Swiber/Kreuz: Kreuz announce that the Company has entered into a placement agreement with Mr. Kurush Contractor (Vendor Shares – Kruez CEO), and for the placement of 70m shares in the capital of the co, comprising 50m new Shares and 20m vendor Shares. The Placement shares will be placed at an offering price of $0.34/Share, amounting to aggregate proceeds of $23.8m.
The Company intends to use the Net Proceeds in the following manner:
1) $14.9m or approximately 90.0% of the Net Proceeds for capex such as the acquisition of assets including vessels and/or other subsea related assets; and
2) the remaining $1.7m or approximately 10.0% of the Net Proceeds for working capital purposes
Note that the official announcement is slightly different in the earlier announcement by Reuters which we had reported yesterday, which had initially involved Swiber selling out 33m vendor shares in the co.
The New Shares represent approximately 8.98% of the enlarged issued share capital of the company and based on the unaudited consolidated financial statements of the Group for FY11, the Grp’s NAV/share was approximately 21.92 US cents, after adjusting for the issue of New Shares, NAV/share would be approximately 22.32 US cents.
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