TGS Shareholders Approve the Merger Plan with PGS
01 Diciembre 2023 - 10:09AM
TGS Shareholders Approve the Merger Plan with PGS
OSLO, Norway (1 December 2023) - Reference is
made to the joint stock exchange announcement on 18 September 2023
by TGS ASA ("TGS" or the "Company," OSE: TGS) and PGS ASA ("PGS,"
OSE: PGS) regarding the combination of the two companies (the
"Merger") to establish the premier energy data company, as well as
subsequent announcements on 25 and 30 October 2023 regarding,
respectively, the execution of the definitive merger agreement and
notices for extraordinary general meetings for approval.
An extraordinary general meeting in TGS was held today at 16:00
hours (Oslo time) as a virtual meeting. All proposals on the agenda
were approved with requisite majorities, including the merger plan
dated 25 October 2023 and the corresponding share capital increase
in the Company.
As separately announced by PGS earlier today, the merger has
also been approved by the extraordinary general meeting in PGS. As
a consequence, the decision to approve the merger will now be filed
with the Norwegian Register of Business Enterprises. Completion of
the merger remains conditional upon customary closing conditions
such as relevant regulatory approvals and consents, compliance with
applicable covenants and expiry of statutory waiting periods, as
further described in the merger plan.
Kristian Johansen, CEO at TGS, commented: “Today marks a pivotal
moment for TGS and PGS as we receive approval from our shareholders
for the merger plan. This support reflects the shared vision of our
stakeholders in establishing the combined entity as a leading
diversified energy data and intelligence company with an enhanced
industry offering. We strongly believe this merger will bring
substantial value to our respective stakeholders, from shareholders
and customers to the combined organization’s employees. As we move
forward, we remain dedicated to navigating through the regulatory
processes and meeting all closing conditions to ensure the
successful completion of this transformative merger. Together, we
are poised to deliver unparalleled energy data solutions to our
global partners.”
Minutes of the EGM are attached hereto and made available on the
Company's investor website
(https://www.tgs.com/investor-center).
For further information on the merger and the complete terms and
conditions for the merger, please see the announcements of 18
September 2023 and 25 October 2023, as well as the merger plan
available on www.tgs.com (http://www.tgs.com) and www.pgs.com
(http://www.pgs.com).
Disclosure: This information is subject of the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.
About TGSTGS provides scientific data and
intelligence to companies active in the energy sector. In addition
to a global, extensive and diverse energy data library, TGS offers
specialized services such as advanced processing and analytics
alongside cloud-based data applications and solutions.
Forward Looking StatementAll statements in this
press release other than statements of historical fact are
forward-looking statements, which are subject to a number of risks,
uncertainties and assumptions that are difficult to predict and are
based upon assumptions as to future events that may not prove
accurate. These factors include volatile market conditions,
investment opportunities in new and existing markets, demand for
licensing of data within the energy industry, operational
challenges, and reliance on a cyclical industry and principal
customers. Actual results may differ materially from those expected
or projected in the forward-looking statements. TGS undertakes no
responsibility or obligation to update or alter forward-looking
statements for any reason.
For more information, contact:
Sven Børre LarsenChief Financial
Officerinvestor@tgs.com
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