NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
REACH - RESULTS FROM THE SUBSEQUENT OFFERING
Reference is made to the stock exchange releases from Reach Subsea
ASA ("Reach" or the "Company") published on 23 February 2017
regarding the commencement of the subscription period for the
subsequent offering of up to 6,399,070 new shares each to a
subscription price of NOK 1.75 per share (the "Subsequent
Offering"). Reference is also made to the Company's prospectus dated
23 February 2017 which includes terms and conditions for the
Subsequent Offering.
The subscription period in the Subsequent Offering expired at 16:30
hours (CET) Friday 10 March 2017. The Company received subscriptions
for a total of 3,388,560 which were covered by subscription rights.
One subscription right gave the holder a right to subscribe and be
allocated one new share in the Subsequent Offering.
The Board of directors has in a board meeting resolved to issue a
total of 3,388,560 new shares in Reach, each to a price of NOK 1.75
per share, each with a nominal value of NOK 1.00. The Company's
share capital will as a consequence increase by NOK 3,388,560, from
NOK 139,850,965 to NOK 143,239,525 consisting of 143,239,525 shares
each with a nominal value of NOK 1.00 per share.
Subscribers who were allocated new shares will be notified today.
Payment date is set to 17 March 2017. The new shares are expected to
be registered in the Norwegian Registry of Business Enterprises on
or about 22 March 2017, and be issued immediately thereafter and be
listed on Oslo Børs under the Company's original ticker code "REACH"
on or about 23 March 2017.
Haugesund, 14 March 2017
Reach Subsea AS
For further information, please contact:
Birgitte Wendelbo Johansen