Expiry of acceptance period in squeeze-out - preliminary results and plan of settlement
(Thomson Reuters ONE) -
NOT FOR PUBLIC DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES OF AMERICA, SOUTH AFRICA, CANADA, AUSTRALIA OR JAPAN
12 November 2010 - Reference is made to the announcement made by BW Offshore
Limited ("BW Offshore") on 29 October 2010, regarding the acquisition by BW
Offshore of all the shares in the issued share capital of Prosafe Production
Public Limited ("Prosafe Production") not already owned, directly or indirectly,
by BW Offshore (the "Squeeze-Out"), and the document containing equivalent
information as a prospectus in relation to the Squeeze-Out (the "Squeeze-Out
Document") dated 29 October 2010.
As described in the Squeeze-Out Document, the acceptance period for choosing to
receive a consideration of 1.2 shares in BW Offshore plus NOK 3 in cash for each
share held in Prosafe Production, rather than a consideration of NOK 15.11 in
cash, expired today, 12 November 2010, at 17:30 hours (CET). All shareholders in
Prosafe Production who have not submitted a combined consideration acceptance
form in accordance with the procedures specified in the Squeeze-Out Document by
this deadline are deemed to have chosen the consideration of NOK 15.11 in cash
for each share held in Prosafe Production.
By the expiry of the acceptance period, preliminary results showed that combined
consideration acceptance forms have been received for a total of approximately
12.6 million shares (corresponding to approximately 4.9 % of the total number of
shares) in Prosafe Production, which implies that approximately 15.1 million new
BW Offshore shares will be issued as consideration in the settlement of the
Squeeze-Out.
Settlement of the Squeeze-Out is expected to be carried out according to the
following indicative timetable:
- 15 November 2010: Suspension of trading in the Prosafe Production
share.
- 18 November 2010: Transfer of Prosafe Production shares to settlement
agent from shareholders in Prosafe Production who have chosen the combined
consideration.
- 22 November 2010: Delivery of new shares in BW Offshore to
shareholders in Prosafe Production who have chosen the combined consideration.
- 22 November 2010: Transfer of Prosafe Production shares to settlement
agent from shareholders in Prosafe Production who have not chosen the combined
consideration.
- 23 November 2010: Payment of cash component of combined consideration
to shareholders in Prosafe Production with registered bank accounts in the VPS
who have chosen the combined consideration.
- 24 November 2010: Payment of cash consideration to shareholders in
Prosafe Production who have not chosen the combined consideration.
Shareholders in Prosafe Production should note that no trading in the Prosafe
Production share will be permitted as of 15 November 2010.
For further information, please contact:
Carl K. Arnet, CEO, +65 9630 3290
Knut R. Sæthre, CFO, +47 9111 7876
This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.
This announcement is not an offer for sale of any securities in the United
States. Securities may not be offered or sold in the United States absent
registration or an exemption from registration under the U.S. Securities Act. BW
Offshore has not registered and does not intend to register any portion of any
offering of shares in the United States or to conduct a public offering of any
securities in the United States.
[HUG#1462305]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters 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: BW Offshore via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 12.11.2010 - 19:11 Uhr
Sprache: Deutsch
News-ID 48747
Anzahl Zeichen: 4590
contact information:
Town:
Oslo
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Expiry of acceptance period in squeeze-out - preliminary results and plan of settlement"
steht unter der journalistisch-redaktionellen Verantwortung von
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