Floatel International Ltd. ("Floatel" or the "Company") has today held a Special General Meeting. All resolutions were unanimously passed according to the Board's recommendation. The minutes are enclosed herewith.
The expected timeline for completion of the amalgamation of Floatel with Aqua Pellentesque Ltd. (the "Amalgamation") and the de-listing of the Floatel shares from Oslo Børs is as follows:
9 September 2011: The last day of trading in the Floatel shares on Oslo Børs. No transfers in Floatel shares after end of trading on Oslo Børs on 9 September 2011 will be registered in the Norwegian Central Securities Depository (VPS) or on Oslo Børs. Recipients of the Amalgamation consideration in connection with the Amalgamation will be Floatel's shareholders (other than holders of Excluded Shares as defined in the Amalgamation agreement) at end of trading on Oslo Børs on 9 September 2011, as reflected in VPS following ordinary settlement of trades made on 9 September 2011 (T+3).
9 September 2011: Completion of the Amalgamation.
12 September 2011: Floatel is de-listed from Oslo Børs.
20 September 2011: Expected date when Floatel's shareholders (other than holders of Excluded Shares as defined in the Amalgamation agreement) receive Amalgamation consideration amounting to NOK 19.50 in cash in exchange for each of their shares in Floatel.
Wideluck Enterprises Limited will be the largest single shareholder of the amalgamated company immediately following the amalgamation, with a shareholding of approximately 80.1% in the amalgamated company.
For further information please contact:
Geir Sandvik, Chairman Floatel International Ltd -
Tel. +47 2195 1705; +47 9202 5318
Peter Jacobsson, CEO, Floatel International AB - Tel:
+ 46 31 352 07 00; +46 768 56 36 18
INFORMATION ABOUT FLOATEL INTERNATIONAL LTD
Floatel International Ltd. was established in 2006 to satisfy a market demand for a new generation of offshore floatels. The vision of the Company is to own and operate the most modern, safe and reliable floatel fleet in the world to meet the increased market demand. The first vessel, Floatel Superior, was delivered in March 2010 and is specifically designed for hostile environment meeting the latest North Sea regulations for year around operations. Floatel Superior is presently operating for Statoil in the North Sea. The second vessel, Floatel Reliance, is designed for medium harsh environment delivered October 2010 and commenced a 5 year charter for Petrobras January 2011. In June 2011 Floatel International placed an order with Keppel FELS for construction of a third semi submersible accommodation vessel, due for delivery early 2014.
Floatel International AB is a management company responsible for construction supervision and operational management for and on behalf of the Owner, Floatel International Ltd.