Lysaker, 29 April 2021
Axxis Geo Solutions ASA ("Axxis" or the "company") today announces the approval of the final proposal for the company reconstruction pursuant to the court protected reconstruction process.
Reference is made to the Stock Exchange Announcement 7 April 2021. The deadline for creditors to vote on the reconstruction proposal expired 27 April 2021. Out of the 110 creditors voting, 106 creditors voted in favor of the reconstruction proposal. In nominal amounts, this represents in excess of 98% of claims eligible to vote voting in favor. In addition, Axxis has obtained acceptance for a voluntary debt settlement from the creditors in the group companies.
Subject to the reconstruction proposal being confirmed and the forced debt settlement becoming legally binding, Axxis will pay out approximately USD 7 million in cash and issue approximately 424 million shares to its creditors (the "Conversion Shares"). The company estimates that the forced debt settlement will become legally binding, that payments will be made and Conversion Shares issued no later than 30 June 2021. The Conversion Shares will be in addition to the 1,445 million shares that will be issued in connection with the private placement, raising NOK 144.5 million (the "Cash Shares", together with the Conversion Shares, the "New Shares"). The issue of the Cash Shares has been approved at the extraordinary general meeting held 28 April 2021, and Axxis expects to shortly confirm the private placement and announce the details of a subsequent repair offering. Following the issue of the New Shares, the New Shares will represent in aggregate about 97% of the total outstanding shares in the company.
“Following a successful reconstruction, Axxis will have a balanced financial position and good liquidity reserves to support continued operations. We´re pleased that 106 creditors voted in favor of the proposal, representing in aggregate over 98% of claims outstanding from eligible creditors, “says Nina Skage, Board Member of Axxis and part of the reconstruction team.
For further information, please contact:
Nina Skage, member of the Board of Directors,
nina@vestcorp.no,
+47 915 38 890
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 EURONEXT EXPAND OSLO 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.