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Provider : Reuters Investment Profile
Provider : Wright Reports

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Perestroika to submit mandatory offer for shares in Songa Offshore after reaching over 50 pct ownership

Tuesday, 17 Dec 2013 02:52am EST 

Songa Offshore SE:Says the company's private placement and convertible bond issue have been fully subscribed.Says Perestroika AS has subscribed for shares securing Perestroika AS and related parties at least a 50.1 percent ownership in the company.Say out of the shares to be issued to Perestroika AS in the private placement, 132,287,456 shares were issued on Dec. 17 pursuant to an existing board authorization according to the refinancing plan.Says until Dec. 17 Perestroika AS and related parties owned 60,292,194 shares in the company, corresponding to an ownership of 29.7 percent.Says the issue of Dec. 17 of the above mentioned 132,287,456 shares will bring Perestroika AS alone to an ownership of 185,220,650 shares , or 55.26 percent of the new total number of shares.Says the issue of shares to Perestroika AS thus triggers a mandatory offer and Perestroika AS will submit such an offer. 

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