The Private Placement will include 6-8 million new shares and up to 10 million existing shares offered from existing shareholders. The indicative price range is set to NOK 26-32 per share. The pre money valuation of SCAN is thus between NOK 2.1 and 2.6 billion.
The Private Placement will be subject to a book building in the period from May 2 - 11 2007. The allocation and pricing of the Private Placement is expected to be announced on May 14, 2007.
The completion of the offering is subject to a resolution by the general meeting of SCAN to be held May 2, 2007, and the approval of and the decision to issue new shares by the Board of Directors of SCAN following the book building period.
The shareholders selling shares in the Private Placement is subject to a lock-up of the remainder of their shares for a period of 6 months following the completion of the sale.
In addition to the Private Placement, SCAN will issue up to 4 million shares in a Retail Placement taking the total number of new shares offered to 10 million. An IPO prospectus will be available for the Retail Placement. Details of the Retail Placement will be published following the completion of the Private Placement.
Pareto Securities has been appointed as lead manager and DnBNOR Markets has been appointed as co-manager in both the Private Placement and the Retail Placement.
SCAN Geophysical ASA was established in 2002 as a seismic data acquisition company specializing in both marine streamer seismic and ocean bottom seismic. The company is currently operating one 2D and one 3D streamer vessel, and will launch three new state-of-the-art 3D vessels during 2008 and one 2002-built 3D vessel during Q3 of 2007. The administration is located in Oslo, Norway with representatives in Houston, Moscow, Singapore and Caracas. SCAN Geophysical ASA is listed on the Norwegian OTC list (SCAN).
Most Popular Articles