Brief: Reach Subsea Receives Investment Offer From Undisclosed Partner

Reach Subsea ASA

08/02/2022 06:05

Feb 8 (Reuters) - Reach Subsea ASA  REACH.OL :
    * OFFER FROM AN UNDISCLOSED STRATEGIC PARTNER TO ENTER INTO A COMPREHENSIVE AGREEMENT
    * AGREEMENT COVERING BOTH AN EQUITY INVESTMENT IN REACH AND A STRATEGIC CO-OPERATION ON
COMMERCIALISATION OF REACH REMOTE
    * OFFER IS FOR REACH TO ISSUE 46,126,567 NEW SHARES TOWARDS STRATEGIC PARTNER AT NOK 3.25
PER
SHARE
    * OFFER ENTAILS THAT REACH WILL ISSUE WARRANTS AT A SUBSCRIPTION PRICE OF NOK 4.00 PER SHARE
    * WARRANTS HAVE A DURATION OF 3 YEARS AND CAN BE EXERCISED ANYTIME.
    * IF ALL WARRANTS ARE EXERCISED, STRATEGIC PARTNER WILL POTENTIALLY END UP WITH A 33%
OWNERSHIP
STAKE.
    * BOARD OF REACH IS POSITIVE TO PROPOSED OFFER

Source text for Eikon:  ID:nObijVhPqa 
Further company coverage:  REACH.OL 

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