SeaBird Exploration Plc: SeaBird announces completion of restructuring
(Thomson Reuters ONE) -
3 March 2015, Limassol, Cyprus
SEABIRD ANNOUNCES COMPLETION OF RESTRUCTURING
Reference is made to the press release dated 29 January 2015 regarding the
restructuring (the "Restructuring") of SeaBird Exploration PLC (the "Company").
Reference is also made to press releases dated 3 February 2015, 11 February, 18
February and 19 February 2015 regarding the convening of Extraordinary General
Meetings and a bondholders meeting to approve the Restructuring by the Company's
shareholders and the bondholders, all in order to carry out the Restructuring as
proposed.
SeaBird Exploration Plc ("SeaBird" or the "Company", with the ticker "SBX on the
Oslo Stock Exchange) announces that the conditions for the Restructuring have
now been fulfilled. On this basis, the Company has issued 6,015,693 preference
shares each with a par value US$0.1. Each preference share carries 500 times the
rights of the common shares listed on Oslo Børs under the ticker "SBX".
The preference shares will be automatically converted into common shares
following a reduction of the Company's authorized and issued share capital,
through the reduction of the nominal value of its shares from US$0.1 to
US$0.0001 (the "Reduction") and issue by the Registrar of Companies in Cyprus of
the relevant certificate confirming the Reduction. The Reduction is subject to
approval by an Extraordinary Shareholders Meeting ("EGM2"), scheduled for 5
March 2015, and will be completed after notice periods required under Cypriot
regulations have expired, estimated to occur during Q2 2015. After confirmation
of the Reduction, the preference shares will be converted at an exchange rate of
500 : 1 common shares per preference share, hence a total of 3,007,846,500
shares will be issued to preferred shareholders following the Reduction. Post
conversion of the preference shares the total outstanding amount of common
shares in the company will be 3,065,427,746. The Company has also issued
1,769,375 warrants, convertible into 884,687,500 ordinary shares after the
Reduction. There will be no preference shares outstanding in the company
following the Reduction.
The Company's subsidiary SeaBird Exploration Finance Ltd has further issued a
new secured bond ("SBX04"). SBX04 is a 3-year secured bond issued in two
tranches, one Tranche A of USD 5 million carrying a 12% interest p.a. and one
Tranche B of USD 24.34 million carrying an interest of 6% p.a., secured against
certain assets of the SeaBird group. Interest will be paid quarterly. The first
principal payment date will occur two years after the date of settlement of the
SBX04, at which time USD 2 million shall be payable on that interest payment
date and quarterly on each following interest payment date with a bullet payment
to be made on maturity. It is intended that the SBX04 bond will be listed on the
Oslo Stock Exchange. In addition, Scandinavian Bunkering AS has extended a
credit facility of USD 2,354,256 to the SeaBird Group, secured pari passu with
the Tranche B BSX04 bondholders. One vessel owner has extended an unsecured loan
facility of USD 2,120,253. Both these facilities have been extended through
conversion of existing claims against the SeaBird Group.
ABG Sundal Collier Norge ASA, Fearnley Securities AS and RS Platou AS act as
financial advisors to the Company. Advokatfirmaet Schjødt AS and Montanios &
Montanios act as Norwegian and Cypriot legal counsel to the Company,
respectively.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
For further queries contact:
Dag Reynolds
CEO SeaBird Exploration
Phone: +47 90883737
Nils Haugestad
CFO SeaBird Exploration
Phone: +971 4 427 1700
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: SeaBird Exploration Plc via GlobeNewswire
[HUG#1898910]
Unternehmensinformation / Kurzprofil:
Datum: 03.03.2015 - 08:01 Uhr
Sprache: Deutsch
News-ID 375606
Anzahl Zeichen: 4717
contact information:
Town:
Oslo
Kategorie:
Business News
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"SeaBird Exploration Plc: SeaBird announces completion of restructuring"
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