Brief: Aqualis Will Acquire Three Business Lines In Braemar

Aqualis ASA

13/05/2019 07:05

May 13 (Reuters) - Aqualis ASA  AQUA.OL :
    * AQUALIS AND BRAEMAR TECHNICAL TO JOIN FORCES
    * ("AQUALIS") AND BRAEMAR SHIPPING SERVICES PLC ("BRAEMAR")
TODAY
ENTERED INTO AN AGREEMENT
    * AQUALIS WILL ACQUIRE THREE BUSINESS LINES (ADJUSTING,
MARINE AND
OFFSHORE, JOINTLY "BTS") REPRESENTING MAJORITY OF BRAEMAR
TECHNICAL SERVICES DIVISION ( "TRANSACTION")
    * COMBINED COMPANY, TO BE RENAMED AQUALISBRAEMAR, WILL BE A
LEADING ADJUSTING, MARINE, OFFSHORE AND RENEWABLES CONSULTANCY
WITH A BROADENED SERVICE OFFERING ACROSS ALL MAJOR BASINS.
    * COMBINATION IS EXPECTED TO RESULT IN SIGNIFICANT BENEFITS
FOR
STAKEHOLDERS, INCLUDING CREATION OF SIGNIFICANT SHAREHOLDER
VALUE THROUGH ESTIMATED RUN RATE EBITDA SYNERGIES OF
APPROXIMATELY USD 2.0 MILLION,
    * BRAEMAR WILL BECOME LARGEST SHAREHOLDER IN AQUALIS, WITH
AN
INITIAL SHAREHOLDING OF APPROXIMATELY 26%, POTENTIALLY
INCREASING TO 33% DEPENDING ON BUSINESS PERFORMANCE
    * AQUALIS PROPOSES FULLY UNDERWRITTEN EQUITY ISSUES RAISING
GROSS
PROCEEDS OF APPROXIMATELY USD 6 MILLION, OF WHICH USD 2 MILLION
WILL BE PROVIDED BY BRAEMAR
    * PREVIOUSLY ANNOUNCED PROPOSAL FOR ORDINARY DIVIDEND OF NOK
0.10
PER AQUALIS SHARE WILL BE WITHDRAWN BECAUSE OF CONTEMPLATED
TRANSACTION

Source text for Eikon:  ID:nObivRJ3Wa 
Further company coverage:  AQUA.OL 

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