ADES International To Hold Meeting For Share Issue In Rig Acquisition

LONDON (Alliance News) - Oil and gas services company ADES International Holding Ltd said on ...

Alliance News 13 February, 2018 | 2:32PM
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LONDON (Alliance News) - Oil and gas services company ADES International Holding Ltd said on Tuesday it will hold an extraordinary general meeting on March 18.

Within the meeting, resolutions will be passed on the issuing of shares for the purchase and sale agreement entered with Nabors Drilling International II Ltd, for the acquisition of three offshore jack-up rigs in the Arabian Gulf, as well as all associated drilling contracts.

On December 19, ADES International agreed to purchase the three rigs for USD83.0 million, with 75% to be paid in cash and the remainder in shares. The acquisition is expected to be USD60.0 million annually to group revenue and enhance earnings.

It has not been disclosed how many share will be issued and at what price, aside from saying the number of shares will be calculated using the closing mid-market price on December 18.

Shares in ADES International Holding were untraded on Tuesday, last quoted at USD13.25.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
ADES International Holding Ltd 15.30 USD 0.33 -
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