The Board of Oslo Børs approves three companies for listing and a transfer from Oslo Axess to Oslo Børs
At its meeting on 13 June 2012, the Board of Directors of Oslo Børs resolved to admit shares in Veripos Inc. and Universal Maritime Inc. to listing on Oslo Børs and to admit shares in Crudecorp ASA to listing on Oslo Axess. The Board also approved the transfer of Polarcus ASA from listing on Oslo Axess to listing on Oslo Børs.
Veripos to be listed on Oslo Børs, alternatively on Oslo Axess
At its meeting on 13 June 2012, the Board of Directors of Oslo Børs resolved to admit the shares in Veripos Inc. to listing on Oslo Børs, or alternatively to listing on Oslo Axess.
The Board agreed to exempt the company from the requirement that a listed company must have been in existence for at least three years, cf. Sections 2.3.1 and 2.3.2 of the Oslo Børs Listing Rules. This exemption was granted because the company’s business has been in existence for the required time, but has operated through different legal entities.
The Board stipulated that, prior to the first day of listing, the company must satisfy the requirement for the number of shareholders as specified in Section 2.4.2 of the Oslo Børs Listing Rules, or Section 2.4.2 of the Oslo Axess Listing Rules as appropriate, and publish an approved prospectus containing auditor-approved financial statements.
The Board stipulated that, prior to the first day of listing, the distribution of shares in Veripos as a stock dividend must be approved by a general meeting of Subsea7 as planned. The Board authorised the Chief Executive Officer of Oslo Børs to decide whether the company should be listed on Oslo Børs or Oslo Axess, and to fix the date of the first day of listing, which is to be no later than 27 July 2012
About Veripos
VERIPOS is a leading global provider of precise satellite positioning services primarily in the offshore industry including exploration seismic, survey, construction, drilling and DP marine market sectors. VERIPOS aims to be the market leader in precise navigation and positioning solutions, through the innovative application of technology, continuous product development and operational excellence. VERIPOS delivers a selection of GPS and Glonass augmentation services including fully redundant, high accuracy solutions accurate to better than 10cm. VERIPOS also offers a range of hardware and software products which offers optimum functionality and quality. To provide these services VERIPOS maintains a global network of over 80 reference stations and offices worldwide and three fully redundant Network Control Centres. VERIPOS is totally focused on the success of its clients to whom it aims to be not just a supplier, but a partner for positioning.
Universal Maritime to be listed on Oslo Børs, alternatively on Oslo Axess
At its meeting on 13 June 2012, the Board of Directors of Oslo Børs resolved to admit the shares in Universal Maritime Inc. to listing on Oslo Børs, or alternatively to listing on Oslo Axess. The Board agreed to exempt the company from the requirement that a listed company must have been in existence for at least three years, cf. Sections 2.3.1 and 2.3.2 of the Stock Exchange Listing Rules. This exemption was granted because the company’s business has been in existence, but has been carried out by different legal entities.
The Board stipulated that, prior to the first day of listing, the company must satisfy the requirement for the number of shareholders as specified in Section 2.4.2 of the Stock Exchange Listing Rules, and make public an approved listing prospectus. The Board also stipulated that, prior to the first day of listing, the company must satisfy the requirement of at least 25% spread of share ownership among the general public for the shares for which admission to stock exchange listing is sought, as specified in section 2.4.1 of the Stock Exchange Listing Rules, and that all of the company’s shares are registered in a central securities depository, as specified in section 2.4.7 of the Stock Exchange Listing Rules.
If the abovementioned requirements for number of shareholders are not met, the company will be accepted for a listing on Oslo Axess, assuming section 2.4.2 of the Oslo Axess Listing Rules is satisfied, as well as all other listing requirements.
The board also stipulated that the company raise a minimum of USD 150 million in equity, and that transaction agreement with Geden Holdings Ltd. regarding the spin-off of all shares in the 10 ship owning entities is completed in accordance with the agreement. The Board authorised the Chief Executive Officer of Oslo Børs to decide whether the company should be listed on Oslo Børs or Oslo Axess, and to fix the date of the first day of listing, which is to be no later than 27 July 2012.
About Universal Maritime
Universal Maritime Inc. is a shipping company which will own and operate a fleet of modern crude tankers. Universal Maritime’s strategy is to create shareholder value through close relationships with oil majors, attractive vessel employment profiles, timely acquisitions of vessels, and a low cost capital structure.
Crudecorp to be listed on Oslo Axess
At its meeting on 13 June 2012, the Board of Directors of Oslo Børs resolved to admit the shares in Crudecorp ASA to listing on Oslo Axess. The Board stipulated that, prior to the first day of listing, the company must satisfy the requirement for the number of shareholders as specified in Section 2.4.2 of the Oslo Axess Listing Rules, and publish an approved prospectus.
The Board authorized the Chief Executive Officer of Oslo Børs to fix the date of the first day of listing, which is to be no later than 27 July 2012.
About Crudecorp
Crudecorp ASA is an international independent oil and gas exploration and production company engaged in the acquisition, development and operation of oil and natural gas properties in the United States. Crudecorp ASA owns a 90% Working Interest in the Chico Martinez oil field, located in the San Joaquin valley in California, United States. The field is operated through the company´s wholly owned subsidiary, CMO Inc. The reservoir being developed is believed to contain 50 million barrels of heavy oil in place and is located in the Etchegoin formation at depths of 400 to 1, 200 feet. The company acquired the field in 2008 and has performed production testing and formulated a field development plan. The company is in the finishing stages of completing investments for the first of several planned production expansion phases for the field, comprising new wells, steam generation and processing facilities.
Polarcus to be transferred to Oslo Børs
At its meeting on 13 June 2012, the Board of Directors of Oslo Børs resolved to admit the shares in Polarcus Limited to listing on Oslo Børs. As of today Polarcus is listed on Oslo Axess. The Board stipulated that the company must publish an approved prospectus prior to the first day of listing. The Board authorized the Chief Executive Officer of Oslo Børs to fix the date of the first day of listing, which is to be no later than 27 July 2012.
About Polarcus
Polarcus is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company’s principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
Also note that Selvaag Bolig to be listed on Oslo Børs Thursday 14 June
Selvaag Bolig ASA will be listed on Oslo Børs Thursday 14 June 2012. This is the first new listing on Oslo Børs in 2012.
Representatives from the company will ring the bell at 09.00 AM and will then give a short presentation of the company. The presentation starts at 09.10 AM at Oslo Børs and is open to the press and public. Selvaag Bolig ASA will be listed on Oslo Børs under the ticker SBO.
About Selvaag Bolig:
Selvaag Bolig is a residential property developer focusing on the main Norwegian cities and their surrounding areas. The company also plans to expand in selected cities in Scandinavia. Selvaag Bolig has a broad property portfolio, and develops homes based on three concepts targeting various types of households.
