TGS Wavefield: Merger Approved by Shareholders of Both Companies
TGS-NOPEC Geophysical and Wavefield Inseis have approved the merger plan dated August 20, 2007 in order to merge the two companies on September 20, 2007.
The Extraordinary General Meetings of TGS and Wavefield Inseis have elected Anders Farestveit and Arne K. Maeland, respectively, to act as an observer on the Board of Directors of each company until completion of the merger.
In accordance with the merger plan, the Extraordinary General Meeting of TGS-NOPEC Geophysical Company ASA also elected a new board of directors and resolved various amendments to the company’s articles of association, both resolutions to take effect from the date of completion of the merger.
Subject to completion of the merger, the Board of Directors was also granted an authority to acquire own shares on behalf of the company, provided that the total nominal value of own shares shall not exceed 10% of the company’s share capital, and an authority to increase the share capital by up to NOK 3,950,000.
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