Drew Holdings Ltd. (“Drew”) had on 25 January 2023 entered into a share lending agreement (“SLA”) with Borr Drilling Limited (the “Company”) (NYSE and OSE:”BORR”) and DNB Markets, a part of DNB Bank ASA (“DNB”), for the purpose of facilitating investors’ hedging activities in connection with the Company’s Convertible Bond issue announced on 24 January 2023. Please refer to the stock exchange notice published by the Company on 24 January 2023 and from Drew on 30 January 2023 for further details of the SLA.
In accordance with the SLA, the Company has now delivered shares to Drew to compensate Drew for its lending, in the Company’s interest, of an equal number of shares to DNB. Following the Company’s delivery of shares to Drew, Drew again holds 15,792,857 shares, representing approximately 6.2 % and consequently more than 5 % of the shares and votes of the Company.
Drew is represented on the Board of Directors of the Company by Mr. Tor Olav Trøim, being Chairman and Director, defined by the Market Abuse Regulation as a person discharging managerial responsibilities (“PDMR”).