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Arrow Prospectus - PGS

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ARROW SEISMIC ASA – INITIAL PUBLIC OFFERING<br />

respect to which it has investment discretion and has the full authority to make these representations,<br />

warranties and agreements;<br />

(b)<br />

(c)<br />

the purchaser understands that the Offer Shares are being offered in a transaction not involving any<br />

public offering in the United States within the meaning of the Securities Act, that the Offer Shares have<br />

not been, and will not be, registered under the Securities Act and therefore are “restricted securities”<br />

within the meaning of Rule 144(a)(3) under the Securities Act, and that (i) Offer Shares may be offered,<br />

resold, pledged or otherwise transferred only (a) to a person that it and any person acting on its behalf<br />

reasonably believes is a QIB purchasing for its own account or for the account of a QIB in a transaction<br />

meeting the requirements of Rule 144A, (b) in an offshore transaction complying with Rule 903 or Rule<br />

904 of Regulation S, or (c) pursuant to an exemption from registration under the Securities Act<br />

provided by Rule 144 thereunder (if available), in each case (a) through (c) in accordance with all<br />

applicable U.S. federal and state securities laws, and that (ii) the purchaser will, and each subsequent<br />

holder is required to, notify any purchaser of such Offer Shares from it of the transfer restrictions<br />

referred to in (i) above, and the purchaser acknowledges that no representation has been made as to the<br />

availability of the exemption provided by Rule 144 under the Securities Act for the resale of the Offer<br />

Shares;<br />

the Shares (to the extent they are in certificated form), unless otherwise determined by the Company in<br />

accordance with applicable law, will bear a legend substantially to the following effect:<br />

THESE SHARES (OR ANY PREDECESSORS THERETO) WERE ORIGINALLY ISSUED IN A<br />

TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES<br />

ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD<br />

OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR ANY<br />

APPLICABLE EXEMPTION THEREFROM.<br />

EACH PURCHASER OF THESE SHARES IS HEREBY NOTIFIED THAT THE SELLER OF<br />

THESE SHARES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF<br />

SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.<br />

THE HOLDER OF THESE SHARES AGREES FOR THE BENEFIT OF THE COMPANY THAT (I)<br />

THESE SHARES MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED<br />

ONLY (A) TO A PERSON WHO THE SELLER AND ANY PERSON ACTING ON ITS BEHALF<br />

REASONABLY BELIEVES IS A QIB WITHIN THE MEANING OF RULE 144A UNDER THE<br />

SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A<br />

QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (B) IN AN<br />

OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S<br />

UNDER THE SECURITIES ACT, OR (C) PURSUANT TO AN EXEMPTION FROM<br />

REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF<br />

AVAILABLE), IN EACH CASE (A) THROUGH (C) IN ACCORDANCE WITH ALL APPLICABLE<br />

U.S. FEDERAL AND STATE SECURITIES LAWS , AND (II) THE PURCHASER WILL, AND<br />

EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF SUCH<br />

SHARES FROM IT OF THE TRANSFER RESTRICTIONS REFERRED TO IN (I) ABOVE. NO<br />

REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION<br />

PROVIDED BY RULE 144 UNDER THE SECURITIES ACT FOR THE RESALE OF THIS<br />

SECURITY;<br />

(d)<br />

(e)<br />

the purchaser of the Shares shall not deposit the Shares into any unrestricted depositary facility<br />

established or maintained by a depositary bank, unless and until such time as such Shares are no longer<br />

“restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act; and<br />

the purchaser acknowledges that it will be required to execute and deliver to <strong>Arrow</strong> or its designee an<br />

Investor Representation Letter in the form delivered simultaneously with this <strong>Prospectus</strong> and that<br />

<strong>Arrow</strong>, the Managers, their affiliates and others will rely upon the truth and accuracy of the foregoing<br />

representations, warranties, acknowledgments and agreements and those contained in the Investor<br />

Representation Letter in order to comply with U.S. and other securities laws.<br />

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