Atlantic Sapphire plans capital restructuring, convertible loan issuance

Atlantic Sapphire ASA will hold an extraordinary general meeting on September 30, 2025, to address crucial financial initiatives. Key proposals include raising a convertible loan of approximately $53m to $59m, including the capitalization of a $6m bridge loan and an existing $20m convertible loan. This loan will carry a PIK interest rate of 10.00% annually and a conversion price of NOK 10.00. The pre-emptive rights of existing shareholders to subscribe for this loan will be deviated.

Additionally, the company proposes a share capital reduction, decreasing the par value of each share from NOK 10 to NOK 0.50, transferring the reduction amount of NOK 340,613,427.50 to other equity. The general meeting will also vote on a new authorization to increase share capital by up to NOK 8,963,511 (covering 17,927,022 new shares after capital reduction) for general purposes and an option program, which allows for deviation from shareholders' pre-emptive rights.

Furthermore, the board seeks authorization to acquire treasury shares worth up to NOK 1,792,702 (approximately 10% of the share capital post-reduction) for a new incentive program. Updated guidelines for executive compensation and a proposal to issue 358,540 to 5,378,106 independent subscription rights, with a strike price at par value, will also be considered as part of the incentive program.