Reference is made to the extraordinary general meeting of Philly Shipyard ASA (under liquidation) (the âCompanyâ) held on 25 June 2025 (the âEGMâ), where shareholders resolved that the Company would apply to delist its shares from Euronext Expand. Subject to approval of the delisting application, the EGM further resolved to convert the Company into a private limited liability company (Nw. aksjeselskap) (âASâ) and to elect a new board of directors.
As announced on 10 July 2025, Euronext Oslo Børs has approved the Companyâs delisting application and determined that the delisting shall take effect from 10 September 2025, with the last trading day for the Companyâs shares being on 9 September 2025.
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Following the delisting, the Company will be converted into an AS and the board changes resolved in the EGM will take effect. At the same time, the Companyâs CEO and CFO will resign from their positions in the Company and the Company will be managed solely by the new board. The Company will thereafter continue as a non-operational AS until the earlier of (i) the end of the four-year escrow period for the escrow account holding 10 million (plus accrued interest) of the proceeds from the sale of PSI to Hanwha as security for certain contingent liabilities of the Company under the share purchase agreement with Hanwha or (ii) if and when, pursuant to the terms of the share purchase agreement, all of the escrow funds are disbursed to Hanwha. The Company will promptly thereafter finalize its ongoing liquidation process. Any remaining funds in the escrow account upon expiry of the escrow period will be distributed to the Companyâs shareholders on record at the relevant time, before the Company is finally liquidated.
The Companyâs shares will remain registered with the Norwegian Central Securities Depository (Verdipapirsentralen, VPS) following conversion of the Company into an AS and until the Company is finally liquidated. Any liquidation dividend prior to final liquidation of the Company will hence be paid to the relevant shareholders through the VPS system.
Contact:
contact@phillyshipyardasa.com
This information is published in accordance with the requirements of the Norwegian Securities Trading Act section 5-12.
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