Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

SBM Offshore Announces Detailed Terms Of 10% Rights Offering

SBM Offshore N.V. (SBFFY.PK), a provider of floating production solutions to the offshore energy industry, announces the detailed terms of its 10% rights offering that was authorised by its shareholders at the Annual General Meeting of 2 April 2013. The rights offering is fully underwritten by HAL Investments B.V.

SBM Offshore announced a 1 for 10 rights offering of 18.91 million new ordinary shares in its capital with a nominal value of 0.25 euros each at an issue price of 10.07 euros per Offer Share. Subject to applicable securities laws and the terms of the Prospectus, existing holders of ordinary shares in the capital of SBM Offshore with a nominal value of 0.25 euros each as at the Record Date are being granted transferable subscription rights to subscribe for the Offer Shares pro rata to their existing shareholdings on the Record Date.

The Group will use the full net proceeds of the Offering to address the financial impact of the settlement reached with Talisman on 11 March 2013 in respect of the Yme project.

The record date for determining the holders of Ordinary Shares who will receive Rights is immediately following the close of trading in Ordinary Shares on Euronext Amsterdam at 17:40 hours CET on 3 April 2013.

The company expects trading of the Rights on Euronext Amsterdam to commence at 09:00 hours CET on 4 April 2013 and to end at 17:40 hours CET on 16 April 2013, barring unforeseen circumstances. The Rights will be traded under the symbol "SBMOR".

Following the expiry of the Exercise Period, any Offer Shares that were issuable upon the exercise of Rights, but that have not been subscribed for during the Exercise Period and any and all Offer Shares taken up but not paid for within three trading days of 22 April 2013 will be subscribed and paid for by HAL at the Issue Price in accordance with the terms and conditions of the private placement and underwriting agreement between the Company and HAL dated 20 December 2012.

Register
To receive FREE breaking news email alerts for SBM OFFSHORE NV and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Policymakers of Reserve Bank of Australia decided to maintain its record low interest rate once again as they continue to assess that the most prudent course is a period of stability in interest rates. The monetary policy board retained the cash rate at 2.50 percent. The rate has been at the current level since August 2013. A ban on athletes using stamina-boosting gases - xenon and argon - came into effect on Monday. The World Anti-Doping Agency (WADA) said Hypoxia-Inducible Factor (HIF) activators Xenon and Argon have been added to the 2014 List of Prohibited Substances and Methods List following the required three-month notice period and UNESCO's communication to all States Parties. A recommendation to revise the British manufacturing growth eased further in August to its lowest level in 14 months as output and demand increased at slower rates, survey results from Markit Economics showed Monday. The Markit/CIPS Purchasing Managers' Index dropped to 52.5 from a revised 54.8 in July. Economists had expected the score to fall to 55.1 from July's original figure of 55.4.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.