Completion of TGS and PGS merger slated for Jul 1, 2024
The merger will occur on 1 July 2024, after close of trade
Reference is made to the joint stock exchange announcement on 18 September 2023 by TGS ASA ("TGS" or the "Company) and PGS ASA ("PGS,") regarding the combination of the two companies (the "Merger") to establish the premier energy data company, as well as the announcements on 25 October 2023 and 1 December 2023 regarding, respectively, the execution of the definitive merger agreement and approval by the extraordinary general meetings, PGS said in its media release.
Reference is also made to subsequent announcements related to regulatory approval process, latest on 11 June 2024 where it was reported that all conditions for completion of the Merger have been satisfied.
On this basis, it is currently expected that completion of the Merger will occur on 1 July 2024, after close of trade with first day of trading in the combined company on OSE July 2, 2024.
Merger consideration: PGS shareholders will for each PGS share held per the record date receive: - 0.06829 shares in TGS, and - NOK 0.20419 in cash (to be paid as return of paid-up capital without withholding of tax).
