The pricing and allotment of shares in the private placement took place on 28 September 2007. The price per share was set at NOK 15. The indicative price range announced prior to launch of the private placement was NOK 15 to NOK 20 per share.
Subject to approval by the Extraordinary General Meeting of the Company, scheduled to take place on 11 October 2007 at 10:00 CET, a total of 25,000,000 new shares will be issued, resulting in gross proceeds to Ability Drilling from the share issue of NOK 375 million. This implies a market capitalization of the Company of NOK 751 million after the issue of the new shares.
After the share issue, the share capital of the Company will be NOK 500,700,000, divided into 50,070,000 shares, each with a par value of NOK 10. Registration of the share issue in the Norwegian Register of Business Enterprises is expected to take place on 11 October 2007 after the Extraordinary General Meeting of the Company.
The shares of Ability Drilling are expected to be listed at Oslo Axess under the ticker symbol ADRL on or about 12 October 2007, provided that the Extraordinary General Meeting of the Company scheduled to take place on 11 October 2007 votes in favor of the private placement.
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