Reference is being made to the stock exchange release published on August 22, 2008 regarding the fully underwritten rights issue in Electromagnetic Geoservices ASA ("EMGS") for the amount of up to NOK 250 million, and the stock exchange release published on August 29, 2008 at 9:26. This stock exchange release is a specification of the release published earlier today.
The Board of Directors of EMGS resolved on August 28, 2008 to set the subscription price in the rights offering to NOK 15.14 per share, equalling a 20% discount to the volume weighted average share price during the first five trading days since the second quarter 2008 announcement on August 21, 2008 (August 22, 2008 to August 28, 2008). EMGS will issue a total of 16,512,549 new shares, each with a nominal value of NOK 0.25.
Today (August 29, 2008) is the last day of trading of the EMGS share inclusive of subscription rights. A shareholder must own at least 5 shares today in order to get one (1) subscription right, as each share will equal 0.2212 freely transferable subscription rights.
For every one (1) subscription right the holder will be given a right to be allocated one (1) new share as will further be described in the Prospectus (the "Prospectus"). A holder of a subscription right(s) is entitled to purchase one new share for each subscription right held at the price set out above. For further details, we refer to the Prospectus which will be published on or about 4 September 2008.
The subscription period and the trading in subscription rights on Oslo Børs is expected to commence on or about September 4, 2008, subject to the approval by Oslo Børs of the Prospectus to be sent to the shareholders.
Contacts
Svein Knudsen, EMGS chief financial officer +47 22 01 14 00
About EMGS
EMGS is the market leader in electromagnetic (EM) imaging. The company launched the EM imaging industry in 2002 with the commercialisation of seabed logging, a proven exploration method that uses EM energy to help oil companies in their search for hydrocarbons. EMGS provides a full suite of services, including data planning, acquisition, imaging and interpretation. The company's integration systems enable seamless integration of EM data with seismic and other geophysical and geological information, giving explorationists a clearer and more complete understanding of the subsurface. This proprietary and patented technology has been developed over the past 10 years bringing dramatic improvement to exploration decision-making in frontier and mature provinces.
EMGS employs approximately 300 people from three main offices in Trondheim, Norway; Houston, USA; and Kuala Lumpur, Malaysia. The Company operates the world's largest EM vessel fleet and has conducted more than 350 surveys for many of the world's leading energy companies.
Please visit www.emgs.com for the latest news and in-depth information about EMGS and EM imaging technology.
For general enquiries please email findinghydrocarbons@emgs.com