PGS has 338 579 996 shares outstanding, including American Depository Shares (“ADS”), all of which are of the same class, and carry equal voting and dividend rights. Each share has a par value of NOK 3. The ticker code for PGS at the Oslo Stock Exchange is “PGS” and the shares are denominated in Norwegian kroner (“NOK”).
The Company’s ADS are traded over the counter in the US, have the ticker code “PGSVY” and are denominated in US dollars (“USD”). Each ADS represents one share. An American Depository Receipt, with the acronym ADR, is the actual physical certificate confirming ADS ownership. The term ADR is often used for both the certificates and the securities themselves.
On average, approximately 3.6 million PGS shares were traded daily on the Oslo Stock Exchange in 2018.
The liquidity of PGS’ ADS is significantly lower; the average daily ADS trading volume was approximately 5 575 in 2018.
PGS had 6,801 shareholders on record as of December 31, 2018, according to the Norwegian Central Securities Depository (“VPS”). By year-end 2018 Norwegian investors owned approximately 40% of the outstanding PGS shares. US based investors had the second largest holding and accounted for 25% ownership, while UK based investors held approximately 17% of the outstanding shares. The remaining 18% were mainly held by investors in other Western European countries.
As of December 31, 2018, DNB Asset Management was the largest PGS shareholder, owning 33.3 million shares or 9.8% of the Company. As of year-end 2018, the Company held 1 739 own shares.
Distribution of Information and IR Activities
All Company information considered material to the capital markets is published via the Oslo Stock Exchange’s news service: www.newsweb.no, and posted on the Company’s website: www.pgs.com. PGS holds public presentations and arranges conference calls in connection with quarterly earnings releases. The Company hosts an annual capital markets day for the investment community, and management regularly meets with investors and participates at investor conferences.
As of December 31, 2018, there were 17 sell-side analysts covering PGS on a regular basis, with market updates and estimates of PGS’ financial results. Of these, four are based in the UK, one in France, one in India and the rest in Norway. An updated list of analyst coverage is published on the Company’s website: www.pgs.com.
2019 Annual General Meeting
PGS’ 2019 Annual General Meeting is scheduled for April 24, 2019 at 15:00 CET at the Company’s headquarters at Lilleakerveien 4C, 0216 Oslo, Norway. Each PGS share is entitled to one vote. Please note that Norwegian regulations stipulate that shares must be registered in the name of a specific owner in order for that person (or duly authorized agent) to be allowed to vote. Shareholders who wish to attend the Annual General Meeting are requested to pre-register via the Company’s registrar. The registrar’s contact information follows:
DNB Bank ASA
PO Box 1600 Sentrum
NO-0021 Oslo, Norway
Holders of American Depositary Shares (“ADS”) may vote according to the underlying shares by: (a) having the underlying shares transferred to an account with the Norwegian Central Securities Depository in the name of the holder, (b) attending the meeting as a shareholder by providing their name, address and evidence that they are the beneficial owner of the ADSs and coordinating with Deutsche Bank, depositary for the ADS, to have their ADSs blocked from voting, or (c) authorizing Deutsche Bank to vote the ADS on their behalf in
accordance with specific guidelines.
Contact Information for ADS Shareholders
The depositary bank for PGS’ ADS shares is Deutsche Bank; the contact information is as follows:
Deutsche Bank Shareholder Services
American Stock Transfer & Trust Company
6201 15th Avenue Brooklyn, NY 11219, USA
Direct Dial: +1 718 921 8137
Corporate Credit Rating
PGS corporate rating is ‘B3’ with a stable outlook by Moody’s (updated March 13, 2018) and ‘B-’ with a stable outlook by Fitch (updated October26, 2018).
20 Largest PGS Shareholders*
|December 31, 2018|
|Total shares||Ownership %|
|DNB Asset Management AS||33 272 271||9.8|
|Coltrane Asset Management L.P.||26 395 416||7.8|
|Folkketrygdfondet||24 777 255||7.3|
|M&G Investment Management Ltd.||19 232 706||5.7|
|Ferd AS||15 823 200||4.7|
|Lancaster Investment Management LLP||15 031 723||4.4|
|Dimensional Fund Advisors LP||13 078 862||3.9|
|The Vanguard Group||8 482 254||2.5|
|KLP Forsikring||8 174 928||2.4|
|Legal & General Investment Management Ltd.||7 744 888||2.3|
|Albert Bridge Capital LLP||6 538 397||1.9|
|Hermes Investment Management Ltd.||6 257 391||1.8|
|Assenagon Asset Management SA||5 443 909||1.6|
|Edinburgh Partners Limited||5 337 246||1.6|
|BlackRock Institutional Trust Company||4 767 338||1.4|
|Carmignac Gestion||4 720 608||1.4|
|Third Avenue Management LLC||4 547 310||1.3|
|Storebrand Kapitalforvaltning||4 325 535||1.3|
|Shell Asset Management Company BV||2 650 575||0.8|
|Nuveen LLC||2 458 073||0.7|
|Other shareholders||118 830 574||35.1|
|Total||338 579 996||100.0|
*The data in the table above is provided by Nasdaq Advisory Services and is obtained through an analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians in relation to the PGS share register provided by the Norwegian Central Securities Depository (VPS). Every reasonable effort has been made to verify the data, however neither PGS nor Nasdaq Advisory Services can guarantee the accuracy of the analysis, which is updated each quarter.