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SeaBird founders split Bartica stock



By Upstream staff 

The co-founders of seismic survey player SeaBird Exploration have split their joint holding company Bartica, sharing the SeaBird stock between themselves and the company's former chief executive Dag Reynolds, SeaBird said.

Cyprus-registered Bartica distributed 4.62 million SeaBird shares to co-founder and board member Kjell Mathiassen and 3.44 million SeaBird shares to former boss Reynolds, SeaBird Exploration said in a statement.

After the distribution, Mathiassen holds about 10.43 million SeaBird shares, corresponding to about 11.66% of the stock, SeaBird said.

He and Reynolds no longer hold any shares in Bartica, which becomes a wholly owned company of SeaBird co-founder, chairman and chief executive Tim Isden with 10.12 million SeaBird shares, or about 11.32% of the stock, SeaBird said.

"The total direct and indirect exposure of each of Mathiassen, Isden and Reynolds in (SeaBird Exploration) remains the same after the transaction," it said.

A third co-founder, Charlie Zickerman, left Bartica and sold his SeaBird stock last year.


Wednesday, 09 April, 2008, 11:18 GMT  | last updated: Wednesday, 09 April, 2008, 11:18 GMT

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