POLARCUS LIMITED - CONTEMPLATED PRIVATE PLACEMENT
13 Mar, 2012 17:27 CET
POLARCUS LIMITED - CONTEMPLATED PRIVATE PLACEMENT
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE
OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA,
CANADA, JAPAN OR THE UNITED STATES
Polarcus Limited ("Polarcus" or the "Company") has
retained DNB Markets and SEB Enskilda (collectively
referred to as the "Managers") to advise on and effect
a contemplated undocumented private placement (the
"Private Placement") of new shares directed towards
investors in Norway and internationally, raising gross
proceeds in the region of USD 40 million (approx. NOK
230 million).
The Company currently experiences a strong demand for
its services and will use the proceeds from the
Private Placement for working capital purposes,
investments in multi-client projects and additional
streamer equipment in order to position itself to take
advantage of the stronger market.
The issue price for the Private Placement will be set
through a book-building process conducted by the
Managers. The minimum order in the Private Placement
has been set at an amount equaling at least EUR
50,000.
The book-building period will commence today at 17:30
(CET). Application for shares will take place
according to the application form prepared by the
Company and the Managers.
The allocation of shares will be determined at the end
of the book-building process. The final allocation
will be made at the Board's sole discretion. The
Company will announce the number of shares placed and
the final subscription price in the Private Placement
through a stock exchange notice expected to be
published before opening of the trading on the Oslo
Stock Exchange tomorrow, 14 March 2012.
Sabaro Investments Limited and Zickerman Holding
Limited will subscribe for shares corresponding to
their pro-rata ownership. In addition, both Zickerman
Group Limited and Rolf Rønningen, CEO, will subscribe
for shares in the Private Placement.
The new shares will be issued pursuant to the
authorization to the Board of Directors granted at
Polarcus' Annual General Meeting held on 27 April
2011. Completion of the Private Placement is subject
to the approval by the Board of Directors.
For further information, please contact:
Rolf Rønningen, CEO Polarcus,
+971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus,
+971 4 436 0800 / +971 50 708 6480
About Polarcus
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 publication is not for distribution, directly or
indirectly, in or into the United States, nor is it an
offer for sale of or the solicitation of an offer to
purchase securities in the United States. Any
securities referred to herein have not been registered
under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act"), and may not be offered or
sold in the United States absent registration or
pursuant to an exemption from registration under the
U.S. Securities Act. North Energy ASA does not intend
to register any portion of the offering of the
securities in the United States or to conduct a public
offering of the securities in the United States.
Copies of this publication are not being, and may not
be, distributed or sent into the United States.
This information is subject of the disclosure
requirements acc. To §5-12 (Norwegian Securities
Trading Act)