Arrow Prospectus - PGS

Subscription Period: From and including 14 May 2007 to 16:30 hours on 24 May 2007,
subject to possible reduction or extension. Any such extension or
shortening of the Subscription Period will be announced through
the information system of Oslo Børs. The Subscription Period will
in no circumstance close prior to 21 May 2007 or later than 8 June
2007. In the event of an extension of the Subscription Period, the
indicated allocation date, payment date, date of delivery of Offer
Shares, Listing and first day of trading will be extended
correspondingly. For further information, see sections 5.6.4 and
5.7.3.
Conditions:
Listing and start of trading:
Offering Price:
The Board approving the Offering, and the Company’s Shares
being approved for Listing.
The day of Listing and first day of trading is expected to be on or
about 30 May 2007.
The final price of the Offer Shares as determined by the Board and
published in accordance with section 5.17.
Allocation: Notifications of allocation are expected to be issued on or about 25
May 2007. General information on allotment in the Retail Offering
will be published pursuant to Section 5.17 “Publication of
information related to the Offering”.
Payment and delivery:
Share capital before the Offering:
Share capital after the Offering:
Voting rights and restrictions:
Dilution resulting from the Offering:
Gross proceeds of the Offering:
Use of proceeds:
Costs:
It is expected that payment for the Offer Shares will be made on or
about 29 May 2007 for the Retail Offering and on or about 30 May
for the Institutional Offering. The Company expects to issue the
New Shares on or about 29 May 2007 and deliver the Offer Shares
on or about 30 May 2007.
NOK 185,000,000 consisting of 18,500,000 Shares each with a
nominal value of NOK 10 fully paid and issued in accordance with
Norwegian law.
Up to NOK 237,500,000 consisting of up to 23,750,000 Shares
each with a nominal value of NOK 10,-, depending on the final
Offering size. To the extent the entire Over-allotment Option is
exercised, the Company’s registered share capital will be up to
NOK 245,375,000 consisting of up to 24,537,500 Shares each with
a nominal value of NOK 10,-.
Each Share gives the holder the right to cast one vote at general
meetings of shareholders. See section 11.6 “The articles and certain
aspects of Norwegian companies law”.
The immediate dilutive effect of the Offering will be 24.6 % if all
New Shares are issued and the entire Over-allotment Option is
exercised.
Up to NOK 383 million excluding the Over-allotment Facility, and
up to NOK 441 million including the Over-allotment Facility.
The proceeds from the Offering will be used to part finance
Arrow’s new building and conversion program as well as partly
refinancing of a six month commercial paper maturing in October
2007.
The total costs in connection with the Offering and the Listing is
estimated to between USD 2.5 million and USD 2.9 million.
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