EMGS: Result of bond buy-back and mandatory notification of trade
December 23 2022 - 2:50AM
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 14
December 2022, related to the Buy-Back pertaining to the Company's
outstanding bond issue Elec ASA 18/25 FRN USD FLOOR STEP C CONV
(“EMGS03”).
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 14 December 2022.
The Company has resolved and committed to repurchase 49,671
Bonds with an aggregate nominal value of USD 4,967,100, in
accordance with the terms and conditions of the Buy-Back Offer
Document.
Following completion of the Buy-Back, the Company will have
repurchased EMGS03 Bonds with an aggregate nominal value of approx.
USD 13 million under the first, second and third voluntary bond
buy-backs.
REDWHEEL - RWC EUROPEAN FOCUS (CAYMAN) ("Redwheel"), an entity
closely associated with board member and primary insider (PDMR) of
EMGS Petteri Soininen, participated in the Bond Buy-Back and has
sold 48,800 Bonds to EMGS at the offer price of 86.5 per cent of
par value of the Bonds.
Following the Buy-Back Settlement Date, Redwheel will hold a
total of 0 (zero) Bonds.
Further details regarding the above transaction are set out in
the attached form.
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.
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- 2212 EMGS bond buy-back PDMR_PCA notice
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