SeaBird share, warrant and bond allocation to be settled on Feb. 27

By Caroline Salls

Pittsburgh, Feb. 20 – SeaBird Exploration plc’s settlement for the allocation of preference shares, warrants and tranche B bonds is scheduled for Feb. 27, according to a notice to holders of the company’s senior secured callable bond issue 2011/2015 from trustee Nordic Trustee ASA.

The allocation will include 3.62 million preference shares, 343,374 warrants to subscribe for preference shares and $16.17 million principal amount of tranche B bonds.

Nordic Trustee said the preference shares and tranche B bonds will be distributed as soon as possible after the settlement date.

The warrants entitling holders to subscribe for preference shares will be converted into warrants entitling the holders to subscribe for new ordinary shares. The conversation of shares will take place on March 5, and the distribution of new ordinary shares warrants is expected to take place early in the second quarter.

The record date for the bond settlement will be the end of business on Feb. 25.

SeaBird provides marine seismic data and associated products and services to the oil and gas industry. It maintains offices in the British Virgin Islands, Dubai and Oslo.

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