In a inventory trade announcement, Norwegian offshore companies supplier DOF ASA experiences that it’ll at the moment petition for reconstruction proceedings with Hordaland district court docket. This is the most recent growth in a sequence of occasions that was set in movement when shareholders rejected a proposal put to them at a November 11 extraordinary normal assembly (EGM).
In today’s announcement the corporate says:
“As beforehand communicated by the Company, the monetary collectors of the Group have made it clear (i) that there isn’t any room for the shareholders to barter a extra favorable resolution than the proposal that was introduced to the EGM on 11 November 2022 whereby the shareholders was provided 4% of the share capital following the Restructuring and (ii) that the shareholders won’t be provided greater than 1% of the share capital following the Restructuring as a part of the Reconstruction, except in any other case agreed by the monetary collectors.
“The board of administrators is of the view that there isn’t any different obtainable resolution that ensures the continued operations within the Group than the agreed Restructuring. It has additionally been made clear by the Group’s monetary collectors that implementation of the Restructuring should happen in accordance with the Restructuring Agreement. According to the phrases of the Restructuring Agreement, DOF is within the present state of affairs obliged to acquire that the Reconstruction proceedings are opened. This is additional substantiated by a letter from the collectors requesting Reconstruction to be opened promptly.
“The Board has additionally been in dialogue with the appointed advisor of the minority shareholders so as to present the requested documentation. The Board has not obtained info which signifies that the minority shareholders have any viable various resolution to the Restructuring.
“In preparation of the Reconstruction, and so as to safe the continued operations in the remainder of the Group regardless of the end result of the Restructuring within the Company, the Company has transferred nearly all of its enterprise, property and contractual liabilities to its wholly owned subsidiary DOF Services AS. The staff of the Company have, in accordance with the Restructuring Agreement, been transferred to the Company’s wholly owned subsidiary DOF AS along with associated third-party agreements essential to function the Group. The Group’s operations are subsequently anticipated to proceed as regular each all through the Reconstruction course of and within the occasion of a subsequent chapter within the Company. As beforehand communicated, collectors and contract events apart from the monetary collectors get together to the Restructuring won’t be affected by the Restructuring.
“In light of continuous speculations among the minority shareholders of DOF questioning the principle of equal treatment of all the shareholders of the Company, and despite previous announcements confirming the same, the Company see once more the need to reiterate that the Restructuring proposal that was presented to the EGM provided for equal treatment of all the shareholders of the Company. The main shareholder in DOF has also confirmed that there is no agreement or arrangement regarding preferential treatment of the main shareholder compared to other shareholders irrespective of how the Restructuring is implemented.”
