Brief: Songa Bulk To Merge With Axxis GEO Solutions

Fjord Defence ASA

16/04/2019 07:36

April 16 (Reuters) - Songa Bulk ASA  SBULK.OL :
    * TO MERGE WITH AXXIS GEO SOLUTIONS AS
    * TO MERGE WITH AXXIS GEO SOLUTIONS AS
    * ("SONGA BULK") AND AXXIS GEO SOLUTIONS AS ("AGS") HAVE
TODAY
ENTERED INTO A JOINT MERGER PLAN
    * EXCHANGE RATIO IN MERGER IS BASED ON AN EQUITY VALUE OF
SONGA
BULK OF NOK 17.93 MILLION
    * SHAREHOLDERS OF AGS WILL RECEIVE 1.4 SHARES OF SONGA BULK
PER
ONE (1) SHARE IN AGS
    * FOLLOWING COMPLETION OF MERGER, AGS WILL CONSTITUTE 96.6%
OF
COMBINED COMPANY
    * SONGA BULK PROPOSES TO CHANGE ITS NAME TO AXXIS GEO
SOLUTIONS
ASA UPON COMPLETION OF MERGER
    * SONGA BULK FURTHER PROPOSES A 1:10 REVERSE SHARE SPLIT, TO
BE
COMPLETED AFTER ISSUE OF CONSIDERATION SHARES
    * SONGA BULK - EXCHANGE RATIO IN MERGER IS BASED ON EQUITY
VALUE
OF SONGA BULK OF NOK 0.5PER SHARE, EQUITY VALUE OF AGS OF NOK
514.82 MILLION CORRESPONDING TO NOK 0.7PER SHARE
    * COMPLETION OF MERGER EXPECTED TO TAKE PLACE IN JUNE 2019
    * SONGA BULK INTENDS TO CONTINUE ITS LISTING ON OSLO AXESS
FOLLOWING COMPLETION OF MERGER
    * WILL ASSUME ASSETS, RIGHTS AND OBLIGATIONS OF AGS AS A
WHOLE
AGAINST ISSUANCE OF CONSIDERATION SHARES
    * AGS WILL BE DISSOLVED UPON COMPLETION OF MERGER

Source text for Eikon:  ID:nObiQV2wCa 
Further company coverage:  SBULK.OL 

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