NAUTILUS MARINE SERVICES PLC
(FORMERLY GLOBAL ENERGY DEVELOPMENT PLC)
(the “Company” or “Nautilus”)
COMPLETION OF ACQUISITION TRANSACTIONS AND CHANGE OF NAME
Share Talk attended a meeting in London with Nautilus management team and we will update in March.
Nautilus Marine Services PLC is pleased to announce the completion of the transactions to acquire subsea service vessels. The acquisitions were effected through the purchase of the entire issued share capital of certain vessel-owning companies. All vessels have been received and inspected and are located at the Company’s docking facility in Louisiana, U.S. In accordance with completion requirements, the Company has received in $3.0 million in cash proceeds and has issued the pro-rata share of Convertible A, B and C Loan Notes (“Convertible Notes”) to McLarty Capital Partners and Caleura Limited. The remaining cash proceeds of $7.0 million and $500,000 are scheduled to be received on 31 March and 15 April 2017, respectively, and the remaining pro-rata share of Convertible Notes will be issued accordingly.
In addition, following approval from shareholders at the General Meeting of the Company held on 8 February 2017 and Admission of the Company’s Issued Share Capital today, the Company has changed its name to Nautilus Marine Services PLC and has changed its TIDM from ‘GED’ to ‘NAUT’.
The Company’s ISIN remains unchanged.
A recording of the Company’s shareholder presentation will be available on the Company’s website which has been changed to www.nautilusmarineplc.com
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