What is the significance of the increase in Borr Drilling's share capital?

It is a condition for the completion of the previously announced convertible bond offering.

Borr Drilling Limited - SGM Results Notification

Borr Drilling Limited (NYSE: BORR) held a Special General Meeting on February 23, 2023, in Hamilton, Bermuda.

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Rhea-AI Summary

Borr Drilling Limited (NYSE: BORR) held a Special General Meeting on February 23, 2023, in Hamilton, Bermuda. During this meeting, shareholders approved an increase in the Company's authorized share capital from US$25.5 million to US$31.5 million. This change allows for the issuance of an additional 60 million common shares at a par value of US$0.10 each. This increase is necessary for the Company to finalize the settlement associated with its previously announced convertible bond offering.

Positive

None.

Negative

Increase in authorized share capital may lead to potential shareholder dilution.

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02/23/2023 - 11:03 AM

HAMILTON, Bermuda, Feb. 23, 2023 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE and OSE: "BORR") advises that a Special General Meeting of the Company was held on February 23, 2023 at 09:00 ADT at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The following resolution was passed:

To approve the increase of the Company's authorized share capital from US$25,500,000.00 divided into 255,000,000 common shares of US$0.10 par value each to US$31,500,000.00 divided into 315,000,000 common shares of US$0.10 par value each by the authorization of an additional 60,000,000 common shares of US$0.10 par value each.

The increase in authorized share capital is a condition for the Company to complete the settlement of the previously announced convertible bond offering.

Hamilton, Bermuda

February 23, 2023

CONTACT:

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--sgm-results-notification-301754678.html

SOURCE Borr Drilling Limited

FAQ

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What was approved at the Borr Drilling Special General Meeting on February 23, 2023?

The increase of the Company's authorized share capital from US$25.5 million to US$31.5 million.

How many additional shares were authorized by Borr Drilling?

An additional 60 million common shares were authorized.

What is Borr Drilling's stock symbol?

The stock symbol for Borr Drilling is BORR.

Borr Drilling Limited - SGM Results Notification