Danish shipping giant Maersk has decided to initiate the separation of its drilling activities through a demerger and separate listing of Maersk Drilling Holding.
The company said that the shares in Maersk Drilling and its subsidiaries, as well as certain other assets and liabilities, will be contributed to a new company, Maersk Drilling Listco. The shares will be admitted for trading and official listing on Nasdaq Copenhagen.
Following the signing and publication of statutory demerger documents on March 4, 2019, Maersk intends to propose the demerger for approval by the shareholders on April 2, 2019.
Subject to such approval, the shares in Maersk Drilling Listco will be distributed to Maersk shareholders, who, in addition to their shareholding in the company, 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 April 4, 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.