Home MarketsStock Markets The Board of Oslo Børs approves Odfjell Drilling and REC Solar for listing on Oslo Børs

The Board of Oslo Børs approves Odfjell Drilling and REC Solar for listing on Oslo Børs

by admin

oslo bors25/09/2013 At its meeting on 25 September 2013, the Board of Directors of Oslo Børs resolved to admit shares in the companies Odfjell Drilling Ltd. and REC Solar ASA to listing on Oslo Børs.

Odfjell Drilling to be listed on Oslo Børs

The Board of Directors of Oslo Børs resolved at its meeting on 25 September 2013 to admit shares in Odfjell Drilling Ltd. to listing on Oslo Børs. Admission to listing will be on a conditional basis (‘if and when sold’) until the third day of listing in accordance with Section 2.5.2 of the Listing Rules.

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 and have at least 25% spread of share ownership among the general public, as specified in section 2.4.1 of the Oslo Børs Listing Rules.

The Board authorised the Chief Executive Officer of Oslo Børs to fix the date of the first day of listing, which is to be no later than 8 November 2013.

About Odfjell Drilling:
Odfjell Drilling Ltd. is an integrated drilling, engineering and well services provider with more than 40 years of experience from offshore harsh environment and deepwater regions. The company has a modern fleet of six mobile offshore drilling units including one newbuild with expected delivery in May 2014. Today Odfjell Drilling has approximately 3, 100 employees operating in more than 20 countries worldwide. The group operates in three business segments: Mobile Offshore Drilling Units (MODU), Well Services and Drilling & Technology. Odfjell Drilling’s clients are primarily major oil and gas companies.

REC Solar to be listed on Oslo Børs

The Board of Directors of Oslo Børs resolved at its meeting on 25 September 2013 to admit shares in REC Solar ASA to listing on Oslo Børs.

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 have at least 25% spread of share ownership among the general public, as specified in section 2.4.1 of the Oslo Børs Listing Rules or Section 2.4.1 of the Oslo Axess Listing Rules as appropriate. The Board also stipulated that prior to listing the company must complete the separation of REC Solar ASA from REC ASA as planned, and must publish an approved prospectus.

If the requirement for the number of shareholders is not met, the company will be accepted for a listing on Oslo Axess, subject to the company satisfying Section 2.4.2 of the Oslo Axess Listing Rules and other listing requirements.

The Board authorised the Chief Executive Officer of Oslo Børs to fix the date of the first day of listing, which is to be no later than 8 November 2013.

About REC Solar:
REC Solar ASA (REC Solar) is a leading global provider of solar panels and solar energy solutions. With more than 15 years of experience, REC Solar offers high-quality solar products, project development services and investment opportunities worldwide. REC Solar manufactures wafers, cells and solar panels at a highly efficient production facility in Singapore with an estimated production capacity of 850 MW. The solar panels are sold to distributors, project developers and system integrators in the international PV market. REC Solar has a global sales and marketing organization with presence in key solar markets in Asia, Europe and USA. The company is headquartered in Singapore and employs 1, 500 people.

You may also like

Leave a Comment