On June 21st 2019 at 5 pm, an Extraordinary General Meeting was held by Spectrum ASA at the company’s premises in Oslo. This followed an announcement by the company on 20th May 2019 regarding the intention of TGS-NOPEC Geophysical Company ASA to acquire Spectrum in an all share transaction.
During the meeting a vote took place and all resolutions proposed were approved by Spectrum shareholders. Minutes of this meeting can be found at the following link.
Simultaneously, the equivalent meeting was held by TGS at the offices of law firm Schjødt, in Oslo, where all aspects of the merger plan were also approved by TGS’ shareholders.
Spectrum CEO, Rune Eng, commented, “The strategic combination of TGS and Spectrum will form a stronger and better company with a world class data library, people and opportunities. We look forward to joining forces with TGS. There are strong strategic benefits from combining the companies and we believe we can enhance our growth as part of a larger combined company.”
Final completion of the transaction is expected during Q3 2019.