Lysaker, 7 April 2021
Axxis Geo Solutions ASA ("Axxis" or the "company") today announces the final proposal for the company reconstruction pursuant to the court protected reconstruction process.
“Axxis will have a balanced financial position and good liquidity reserves to support continued operations following a successful reconstruction. The final proposal is largely in line with the proposal presented before Easter and is subject to a creditor vote and subsequent Extraordinary General Meetings in late April and mid May, “says Nina Skage, Board Member of Axxis and part of the reconstruction team.
Reference is made to the Stock Exchange Announcement 16 March 2021 regarding the draft company reconstruction proposal. The company today announces the final proposal, which is submitted to the creditors for vote. The proposal consists of the following main elements:
• The proposal from the company involves a forced debt settlement of the
company’s unsecured debt. Secured debt, up to the value of the pledged assets, is not part of the forced debt settlement.
• Cash settlement of 10% of the outstanding amount, or alternatively, Creditors will have an option to convert their outstanding claim to shares in the company. The conversion price is set to 0.5 NOK/share.
• The proposal will be financed through raising new equity in the range of USD 17-20 million at a subscription price of 0.1NOK/share. An amount of USD 17 million is guaranteed by a group of investors. The equity issue will be subject to shareholder approval at an extraordinary general meeting, which will be held 28 April 2021.
The proposal for reconstruction and an updated corporate presentation are enclosed. The proposal for reconstruction with voting instructions are also sent each creditor separately.
For further information, please contact:
Nina Skage, member of the Board of Directors,
nina@vestcorp.no,
+47 91538890
Ronny Bøhn, CEO,
ronny.bohn@axxisgeo.com
+47 905 58 517
Nils Haugestad, CFO,
nils.haugestad@axxisgeo.com
+47 977 04 439
About Axxis
Axxis Geo Solutions (Axxis) is a pure-play ocean bottom node seismic company uniquely positioned to pursue both contract and multi-client seismic. Axxis specializes on delivering tailored seismic solutions and flexible project management and execution to oil and gas companies world-wide. Its operations are based on a scalable asset-light setup through chartering of vessels and nodes to complete seismic surveys. Axxis is listed on Oslo Axess and traded under the ticker Axxis.
More information on www.axxisgeo.com.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.