Borr Drilling Limited - Mandatory notification of trades
Borr Drilling Limited announced a successful equity offering on September 30, 2020, raising USD 27.5 million through the subscription of 51,886,793 new depositary receipts.
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Rhea-AI Summary
Borr Drilling Limited announced a successful equity offering on September 30, 2020, raising USD 27.5 million through the subscription of 51,886,793 new depositary receipts. Each share was offered at USD 0.53, equivalent to NOK 5.01. Key insiders participated in the offering, including Chairman Paal Kibsgaard with 120,000 shares, Vice Chairman Tor Olav Trøim with 4,579,377 shares, and CEO Patrick Schorn with 981,000 shares. Borr Drilling's shares will be listed on the Oslo Stock Exchange.
Positive
- Successfully raised USD 27.5 million through an equity offering.
- Key insiders, including the CEO and Chairman, have increased their ownership stakes.
Negative
- None.
Details
News Market Reaction – BORR
The recorded move for BORR in the trading session of this news was -13.39%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
OSLO, Norway, Sept. 30, 2020 /PRNewswire/ -- Reference is made to Borr Drilling Limited's ("Borr Drilling") (NYSE: "BORR") (OSE: "BDRILL") stock exchange announcements of September 30, 2020, relating to the successfully completed equity offering through the subscription and allocation of 51,886,793 new depositary receipts (the "Offer Shares"), representing the beneficial interests in the same number of the Borr Drilling's underlying common shares, each at a subscription price of USD 0.53 per Offer Share, equivalent to NOK 5.01 per Offer Share (the "Subscription Price"), raising gross proceeds of USD 27.5 million (the "Equity Offering"). The Offer Shares will be listed on Oslo Stock Exchange.The following primary insiders of Borr Drilling have subscribed for and been conditionally allocated the following Offer Shares at the Subscription Price:
Paal Kibsgaard, Chairman of the Borr Drilling's Board of Directors: 120,000 Offer Shares. After delivery, Kibsgaard will own 452,069 shares in the Company.
Companies affiliated with Director and Vice Chairman Tor Olav Trøim: 4,579,377 Offer Shares. After delivery, Trøim and his affiliated parties will represent an ownership in Borr Drilling of 14,210,719 shares in the Company, or
Patrick Schorn, Chief Executive Officer of Borr Drilling: 981,000 Offer Shares. After delivery, Mr. Schorn will own 1,000,000 shares in the Company.
September 30, 2020
September 30, 2020
Hamilton, Bermuda
This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Magnus Vaaler
VP Investor Relations and Treasury
+47-22-48-30-00
This information was brought to you by Cision http://news.cision.com
View original content:http://www.prnewswire.com/news-releases/borr-drilling-limited---mandatory-notification-of-trades-301141626.html
SOURCE Borr Drilling Limited
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