Asker 11. August 2008.
TGS and WAVE negotiated over the weekend to revise the merger plan in an effort to complete the merger amicably.
TGS offered to increase the exchange ratio, change the board composition and change the management structure subject to shareholder and Wavefield management support. Unfortunately it has not been possible to obtain sufficient Wavefield management support for a revised merger plan to complete the merger and manage the merged company in a successful way.
TGS will this week call an EGM to be held in late August to consult with our shareholders on the situation.