11 August 2022, Oslo, Norway: Reference is made to PGS ASA (the "Company") convertible bond loan with ISIN NO0010920697 issued in Q1 2021 (the "Bond Loan"). As the shares in the Company 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 whereby all outstanding bonds under the Bond Loan with a current aggregate nominal amount of NOK 75,712,893 will be converted into shares in the Company.
The outstanding Bond Loan will be converted into 25,237,631 new freely tradeable shares, each share par value NOK 3.00, at a conversion price of NOK 3.00 per share. The converted shares will be issued under the Company's ordinary ISIN (NO0010199151).
Pursuant to the terms of the Bond Loan, no payment or adjustment shall be made on exercise of the conversion rights for any interest which otherwise would have accrued on the relevant bonds since the last interest payment date preceding the conversion date relating to such bonds.
The Company expects that the record date for the conversion will be 23 August 2022 and settlement date to be 25 August 2022. Following delivery of the new shares pursuant to the conversion, the Company's share capital will be NOK 2,040,899,142 divided into 680,299,714 shares par value NOK 3.00 each, and there will be no outstanding bonds or indebtedness owed under the Bond Loan.
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