Prosafe is pleased to report that today it has completed the acquisition of Axis Nova and Axis Vega. As part of this, Prosafe has issued to Axis Offshore Pte. Ltd. as in-kind consideration 5,868,900 ordinary shares priced at NOK 30 per share, and subordinated zero coupon convertible bonds in the total amount of NOK 320,355,000, convertible into 10,678,500 shares at a conversion price of NOK 30 per share. The shares and bonds have been issued by the Prosafe board based on the approval of and authorisation granted by the Company's extraordinary general meeting on 30 November 2016.
Following this, the number of issued shares outstanding in the Company will be 71,399,002 of nominal value EUR 0.1 each.
The remaining part of the transaction, the acquisition of the Dan Swift Shares, will be subject to separate completion in due course. The agreed consideration of USD 10 million for the Dan Swift Shares is, as earlier reported, to be settled in the form of additional convertible bonds, in the amount of NOK 82,737,000.
For further details on the transaction and the target companies, please refer to the detailed announcement of 10 November 2016, including the presentation material attached thereto.
Clarksons Platou Securities and Schjødt act as advisors to Prosafe on the transaction. Danske Bank has delivered a fairness opinion on the terms of the transaction to the Board of Prosafe.
Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The Company operates globally and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com
Larnaca, 16 December 2016
Georgina Georgiou, General Manager
For further information, please contact:
Stig Harry Christiansen, Acting CEO
Prosafe Management AS
Phone: +47 51 64 25 17 / +47 478 07 813
Robin Laird, Acting CFO
Prosafe Offshore Services Pte. Ltd.
Phone: +65 81 27 21 01
Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Phone: +47 51 64 25 20 / +47 991 09 467
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.