Private placement and stock listing for Reach Subsea
Completion of combination with Reach Subsea AS and NOK 42 million private placement
(News from www.newsweb.no)
Reference is made to Transit Invest ASA's
(the "Company") stock exchange notices of (i) 31
October 2012 regarding a contemplated combination
with Reach Subsea AS (the "Combination"), (ii) 1
November 2012 regarding the completed placing of new
shares in the Company with gross proceeds of NOK 42
million (the "Private Placement") and (iii) 28
November 2012 regarding the adoption by the
extraordinary general meeting of the Company held on
the same date of the required corporate resolutions
to implement the Combination and the Private
The Company hereby announces that the Combination and
the Private Placement have been completed. As from
the completion, the following changes have been
The Company has a new board of directors consisting
of the following persons: Rune Lande (Chairman),
Sverre B. Mikkelsen, Martha Kold Bakkevig, Anders
Onarheim and Merete Haugli.
Kåre Johannes Lie has been appointed as the new CEO
of the Company.
The resolutions made by the extraordinary general
meeting in the Company held on 28 November 2012,
which include inter alia (i) a consolidation of the
Company's shares in the ratio 20:1, (ii) the share
capital increase required to issue the consideration
shares in relation to the Combination, (iii) the
share capital increase required to issue the new
shares in relation to the Private Placement and (iv)
the change of the Company's name to "Reach Subsea
ASA" and other amendments to the Company's articles
of association, are expected to be registered in the
Norwegian Register of Business Enterprises on or
around 5 December 2012.
Following the registration of the share capital
increases related to the above, the Company's new
share capital will be NOK 43,828,104, divided into
43,828,104 shares with a nominal value of NOK 1 each.
Reference is also made to the document attached
hereto for disclosure of large shareholdings in
relation thereto, including disclosure of
shareholdings of primary insiders.
Pareto Securities AS is acting as manager for the
Combination and the Private Placement.
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