At its meeting on 13 June 2012, the Board of Directors of Oslo Børs resolved to admit the shares in Veripos Inc. to listing on Oslo Børs, or alternatively to listing on Oslo Axess.
The Board agreed to exempt the company from the requirement that a listed company must have been in existence for at least three years, cf. Sections 2.3.1 and 2.3.2 of the Oslo Børs Listing Rules. This exemption was granted because the company’s business has been in existence for the required time, but has operated through different legal entities.
The Board stipulated that, prior to the first day of listing, the company must satisfy the requirement for the number of shareholders as specified in Section 2.4.2 of the Oslo Børs Listing Rules, or Section 2.4.2 of the Oslo Axess Listing Rules as appropriate, and publish an approved prospectus containing auditor-approved financial statements.
The Board stipulated that, prior to the first day of listing, the distribution of shares in Veripos as a stock dividend must be approved by a general meeting of Subsea7 as planned.
The Board authorised the Chief Executive Officer of Oslo Børs to decide whether the company should be listed on Oslo Børs or Oslo Axess, and to fix the date of the first day of listing, which is to be no later than 27 July 2012
VERIPOS is a leading global provider of precise satellite positioning services primarily in the offshore industry including exploration seismic, survey, construction, drilling and DP marine market sectors. VERIPOS aims to be the market leader in precise navigation and positioning solutions, through the innovative application of technology, continuous product development and operational excellence. VERIPOS delivers a selection of GPS and Glonass augmentation services including fully redundant, high accuracy solutions accurate to better than 10cm. VERIPOS also offers a range of hardware and software products which offers optimum functionality and quality. To provide these services VERIPOS maintains a global network of over 80 reference stations and offices worldwide and three fully redundant Network Control Centres. VERIPOS is totally focused on the success of its clients to whom it aims to be not just a supplier, but a partner for positioning.
Subsea World News Staff , June 15, 2012; Image: Veripos