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Conversion of bonds and issuance of new class A shares
Reference is made to previous announcements concerning the refinancing (the "Refinancing") of Prosafe SE ("Prosafe" or the "Company") as announced on 7 July 2016, and latest the announcement of 15 September 2016.

In accordance with the timetable for the Refinancing, the Company has issued 1,400,839,757 new class A shares as part of the conversion of senior unsecured bonds to shares pursuant to the Refinancing terms. The conversion is completed in VPS today.

Following this, the Company has 6,037,010,116 shares outstanding, consisting of 259,570,359 ordinary shares and 5,777,439,757 Class A shares. The lower of number of class A shares compared to previous announcements, is due to standard VPS rounding in connection with the bond conversion. Pending completion of the capital reduction (as described in the Refinancing terms), the ordinary shares will have a nominal value of EUR 0.25 each. The Class A shares have a nominal value of EUR 0.001 each. Following completion of the capital reduction, all shares will have nominal value of EUR 0.001 each. All shares have equal rights in all respects, save for the rights of conversion of the Class A shares into ordinary shares.

The class A shares issued as part of the Refinancing, i.e. the shares issued through the private placement and the bond conversion, will today be listed on the Norwegian OTC list (N-OTC). 

The timetable for the remaining Refinancing completion is now as follows:

Date

Action

19 September 2016

Record date for remaining forced cash conversion of bonds

21 September 2016

Settlement of the remaining bonds forced to cash conversion

21 September 2016

Last day of listing of bonds on Oslo Børs


With respect to the subsequent equity repair offering, as set out in previous announcements, latest on 5 September 2016, this will be launched upon publication of the offering and listing prospectus to be approved by relevant authorities, currently expected end of September / early October 2016. Shareholders as of close of trade on 12 July 2016 (as recorded in VPS on 14 July 2016) not allocated shares in the private placement will, subject to applicable restrictions, receive non-transferable subscription rights for up to 504,000,000 shares. Further information on timing, terms and how to participate, will be announced in due course, and described in the prospectus. See also the Company's announcement on 5 September 2016.

Prosafe is the world's leading owner and operator of semi-submersible accommodation vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com

Larnaca, 19 September 2016
Georgina Georgiou, General Manager
Prosafe SE

For further information, please contact:

Glen Ole Rødland, Interim Chairman
Prosafe SE
Phone: +47 907 41 662

Stig Harry Christiansen, Acting CEO
Prosafe Management AS
Phone: +47 51 64 25 17

Robin Laird, Acting CFO
Prosafe Offshore Services Pte Limited
Phone: +65 81 27 21 01

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 51 64 25 20