SDSD makes another move in PSV marketCompany News // March 22, 2017
SD Standard Drilling Plc (SDSD) has entered into an agreement with Royal London Asset Management (RLAM) to acquire 2,500,000 shares in New World Supply (NWS), corresponding to approximately 7.7 per cent of the
total outstanding shares in NWS.
The company has previously acquired a 15.6 per cent ownership stake in NWS, as described in the stock exchange notice dated 25 January 2017. As such, the company will hold approximately 23.3 per cent of the total outstanding shares in NWS subsequent the transaction.
As a consideration for the 2,500,000 shares in NSW, SDSD will issue 35,000,000 new shares in SDSD to RLAM, each to a subscription price of NKr 0.75 per new share, corresponding to NKr 26,250,000.
NWS is a Cayman Island exempted company that, through its wholly owned subsidiaries, owns six 2013-built PSVs: World Diamond, World Peridot, World Pearl, World Emerald, World Opal and World Sapphire.
Through the transaction, SDSD will strengthen its ownership in a fleet of mid-size PSVs acquired at