Oslo, 8 August 2019
With reference to the announcement of 7 August 2019 confirming that the contemplated merger between Spectrum ASA ("Spectrum") and TGS-NOPEC Geophysical Company ASA ("TGS"), all outstanding options in Spectrum have vested and been exercised upon the merger becoming unconditional.
The board of directors of Spectrum has resolved, in accordance with the authorization granted by the general meeting on 24 May 2019, to issue 2,629,352 new shares to fulfil the company's obligations under the option agreements and thereby increasing the Spectrum's share capital by NOK 2,629,352. The shares were subscribed at a total subscription/exercise price of NOK 2,629,352.
Following the share capital increase, the share capital of Spectrum ASA will be NOK 57,414,455, divided into 57,414,455 shares, each with a par value of NOK 1. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw.: Foretaksregisteret) as soon as practically possible after the share contribution has been fully paid.
The following primary insiders in Spectrum has subscribed for shares in Spectrum through their exercise of options:
- Rune Eng has exercised 1,584,924 options, corresponding to 1,584,924 shares at the strike price of NOK 1 per share. Following the exercise of options and the issuance of the new shares, Rune Eng will hold 1,726,618 shares in Spectrum and no additional rights to shares in Spectrum.
- Jan Schoolmeesters has exercised 459,765 options, corresponding to 459,765 shares at the strike price of NOK 1 per share. Following the exercise of options and the issuance of the new shares, Jan Schoolmeesters will hold 506,726 shares in Spectrum and no additional rights to shares in Spectrum.
- Graham Mayhew has exercised 146,329 options, corresponding to 146,329 shares at the strike price of NOK 1 per share. Following the exercise of options and the issuance of the new shares, Graham Mayhew will hold 157,329 shares in Spectrum and no additional rights to shares in Spectrum.
- Svein Staalen has exercised 149,948 options, corresponding to 149,948 shares at the strike price of NOK 1 per share. Following the exercise of options and the issuance of the new shares, Svein Staalen will hold 160,497 shares in Spectrum and no additional rights to shares in Spectrum.
- Richie Miller has exercised 90,452 options, corresponding to 90,452 shares at the strike price of NOK 1 per share. Following the exercise of options and the issuance of the new shares, Richie Miller will hold 309,957 shares in Spectrum and no additional rights to shares in Spectrum.
- Dean Zuzic has exercised 28,630 options, corresponding to 28,630 shares at the strike price of NOK 1 per share. Following the exercise of options and the issuance of the new shares, Dean Zuzic will hold 28,630 shares in Spectrum and no additional rights to shares in Spectrum.
- Neil Hodgson has exercised 63,317 options, corresponding to 63,317 shares at the strike price of NOK 1 per share. Following the exercise of options and the issuance of the new shares, Neil Hodgson will hold 63,317 shares in Spectrum and no additional rights to shares in Spectrum.
- Mike Mellen has exercised 39,438 options, corresponding to 39,438 shares at the strike price of NOK 1 per share. Following the exercise of options and the issuance of the new shares, Mike Mellen will hold 44,248 shares in Spectrum and no additional rights to shares in Spectrum.
- Ian Trevor Edwards has exercised 41,901 options, corresponding to 41,901 shares at the strike price of NOK 1 per share. Following the exercise of options and the issuance of the new shares, Ian Trevor Edwards will hold 42,931 shares in Spectrum and no additional rights to shares in Spectrum.
For additional information about this press release, please contact:
Dean Zuzic; CFO
Email: dean.zuzic@spectrumgeo.com
Cell: +47 414 33560
Company summary
"Spectrum provides innovative Multi-Client seismic surveys and seismic imaging services to the global oil and gas industry from offices in Norway, the UK, USA, Brazil, Egypt, Australia, Indonesia and Singapore. Spectrum designs, acquires and processes seismic data to deliver high quality solutions through its dedicated and experienced workforce. Spectrum holds the world's largest library of Multi-Client 2D marine seismic data and a significant amount of 3D seismic. The company's strategy focuses on both the major, established hydrocarbon producing regions of the world as well as key frontier areas identified by our experienced team of geoscientists. The Spectrum library of Multi-Client data contains projects from many of the foremost oil producing regions of the world. These include new acquisition, reprocessing and interpretation reports".
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act