The shareholders of Spectrum ASA (Spectrum) has today in the annual general meeting approved

 

(i)                 the agreement between Spectrum and Global Tender Barges ASA (GTB, formerly Global Geo Services ASA) to redeem the NOK 150 million loan provided by GTB in connection with the spin-off of Spectrum from GTB in 2008, at a price of NOK 50 million;

(ii)               the NOK 50 million private placement announced on 5 June 2009; and

(iii)             the subsequent share issue of up to NOK 12.5 million announced on 5 June 2009.

 

A prospectus will be issued in connection with the listing of the shares issued in the private placement, and the subsequent share issue wherein the shareholders not offered to participate in the private placement will have preferred allocation rights.

 

Subject to timely payment for the shares to be issued in the private placement, registration of the new shares in the Norwegian Register of Business Enterprises and approval of the prospectus by the Oslo Stock Exchange, the shares to be issued in the private placement are expected to the listed and tradable on Oslo Axess on or about 2 July 2009, and the subscription period in the subsequent share issue to start on 3 July and end on 17 July 2009.

 

ABG Sundal Collier Norge ASA has been retained by Spectrum as manager for the private placement and the subsequent share issue.