August 11, 2022, Oslo, Norway: Reference is made to the convertible bond loan of PGS ASA (the “Company”) with ISIN NO0010920697 issued in the first quarter of 2021 (the “Bond Loan”). As the Company’s shares have traded above NOK 6.00 for a period of more than 30 consecutive trading days, the Company has today exercised its issuer conversion option under the Bond Loan pursuant to which all outstanding bonds under the Bond Loan of a current aggregate nominal amount of NOK 75,712,893 will be converted into shares of the Company.
The outstanding bond issue will be converted into 25,237,631 new freely tradable shares, each with a nominal value of NOK 3.00, at a conversion price of NOK 3.00 per share. The converted shares will be issued under the ordinary ISIN of the Company (NO0010199151).
Pursuant to the terms of the bond issue, no payment or adjustment will be made upon exercise of the conversion rights for any interest that would otherwise have accrued on the relevant bonds since the last interest payment date preceding the relative conversion date. to these obligations.
The Company anticipates that the record date for the conversion will be August 23, 2022 and the settlement date August 25, 2022. Following delivery of the new shares under the conversion, the share capital of the Company will be 2,040 NOK 899,142 divided into 680,299,714 shares with a nominal value of NOK 3.00 each, and there will be no outstanding bonds or liabilities due under the bond issue.
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