PGS Shareholders Approve the Merger Plan with TGS
01 Décembre 2023 - 11:21AM
PGS Shareholders Approve the Merger Plan with TGS
1 December 2023, Oslo, Norway - Reference is
made to the joint stock exchange announcement on 18 September 2023
by PGS ASA ("PGS" or the "Company," OSE: PGS) and TGS ASA ("TGS,"
OSE: TGS) regarding the combination of the two companies (the
"Merger") to establish the premier energy data company, as well as
subsequent announcements on 25 and 30 October 2023 regarding,
respectively, the execution of the definitive merger agreement and
notices for extraordinary general meetings for approval.
An extraordinary general meeting (“EGM”) in PGS was held today
at 10:00 hours (Oslo time) as a virtual meeting. All proposals on
the agenda were approved with requisite majorities, including the
merger plan dated 25 October 2023.
TGS will hold an EGM later today at 16:00 hours (Oslo time) to
vote over the merger plan dated 25 October 2023 and associated
share capital increase. If also approved by TGS’s EGM, the decision
to approve the merger will be filed with the Norwegian Register of
Business Enterprises. Completion of the merger remains conditional
upon customary closing conditions such as relevant regulatory
approvals and consents, compliance with applicable covenants and
expiry of statutory waiting periods, as further described in the
merger plan.
Rune Olav Pedersen, CEO at PGS, commented: “We are very pleased
that our shareholders have approved the merger plan and agree to
the business rationale of merging PGS and TGS to establish the
premier energy data company. The combined company will be uniquely
positioned to unlock substantial value for our shareholders,
customers and employees.”
Minutes of the EGM are attached hereto and made available on
www.newsweb.no and on the Company's website www.pgs.com.
For further information on the merger and the complete terms and
conditions for the merger, please see the announcements of 18
September 2023 and 25 October 2023, as well as the merger plan
available on www.pgs.com and www.tgs.com.
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
FOR DETAILS, CONTACT: |
Bård Stenberg, VP IR &
Corporate Communication Mobile: +47 992 45 235 |
***PGS ASA and its subsidiaries (“PGS” or “the
Company”) is a fully integrated marine geophysical company that
provides a broad range of seismic and reservoir services, including
data acquisition, imaging, interpretation, and field evaluation.
Our services are provided to the oil and gas industry, as well as
to the broader and emerging new energy industries, including carbon
storage and offshore wind. The Company operates on a worldwide
basis with headquarters in Oslo, Norway and the PGS share is
listed on the Oslo stock exchange (OSE: PGS). For more information
on PGS visit www.pgs.com.
***
The information included herein contains certain forward-looking
statements that address activities, events or developments that the
Company expects, projects, believes or anticipates will or may
occur in the future. These statements are based on various
assumptions made by the Company, which are beyond its control and
are subject to certain additional risks and uncertainties. The
Company is subject to a large number of risk factors including but
not limited to the demand for seismic services, the demand for data
from our multi-client data library, the attractiveness of our
technology, unpredictable changes in governmental regulations
affecting our markets and extreme weather conditions. For a further
description of other relevant risk factors we refer to our Annual
Report for 2022. As a result of these and other risk factors,
actual events and our actual results may differ materially from
those indicated in or implied by such forward-looking statements.
The reservation is also made that inaccuracies or mistakes may
occur in the information given above about current status of the
Company or its business. Any reliance on the information above is
at the risk of the reader, and PGS disclaims any and all liability
in this respect.
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