NODL (NEW): INDICATES UP TO 85% OF NODL SHARES ACCEPTED CHANGE OFFERS | SDRL Message Board Posts

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Msg  37357 of 37373  at  2/22/2020 2:15:51 PM  by

ICE


NODL (NEW): INDICATES UP TO 85% OF NODL SHARES ACCEPTED CHANGE OFFERS

NODL (NEW): INDICATES UP TO 85% OF NODL SHARES ACCEPTED CHANGE OFFERS
(Updated article)
Oslo (TDN Direct): Northern Drilling (NODL) states that based on preliminary counting, it is
indicated that approximately up to 85 percent of outstanding NODL shares have accepted
the exchange offer related to shares in Northern Ocean (NOL).
This is stated in a stock exchange announcement on Friday afternoon, which indicated that
the period for accepting the exchange offer expired on Thursday afternoon at 16:30.
This corresponds to up to 91 million of the current 107,555,983 NODL shares, which implies
that after the completion of the exchange offer (and corresponding deletion of accepted NODL
shares), NODL will have around 16 million shares issued.
Given the preliminary result, NODL's stake in NOL will fall from today's ownership stake of about
70 percent to less than five percent. After Hemen Holding's previously announced acceptance
of the exchange offer for the weighted average acceptance rate in the offer, it is expected that
Hemen's ownership interest in NODL will remain at 39.4 percent after completion of the offer.
The final result of the offer is expected to be announced on or around February 26, it is
announced.
ICE


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