Brief: SD Standard Drilling Offers To Buy Back Up To 30 Mln Own Shares

SD Standard Etc

17/11/2020 15:47

Nov 17 (Reuters) - SD Standard Drilling PLC  SDSD.OL :
    * LAUNCHES AN OFFER TO ALL SHAREHOLDERS IN COMPANY TO BUY
BACK UP
TO 30,000,000 SHARES
    * REPURCHASE TO BE CARRIED OUT IN ACCORDANCE WITH
AUTHORIZATION
FOR COMPANY TO ACQUIRE UP TO 10% OF OUTSTANDING SHARES GIVEN BY
AGM
    * SHARES THAT ARE REPURCHASED WILL BE PROPOSED DELETED BY
GENERAL
MEETING OF COMPANY THROUGH A CAPITAL REDUCTION
    * OFFER WILL BE CARRIED OUT BY MEANS OF A REVERSE BOOK
BUILDING
PROCESS WITH AN OFFER PRICE OF NOK 0.90 PER SHARE
    * OFFER PRICE OF NOK 0.90 PER SHARE, WHICH IS A PREMIUM OF
14.2
PER CENT COMPARED TO CLOSE PRICE OF 17 NOVEMBER 2020
    * RESERVES RIGHT TO INCREASE SIZE OF OFFERING IN EXCESS OF
30,000,000 SHARES IF THERE IS SUFFICIENT DEMAND IN MARKET
    * BOOK BUILDING STARTS ON 18 NOVEMBER 2020 AT 09:00 CET AND
ENDS
ON 20 NOVEMBER 2020 AT 16:30 CET

Source text for Eikon:  ID:nObi2tn6Ka 
Further company coverage:  SDSD.OL 

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