General Meeting - Contemplated Capital Reduction of USD 320 million.
Cyprus 4 January 2013 - The Board of Directors of S.D.
Standard Drilling Plc (Company) has today announced
that it will call for an Extraordinary General Meeting
("EGM") of the Company to be held on or about Friday
March 1st, 2013. In this EGM the Board of Directors
will propose that the Company undertakes a capital
reduction exercise ("Capital Reduction"), with the
intention to effect a proposed payout of up to US$320
million to shareholders of the Company. The intention
of the Company is to effectuate the proposed payout
soonest possible after the EGM has approved of the
proposal. The Company will in due time announce
further details about the process, rationale and
expected timing of the Capital Reduction. It is
expected that the contemplated Capital Reduction will
be completed within May 2013.
For further information please contact:
Mob: +47 920 14814
MOB:+65 965 89300