Borr Drilling Limited
The Subsequent Offering consists of up to 10,000,000 new offer shares (the “Offer Shares”), each with a nominal value of US$ 0.05. The subscription price in the Subsequent Offering is set to US$ 0.53 per Offer Share which equals the subscription price set in the US$ 27.5 million equity offering completed in September 2020 (the “September Offering”).
The Subsequent Offering will be directed towards the Company’s holders of shares, listed on Oslo Børs, as of the end of 22 September 2020 (as registered in the Norwegian Central Securities Depository (“VPS”) on 24 September 2020 (“Record Date”), who are not resident in a jurisdiction where such offering would be unlawful, or for jurisdictions other than Norway which would require any filing, registration or similar action (the "Eligible Shareholders").
Each Eligible Shareholder will receive 0.113 non-tradable subscription rights (“Subscription Rights”) per share listed on Oslo Børs held at the Record Date. The holders of Subscription Rights will be entitled to subscribe for and be allocated one (1) Offer Share for every Subscription Right held. Each Offer Share constitutes a depository receipt, representing the beneficial ownership to one underlying common share in Borr, as Borr’s other instruments listed on Oslo Børs. Over-subscription is permitted.
The Subscription Rights are non-tradable and registered with ISIN BMG 1466R1401. Subscription Rights not used prior to the end of the subscription period will lapse and be of no value. Offer Shares that are not subscribed for by holders of Subscription Rights may be subscribed by other investors, at the Board’s discretion.
Regarding further restrictions in respect of who may be allocated or permitted to subscribe for Offer Shares, reference is made to Section 17 "Transfer and selling restrictions " in the Prospectus.
The subscription period for the Subsequent Offering starts on Monday 16 November 2020 and will close at 16:30 CET on 23 November 2020.