Møller - Mærsk to demerge Maersk Drilling HoldingStaff Writer |
Europe APMM intends to propose the demerger for approval
Møller - Mærsk has decided to initiate the separation of APMM’s drilling activities through a demerger of APMM.
Following the anticipated signing and publication of statutory demerger documents on 4 March 2019, the board of directors of APMM intends to propose the demerger for approval by the shareholders at the APMM Annual General Meeting on 2 April 2019.
Subject to such approval, the shares in Maersk Drilling Listco will be distributed to APMM shareholders, who in addition to their shareholding in APMM will become shareholders in Maersk Drilling Listco. The anticipated first day of trading for the shares of Maersk Drilling Listco on Nasdaq Copenhagen is on 4 April 2019.
The APMM Board of Directors intends to propose a single share class structure for Maersk Drilling Listco with shares in Maersk Drilling Listco being distributed to the APMM shareholders on a pro-rata basis based on the nominal value of the shares in APMM.
Shareholders will receive one share in Maersk Drilling Listco per nominal APMM DKK 500 share and two shares in Maersk Drilling Listco per nominal APMM DKK 1,000 share. The demerger and distribution of the Maersk Drilling Listco shares will be tax-exempt for Danish tax purposes.
A.P. Møller Holding A/S, who holds around 41.5% of the shares in APMM, has agreed to a 360-days lockup of their shareholding in Maersk Drilling Listco, subject to certain customary exemptions. ■
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