Reference is made to previous announcements concerning the refinancing (the "Refinancing") of Prosafe SE ("Prosafe" or the "Company") as first announced on 7 July 2016.
The Financial Supervisory Authority of Norway has approved a prospectus prepared by Company covering the following:
Listing of 5,777,439,757 new shares issued as part of the Refinancing, the offering and listing of up to 504,000,000 shares (the "Offer Shares") to be issued in connection with the subsequent repair offering (the "Subsequent Offering") and listing of new convertible bonds ("New Convertible Bonds").
The Subsequent Offering comprises an offering of up to 504,000,000 Offer Shares at a subscription price of NOK 0.25. The Company's shareholders as of 12 July 2016, as documented by the shareholder register in the Norwegian Central Securities Depository (the "VPS") as of 14 July 2016 (T+2)(the "Record Date"), and who are not resident in a jurisdiction where such offering would be unlawful, or would (in jurisdictions other than Norway) require any prospectus filing, registration or similar action, will receive non-transferable subscription rights (the "Subscription Rights") based on their shareholding as of that date ("Eligible Shareholders"). Eligible Shareholders will be entitled to over-subscribe.
Each Eligible Shareholder will be granted 3.56 Subscription Rights for each share registered as held by such Eligible Shareholder as of the Record Date rounded down to the nearest whole Subscription Right. Each Subscription Right will, subject to applicable securities laws, give the right to subscribe for and be allocated one (1) Offer Share. The subscription period for the Subsequent Offering commences on 17 October 2016 and expires at 16:30 hours, Oslo time, on 31 October 2016 (the “Subscription Period”). Please note that Subscription Rights that are not used to subscribe for Offer Shares before the end of the Subscription Period will lapse without compensation and consequently be of no value.
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