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Shareholders who do not own a number of shares that is divisible by 1,000 will
be rounded upwards free of charge, so that their shareholding becomes divisible
by 1,000. Shares added by such rounding up will be transferred by HitecVision
group.
Reference is made to the Extraordinary General Meeting that was held today. As a
consequence of a challenging financial situation, Prosafe SE has performed a
significant de-leveraging and balance sheet restructuring. The restructuring has
required the issuance of a large number of shares with a dilution effect that
has led to a significant reduction in the share price in the market.
According to Oslo Stock Exchange’s rules for listed issuers of shares, the
market value of the issuer’s shares shall not be lower than NOK 1. The market
value of Prosafe SE’s shares is currently lower than the minimum requirement.
HitecVision group has decided to aid Prosafe SE and the shareholders in the
present situation by supplying the shares necessary to complete a reverse share
split.
Prosafe SE will based on this implement a reverse split of Prosafe SE’s shares
to satisfy the minimum requirement to market value of the issuer’s shares for
listed companies. A reverse stock split will reduce the number of outstanding
shares in the market. Existing shares are consolidated into fewer shares,
expected to result in an increase of the company’s stock price.
The company will adopt a reverse share split in the ratio 1,000: 1, whereby
1,000 shares with a nominal value of EUR 0.05 will give 1 new share with a
nominal value of EUR 50.00.
Shareholders in the company when completing the reverse share split who do not
own a number of shares that is divisible by 1,000, will be rounded upwards free
of charge, so that they will have a number that is divisible by 1,000. Shares
added by such rounding up will be transferred by HitecVision group.
The last day for trading in the company’s shares before the reverse share split
becomes effective will be 26 January 2022 (last day included). The first day for
trading after completion of the reverse share split will be 27 January 2022 (ex-
date). Record date will be 27 January 2022.
Prosafe is a leading owner and operator of semi-submersible accommodation
vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS.
For more information, please refer to www.prosafe.com (http://www.prosafe.com)
Stavanger, 25 January 2022
Prosafe SE
For further information, please contact:
Jesper K. Andresen, CEO
Phone: +47 51 65 24 30 / +47 907 65 155
Stig Harry Christiansen, Deputy CEO and CFO
Phone: +47 51 64 25 17 / +47 478 07 813
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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