Director of Polarcus Limited, has today transferred 450,000 Shares in Polarcus Limited, with attached Warrants, to certain newly appointed employees as follows:
350,000 Shares with attached Warrants for a total consideration of US$354,059 to Mr. Tom Henrik Sundby, Polarcus Chief Financial Officer. Following the transaction Mr. Tom Henrik Sundby controls a total of 350,000 shares representing 0.2% of the share capital in Polarcus in addition to 350,000 warrants and 380,000 options.
100,000 Shares with attached Warrants for a total consideration of US$101,160 to Dr. Paul Hanna, Polarcus Senior Vice president, Human Resources. Following the transaction Dr. Paul Hanna controls a total of 750,000 shares representing 0.37% of the share capital in Polarcus in addition to 750,000 warrants and 380,000 options.
The transfers are part of a combined share and warrant package reserved by Zickerman Holding Limited for persons or entities whose participation and effort, in the opinion of Zickerman Holding Limited, may be valuable for the development of the Company. Following the transaction Zickerman Holding Limited holds 37,200,738 shares in Polarcus Limited representing 18.27% of the share capital in Polarcus Limited and 20,000,000 warrants.
Polarcus 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 is launching an ultra-modern fleet of initially 6 advanced seismic vessels designed by Norway's Ulstein Design AS incorporating the innovative ULSTEIN X-BOW® hull. The vessels are being built in Dubai, UAE, by Drydocks World – Dubai LLC, with the first vessels becoming operational in 2009.