EMGS: Result of bond buy-back and mandatory notification of trade
December 23 2021 - 10:10AM
EMGS: Result of bond buy-back and mandatory notification of trade
Reference is made to the stock exchange notifications published
by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) on 16
December 2021, related to the Buy-Back.
All capitalised terms used and not defined in this stock
exchange notification are references to those terms as defined in
the Buy-Back Offer Document published by EMGS in connection with
the Buy-Back and dated 16 December 2021.
The Company has today resolved and committed to repurchase
40,000 Bonds with an aggregate nominal value of USD 4 million, in
accordance with the terms and conditions of the Buy-Back Offer
Document.
Following completion of the Buy-Back, the Company will have
repurchased a combined total of approx. 80,000 Bonds, with an
aggregate nominal value of USD 8 million under the first and second
voluntary bond buy-backs.
The combined buy-backs will result in annualised interest
savings to the Company of approx. USD 450,000 (under current
reference interest rates).
As of the date of this announcement, the unaudited free cash
position of EMGS, excluding the cash to be used to settle the Bond
Buy-Back, is approx. USD 9.2 million.
The following persons closely associated with primary insiders
(PDMRs) of EMGS have participated in and sold bonds (all at 75 per
cent of par) under the Buy-Back:
1. Siem Investments S.à r.l. (“Siem Investments”), an entity
closely associated with board member Jørgen Westad, has sold 15,633
Bonds to EMGS. Following the Buy-Back Settlement Date, Siem
Investments will hold a total of 95,470 Bonds.
2. RWC European Focus Master Inc. ("RWC"), an entity closely
associated with board member Petteri Soininen, has sold 8,100 Bonds
to EMGS. Following the Buy-Back Settlement Date, RWC will hold a
total of 49,300 Bonds.
3. Perestroika AS (“Perestroika”), an entity closely associated
with chairman of the board Frederik Mohn, has sold 15,633 Bonds to
EMGS. Following the Buy-Back Settlement Date, Perestroika will hold
a total of 95,470 Bonds.
Further details regarding each of the above transactions are set
out in the attached forms.
Contact Anders Eimstad, CFO, +47 948 25 836
This information is subject to the disclosure requirements in
Regulation EU 596/2014 article 19 number 3 and the Norwegian
Securities Trading Act § 5-12.
The stock exchange notification was published by Anders Eimstad,
CFO, Electromagnetic Geoservices ASA. About EMGS
EMGS, the marine EM market leader, uses its proprietary
electromagnetic (EM) technology to support oil and gas companies in
their search for offshore hydrocarbons. EMGS supports each stage in
the workflow, from survey design and data acquisition to processing
and interpretation. The Company's services enable the integration
of EM data with seismic and other geophysical and geological
information to give explorationists a clearer and more complete
understanding of the subsurface. This improves exploration
efficiency and reduces risks and the finding costs per barrel. CSEM
technology can also be used to detect the presence of marine
mineral deposits (primarily Seabed Massive Sulphides) and EMGS
believes that the technology can also be used to estimate the
mineral content of such deposits. The Company is undertaking
early-stage initiatives to position itself in this future
market.
- 231221EMGS bond buy-back PDMR_PCA notice
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