EMGS - Minutes from extraordinary general meeting
Reference is made to the stock exchange announcement by Electromagnetic Geoservices ASA (EMGS) on 5 November 2015 including calling notice to an extraordinary general meeting (EGM) on 26 November 2015.
The EGM was held today and resulted in an approval of the proposed fully underwritten rights issue, with the amendments described below relative to what was described in the Calling notice for the EGM. The changes will have no impact on existing shareholders' right to receive subscription rights or their participation in the rights issue.
Sections 7, 8 and 9 to the resolution set out in item 4 were amended to read as follows:
(7) Subscription of New Shares without Subscription Rights is allowed. Holders of Subscription Rights may subscribe for a number of New Shares which exceeds the number of Subscription Rights held.
(8) If not all Subscription Rights are validly exercised in the Subscription Period, subscribers having exercised their Subscription Rights and who have over-subscribed will have the right to be allocated remaining New Shares on a pro rata basis based on the number of subscription rights exercised by the subscriber. In the event that pro rata allocation is not possible, the Company will determine the allocation by lot drawing.
(9) Any remaining new shares not allocated pursuant to the criteria set out in section (8) above may be subscribed by and allocated to subscribers not having Subscription Rights, in which case such New Shares will be allocated pro rata to such subscribers' subscriptions. Any remaining new shares will be subscribed by and allocated to the Underwriters to the extent the Underwriters have not fulfilled their underwriting obligations through subscription for shares in the Subscription Period, based on and in accordance with their respective underwriting obligations.
More information regarding the Rights Issue will be announced closer to the subscription period, which is expected to commence on 1 December 2015.
In addition, Stig Eide Sivertsen was elected as a member of the Board of Directors of EMGS as from the time when he resigns and leaves his position as CEO of the Company.
Please find enclosed the Minutes from the EGM.
For further information, please contact:
Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59
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.
EMGS operates on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia.
For more information, visit www.emgs.com
