CASH OFFER FOR NR NORDIC & RUSSIA PROPERTIES LIMITED BY HOLOWENT LIMITED
(Thomson Reuters ONE) - 25 January 2010This announcement is not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.This statement, which is considered to be a public announcement issued pursuant to the provisions of article 5 paragraph 1 and article 7 paragraph 1 under (a) and article 7 paragraph 4 of the Dutch Decree on Public Takeovers (Besluitopenbare biedingen Wft), is being made jointly on behalf of Holowent Limited and the Independent Directors of NR Nordic & Russia Properties Limited. CASH OFFER FOR NR NORDIC & RUSSIA PROPERTIES LIMITED BY HOLOWENT LIMITEDSUMMARY * Further to its holding announcement on 29 September 2009, Holowent Limited, a company ultimately owned by Ian Livingstone and Richard Livingstone, (the "Offeror" or "Holowent") is pleased to announce the terms of a cash offer (the "Offer") to be made by the Offeror in respect of NR Nordic & Russia Properties Limited ("NR Nordic"). * Holowent is offering EUR 0.24 in cash per NR Nordic Share (the "Offer Price") for the entire issued and to be issued Share capital of NR Nordic other than NR Nordic Shares held by members of the Offeror Group. The Offer values the existing issued Share capital of NR Nordic at approximately EUR 114.2 million. * The Offer Price represents: * a premium of approximately 26.3 per cent. over the average Closing Price of EUR 0.19 per NR Nordic Share on 28 September 2009, being the last Business Day prior to the announcement on 29 September 2009 by the Offeror that it was considering a possible offer for NR Nordic; * a premium of approximately 35.3 per cent. over the average Closing Price of EUR 0.18 per NR Nordic Share over the three months prior to the announcement on 29 September 2009 by the Offeror that it was considering a possible offer for NR Nordic; * a premium of approximately 18.3 per cent. over the average Closing Price of EUR 0.20 per NR Nordic Share over the twelve month period prior to the announcement on 29 September 2009 by the Offeror that it was considering a possible offer for NR Nordic; and * a discount of approximately 47.6 per cent. of the Adjusted NAV of NR Nordic (see Appendix III to this announcement). * Ian Livingstone and Richard Livingstone are the ultimate owners of London & Regional Group, which includes LR REAM, the asset manager of NR Nordic. * The Offeror, through its subsidiary, Swedish Holdco, is interested in 24.65 per cent. of the existing issued Share capital of NR Nordic. * The Independent Directors of NR Nordic are not making any recommendation to Shareholders in relation to the Offer. * The Offer is in respect of the entire issued and to be issued ordinary Share capital of NR Nordic (other than any NR Nordic Shares held by members of the Offeror Group) and is conditional upon the Offeror and/or any member of the Offeror Group having acquired or agreed to acquire (whether pursuant to the Offer or otherwise), directly or indirectly, NR Nordic Shares carrying, in aggregate, over 50 per cent. of the voting rights then exercisable at general meetings of NR Nordic, and subject to further conditions as listed in Appendix I. * Lazard, financial adviser to the Offeror, is satisfied that, if the Offer is accepted in full, sufficient cash resources are available to the Offeror to satisfy the cash consideration payable to NR Nordic Shareholders under the terms of the Offer. * The Offeror shall make available an Offer Document in accordance with the Dutch Takeover Decree, setting out, inter alia, the terms and conditions of the Offer. The Offer Document is required to be approved by the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financi? Markten) (the "AFM") prior to its publication. The Offeror intends to submit a request for approval of the Offer Document later today. The Offeror anticipates that it will publish the Offer Document including the Forms of Acceptance within 28 days of the date of this announcement, subject to the AFM approving the Offer Document within this timescale.Ian Livingstone and Richard Livingstone, commenting on behalf of the Offeror,said:"Our cash offer represents a significant premium over NR Nordic's share priceprior to our announcement on 29th September 2009 that we were considering makingan offer for the Company. Since then, we believe that the NR Nordic Share Pricehas been inflated by speculation as to the level of our offer - which today'sannouncement has put to rest. NR Nordic Shares are extremely illiquid and webelieve that our offer represents the only sure route to liquidity for NR Nordicshareholders who wish to sell their shares at a fair price".David Hunter, Senior Non-Executive Director of NR Nordic, commenting on behalfof the Independent Directors of the Company, said:"The Independent Directors are not giving a firm recommendation to Shareholderson the Offer. Whilst the Offer provides Shareholders with an immediateopportunity to realise their investment in the Company for a certain cashamount, the Independent Directors believe Shareholders may wish to consider anumber of factors for and against the Offer, including those set out in today'sannouncement, when considering whether or not to accept the Offer".This summary should be read in conjunction with, and is subject to, the fulltext of the attached announcement and the Appendices to it.Appendix I contains the conditions of the Offer.Appendix II contains the DTZ Property Valuation.Appendix III contains a statement of Adjusted NAV.Appendix IV sets out certain interests and dealings of the Offeror and personsacting in concert with the Offeror in relevant securities of the Company.Appendix V contains the bases of calculation and sources of certain informationcontained in this announcement.Appendix VI contains definitions of certain expressions used in thisannouncement (including this summary).The Offer will be subject to the full terms and conditions to be set out in theOffer Document and the Form of Acceptance.Lazard & Co., Limited ("Lazard") is acting as financial adviser to the Offeror.Numis Securities Limited ("Numis") is acting as financial adviser to theIndependent Directors of NR Nordic under Rule 3.1 of the City Code. Enquiries: Lazard (Financial adviser to the Offeror) Patrick Long +44(0)207 187 2000 Kreab Gavin Anderson (PR adviser to the Offeror) Tom Poston +44(0)207 074 1800 NR Nordic David Hunter, Senior Non-Executive Director +44 (0)141 204 4041 Numis (Financial adviser to NR Nordic) Nick Westlake +44(0)207 260 1000In accordance with Rule 19.11 of the City Code, a copy of this announcement willbe published on the websites of NR Nordic (http://www.nr-properties.co.uk) and Holowent (http://www.holowent.com).Further InformationLazard, which is authorised and regulated in the United Kingdom by the FinancialServices Authority, is acting exclusively for the Offeror as financial adviserwithin the meaning of the Rules of the Financial Services Authority and for noone else in connection with the Offer. Lazard is not advising any other personor treating any other person as its client in relation thereto and will not beresponsible to anyone other than the Offeror for providing the protectionsafforded to clients of Lazard, or for giving advice to any other person inrelation to the Offer, the contents of this announcement, or any other matterreferred to herein.Numis, which is authorised and regulated in the United Kingdom by the FinancialServices Authority, is acting exclusively for NR Nordic as financial adviserwithin the meaning of the Rules of the Financial Services Authority and for noone else in connection with the Offer. Numis is not advising any other person ortreating any other person as its client in relation thereto and will not beresponsible to anyone other than NR Nordic for providing the protectionsafforded to clients of Numis, or for giving advice to any other person inrelation to the Offer, the contents of this announcement, or any other matterreferred to herein.Overseas JurisdictionsThe availability of the Offer to persons who are not resident in the UnitedKingdom or the Netherlands may be affected by the laws of the relevantjurisdictions. Persons who are not so resident should inform themselves about,and observe, any applicable requirements. Any failure to comply with theapplicable requirements may constitute a violation of the laws and/orregulations of any such jurisdiction. This announcement has been prepared forthe purpose of complying with English law, the City Code and with Dutch law andthe Dutch Takeover Decree (Besluit openbare biedingen Wft) and the DutchFinancial Supervision Act (wet op het Financieel Toezicht) ("Dutch Act") and theinformation disclosed may not be the same as that which would have beendisclosed if this announcement had been prepared in accordance with the lawsand/or regulations of jurisdictions outside the United Kingdom and theNetherlands.Any person (including without limitation, any custodian, nominee or trustee) whowould, or otherwise intends to, or who may have a contractual or legalobligation to, forward this announcement, the Offer Document, the Form ofAcceptance and/or any related document to any jurisdiction outside the UnitedKingdom and the Netherlands, should inform themselves of, and observe, anyapplicable legal or regulatory requirements of their jurisdiction. Furtherdetails in relation to Overseas Shareholders will be contained in the OfferDocument.Forward-looking statementsThis document contains statements about NR Nordic, the Offer and the Offerorthat are or may be forward-looking statements. All statements other thanstatements of historical facts included in this document may be forward-lookingstatements. Without limitation, any statements preceded or followed by or thatinclude the words 'targets', 'plans', 'believes', 'expects', 'aims', 'intends','will', 'may', 'anticipates', 'estimates', 'projects', or words or terms ofsimilar substance or the negative thereof identify forward-looking statements.Forward-looking statements include statements relating to the following: (i)future capital expenditures, expenses, revenues, earnings, synergies, economicperformance, indebtedness, financial condition, dividend policy, losses andfuture prospects; and (ii) business and management strategies and the expansionand growth of NR Nordic's and the Offeror's operations.These forward-looking statements are not guarantees of future performance. Theyhave not been reviewed by the auditors of NR Nordic or the Offeror. Theseforward-looking statements involve known and unknown risks, uncertainties andother factors which may cause the actual results, performance or achievements ofany such person, or industry results, to be materially different from anyresults, performance or achievements expressed or implied by suchforward-looking statements. These forward-looking statements are based onnumerous assumptions regarding the present and future business strategies ofsuch persons and the environment in which each will operate in the future. Youare cautioned not to place undue reliance on the forward-looking statements,which speak only as of the date they were made. All subsequent oral or writtenforward-looking statements attributable to NR Nordic or the Offeror or any oftheir members or any persons acting on their behalf are expressly qualified intheir entirety by the cautionary statement above. All forward-looking statementsincluded in this document are based on information available to the relevantparties on the date hereof. Investors should not place undue reliance on suchforward-looking statements, and neither NR Nordic or the Offeror nor theirrespective directors undertakes any obligation in respect of, and do not intendto update or revise any forward-looking statements except as required by theCity Code, the Dutch Takeover Decree or pursuant to applicable law.Dealing Disclosure RequirementsUnder the provisions of Rule 8.3 of the City Code, if any person is, or becomes,"interested" (directly or indirectly) in one per cent. or more of any class of"relevant securities" of NR Nordic, all "dealings" in any "relevant securities"of NR Nordic (including by means of an option in respect of, or a derivativereferenced to, any such "relevant securities") must be publicly disclosed by nolater than 3.30 p.m. (London time) on the London Business Day following the dateof the relevant transaction. This requirement will continue until the date onwhich the Offer is declared unconditional or is declared not to be unconditionaland lapses. If two or more persons act together pursuant to an agreement orunderstanding, whether formal or informal, to acquire an "interest" in "relevantsecurities" of NR Nordic, they will be deemed to be a single person for thepurpose of Rule 8.3.Under the provisions of Rule 8.1 of the City Code, all "dealings" in "relevantsecurities" of NR Nordic by the Offeror, or NR Nordic or by any of theirrespective "associates", must be disclosed by no later than 12.00 noon (Londontime) on the London Business Day following the date of the relevant transaction.A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Panel's website at www.thetakeoverpanel.org.uk."Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities.Terms in quotation marks are defined in the City Code, which can also be foundon the Panel's website. If you are in any doubt as to whether or not you arerequired to disclose a "dealing" under Rule 8, you should consult the Panel.Pursuant to article 5, paragraph 4 of the Dutch Takeover Decree between the dateof this announcement and the moment that the Offer is made, the Offeror and NRNordic must notify the AFM of any transactions they each conduct in relation toNR Nordic Shares to which the Offer relates, or else of any agreements theyconclude in connection with those transactions, with the exception oftransactions concluded as part of the regular trade on markets for financialinstruments. Such notifications shall state the quality and category or classof the NR Nordic Shares, the conditions that apply, including the price orexchange ratio, and the volume of the existing direct or indirect capitalparticipation between the parties. All such notifications must be made withoutdelay after the transaction or agreement has been effected or concluded, howevernotifications may be made once per day. Exceptions apply in case notificationshave been made under sections 38, 40 or 60 paragraph (i), Part 5 of the DutchAct. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION 25 January 2010 CASH OFFER FOR NR NORDIC & RUSSIA PROPERTIES LIMITED BY HOLOWENT LIMITED1. INTRODUCTIONThe Offeror has announced today the terms of a cash offer to be made by theOfferor to acquire the entire issued and to be issued ordinary Share capital ofNR Nordic (other than any NR Nordic Shares held by members of the OfferorGroup).2. THE OFFERThe Offer, which is on the terms and conditions set out in Appendix I to thisannouncement and is subject to the further terms to be set out in the OfferDocument and the Form of Acceptance, is being made in respect of the entireissued and to be issued ordinary Share capital of NR Nordic (other than any NRNordic Shares held by members of the Offeror Group) on the following basis: for each NR Nordic ShareEUR 0.24 in cashThe Offer values the existing issued Share capital of NR Nordic at approximatelyEUR 114.2 million.The NR Nordic Shares will be acquired pursuant to the Offer by the Offeror fullypaid up and free from all liens, equitable interests, charges, encumbrances,rights of pre-emption and other third party interests and rights of whatsoevernature and together with all rights now or hereafter attaching thereto on orafter 25 January 2010, including voting rights and the right to receive andretain all dividends and other distributions (if any) declared, made or paid byNR Nordic on or after such date.3. BACKGROUND TO AND REASONS FOR THE OFFERNR Nordic was created as a vehicle to allow investors to access real estateopportunities in the Nordic, Baltic and Russian regions. The Company's principalinvestment objective has been to generate total returns for Shareholders throughannual portfolio yields and capital appreciation over the longer term. TheCompany's strategies to achieve these investment objectives have been to enhancerental and capital growth through active asset management, make additionalselective acquisitions and to employ appropriate amounts of leverage to enhancereturns.In the first half of 2008, groups of Shareholders argued for a revised strategyfor the Company and the Board was asked to evaluate a return of capital toShareholders. Since August 2008, ordinary and special dividends totaling EUR0.122 per NR Nordic Share have been paid to Shareholders.As at 30 June 2009, 67 per cent. of NR Nordic's assets by value were located inSweden and 21 per cent. in Russia. According to the property consultancy Newsec,the transaction volume on the Swedish property market during the first half of2009 amounted to SEK 9.2 billion, which corresponds to a decline of 80 per cent.compared to the same period in 2008 and a decline of 87 per cent. compared tothe same period in 2007. As a result, the Offeror believes the opportunities toconvert NR Nordic's assets to cash by divesting property in an orderly manner inthe near future are very limited.If the Offer is successful, the Offeror intends to maximise Shareholder value byactively managing the Company's assets, making new investments in core marketsand exploring new business combinations.Although the Closing Price of NR Nordic's Shares on 22 January 2010 (the lastBusiness Day prior to the date of this announcement) was EUR 0.31, the Offerordoes not believe that this accurately represents the real market value of theShares. Only 5.2 million Shares have traded at a price above EUR 0.24 since 29September 2009 (the date on which the Offeror announced that it was consideringmaking an offer for NR Nordic) representing only 1.1 per cent. of the Company'sexisting issued Share capital and a combined value of EUR 1.4 million.Trading in NR Nordic's Shares has been very illiquid. The median daily volume oftraded Shares in NR Nordic during the last twelve months amounts toapproximately 20,500 Shares. Taking the Offer Price of EUR 0.24 per Share, thisvolume corresponds to approximately EUR 4,920 in value. As a result of this lackof liquidity, investors wishing to sell or buy Shares in NR Nordic have haddifficulty executing their orders.The Offeror believes that the illiquidity of the Shares, which has been anongoing issue for NR Nordic, creates significant volatility in the Share pricewhich has increased since Holowent's announcement on 29 September 2009 that itwas considering making an offer for the Company.In light of the ongoing uncertainty in property and financial markets, togetherwith the extremely limited liquidity in NR Nordic Shares, the Offeror believesthat Shareholders should welcome the opportunity to realise their investment inthe Company at a price significantly in excess of NR Nordic's Share priceimmediately prior to Holowent's announcement on 29 September 2009 that it wasconsidering making an offer for the Company.4. THE INDEPENDENT DIRECTORS' VIEWS ON THE TERMS OF THE OFFERThe Independent Directors consider that the terms of the Offer may not representfull value for the Company and that, in the medium term, the Board may be ableto deliver greater value to Shareholders than that represented by the Offer.Accordingly, the Independent Directors, having been so advised by Numis, are notgiving a firm recommendation to Shareholders to accept the Offer. In providingadvice to the Directors, Numis has taken into account the commercial assessmentof the Independent Directors.However, the Independent Directors nonetheless recognise that the Offer may beworthy of consideration by Shareholders as it provides Shareholders with animmediate opportunity to realise their investment in the Company for a certaincash amount. Accordingly, the Independent Directors have resolved that the Offershould be put forward to NR Nordic Shareholders.The Independent Directors consider that Shareholders may wish to consider thefactors set out below when considering whether or not to accept the Offer. Itshould be noted that these factors do not necessarily comprise all those mattersthat may be relevant to an investment in the Company and Shareholders shouldconsider carefully whether or not they wish to accept the Offer in light of theinformation contained in this document as well as their own personalcircumstances.Shareholders in any doubt as to the action they should take are strongly advisedto seek their own independent financial advice.4.1 Factors against accepting the Offer and in favour of retaining an investmentin the CompanyWhilst the Offer represents a premium of 26.3 per cent. to the Closing Price ofthe NR Nordic Shares on 28 September 2009, the day prior to the announcement bythe Offeror that it was considering making an offer for NR Nordic, the Offerrepresents a significant discount of approximately 47.6 per cent. to theCompany's Adjusted NAV of EUR 0.458 per Share.The Independent Directors believe that there may be further value in the Companythat is not fully reflected in the Offer Price. The Adjusted NAV of the Companyis EUR 0.458 per NR Nordic Share and as at 31 December 2008 the net asset valueof the Company was EUR 0.61 per NR Nordic Share (Note: this refers to the basicNAV as at 31 December 2008 (using the Company's undiluted issued share capitalof 475,924,532 shares) as set out in the Company's 2008 Annual Report). Thedecrease reflects, inter alia, the decline in the underlying property markets inwhich the Company's assets are located caused by the uncertainty in globalproperty and financial markets.The Independent Directors consider that there would be further upside value inthe Company and its assets should confidence in these underlying markets returnand property prices start rising again and if certain of the Company's keyleases and current borrowing facilities could be successfully renegotiated. Accordingly, should the Offer not be declared unconditional and lapse as aresult thereof it is the Independent Directors' intention, in consultation withthe Company's Shareholders, to continue to implement a strategy that would seekto maximise Shareholder value, inter alia by seeking to renegotiate certain ofits borrowing facilities and key leases, actively managing the Company's assetsand exploring opportunities for new investments and/or business combinations.Moreover, if Shareholders accept the Offer, they will be forfeiting any benefitarising from future cash realisations of the Company's assets and any consequentcapital returns to Shareholders, which may be higher than the value of theOffer. They will also be prevented from benefiting from any future recovery ofthe Company's Share price which may occur if the discount to net asset value atwhich NR Nordic Shares trade is reduced.The Independent Directors believe that the Offeror, whose ultimate owners arethe ultimate owners of the Company's asset manager, has a thorough understandingof the Company's affairs and Shareholders should take this into account inassessing the adequacy of the Offer.4.2 Factors in favour of accepting the Offer and against retaining an investmentin the CompanyThe Offer represents an immediate opportunity for Shareholders to realise theirinvestment in the Company upon the Offer being declared unconditional for acertain cash amount at a premium of 26.3 per cent. to the Closing Price of theNR Nordic Shares on 28 September 2009, the Business Day prior to theannouncement by the Offeror on 29 September 2009 that it was considering makingan offer for NR Nordic and a premium of 35.3 per cent. to the average ClosingPrice of the NR Nordic Shares during three month period prior to thatannouncement.The Independent Directors consider that there is a significant risk that, shouldthe Offer not succeed, the Company's Share price may not remain at its currentlevel, particularly given the uncertainties that exist concerning the value andtiming of the realisation of the Company's assets.Since August 2008, the Board has been pursuing a strategy of managing theCompany's assets with the aim of maximising underlying values and returningcapital to Shareholders. Since August 2008, ordinary and special dividendstotalling EUR 0.122 per Share have been paid to Shareholders. However, therecan be no certainty that the Company's remaining assets can be realised at or inexcess of current book values nor as to the timescale of any such realisations. This creates material uncertainty in both the quantum and timing of futurereturns of cash to Shareholders.In addition, the Company's principal EUR 269 million Citi Facility containsprovisions which would require that the Company prepay a certain amount of theoutstanding loans under the Citi Facility upon the disposal of a property. Theamount which must be prepaid in respect of each such disposal depends, interalia, on the loan amount allocated to the particular property which is disposedof and the loan to value ratio of all the properties at the time of thedisposal. As a consequence of these provisions, and taking into account thecurrent market valuations of certain properties against the loan amountsallocated to such properties, the Directors believe that the net cash generatedon the sale of each property after repayment of debt would be limited. Whilstthe Independent Directors believe that successful renegotiation of certain ofthe Company's key leases and current borrowing facilities would enhance value,there can be no certainty as to the success of any such renegotiation.The Independent Directors also note that trading in the NR Nordic Shares hastypically been illiquid and that if Shareholders do not accept the Offer it ispossible that they may be unable to sell their NR Nordic Shares at a priceequivalent to that available under the Offer.Since the announcement by the Offeror on 29 September 2009 that it wasconsidering making an offer for NR Nordic, neither the Company nor its advisershave been approached by any person on behalf of any other potential offerorwishing to initiate discussions with a view to making an alternative offer forthe Company.The Independent Directors believe that the attractiveness of NR Nordic to otherpotential offerors may be limited by a number of factors including the fact thatthe Citi Facility provides for mandatory pre-payment on a change of control ofthe Company. However, this provision does not apply where control passes tocertain "Approved Investors", which include Ian Livingstone and RichardLivingstone (which for these purposes would include a change of control infavour of the Offeror). Accordingly, any offeror not affiliated with anApproved Investor would either need to get the consent of the majority lendersunder the Citi Facility to any change of control of the Company, or tore-finance the Citi Facility upon declaring their offer unconditional.The Independent Directors also believe that another possible factor behind thelack of alternative offers may be the fact that the Offeror already has aninterest in 24.65 per cent. of the existing issued Share capital of the Company and an interest of 34.34 per cent. in the fully diluted Share capital of theCompany (assuming full conversion of the NR Nordic Convertible Notes and theexercise of all NR Nordic Share Options).The Offer may be declared unconditional if the Offeror and/or any member of theOfferor Group shall have acquired (whether pursuant to the Offer or otherwise)NR Nordic Shares carrying over 50 per cent. of the voting rights exercisable atgeneral meetings to be described more fully in the terms and conditions in theOffer Document. The Offeror, through its subsidiary, Swedish Holdco, currentlyholds NR Nordic Shares representing 24.65 per cent. of the issued share capitalof the Company.Should the Offer be declared unconditional, control of the Company will pass tothe Offeror. This will give the Offeror the power to appoint and removedirectors of the Company and may also allow the Offeror to procure that theCompany issues further Shares on a pre-emptive or, potentially, non pre-emptivebasis, which could potentially dilute the interests of other Shareholderssignificantly. The attention of NR Nordic Shareholders is also drawn toparagraph 10 of this announcement regarding the circumstances in which theOfferor may compulsorily acquire NR Nordic Shares and procure an application byNR Nordic to Euronext Amsterdam for the termination of the listing of NR NordicShares on Euronext Amsterdam following the Offer being declared unconditional.Should the Offer be declared unconditional, remaining Shareholders who have notaccepted the Offer may not be able to sell their NR Nordic Shares at a priceequivalent to that available under the Offer.5. INFORMATION ON NR NORDICNR Nordic is a Jersey incorporated company and has been authorised in Jersey asa listed fund. NR Nordic Shares were admitted to trading on AIM in November2006 and were admitted to trading on Euronext Amsterdam in December 2007. InApril 2008 trading on AIM was cancelled.The Company holds investments in real estate in the Nordic and Baltic regionsand Russia. The Company has an experienced board of eight non-executiveDirectors and LR REAM, a member of London & Regional Group, manages theCompany's assets on its behalf.On admission to AIM the Company's portfolio consisted of 84 properties valued atEUR 1.9 billion with 1.8 million square meters of floor area. Over the 20 monthsto June 2008, 24 properties were acquired with a total aggregate gross purchaseprice of EUR 305 million. In August 2008, the Board announced that it would notbe making any further acquisitions without first seeking Shareholder approval.The Board also agreed to "put specific proposals to shareholders which, ifapproved, would provide them with the option to have capital returned, whilstallowing those shareholders who wish to do so to retain an interest in theCompany for the purposes of new investment, if sufficient shareholders so wish."Since the Company was admitted to AIM, 70 properties have been sold with a totalaggregate gross selling price of approximately EUR 1.5 billion. The proceedsfrom sales have been used by the Company to fund the repayment of over EUR 1.2billion of debt and dividends totalling EUR 0.25 per share, EUR 0.135 of whichwere special dividends.At 31 December 2009 the Company owned 38 properties valued at EUR 554.6 million(as set out in the DTZ Property Valuation set out in Appendix II to thisannouncement) with 985,000 square metres of floor area and an annualised grossrental income of EUR 74.4 million).Summary of the Top 10 Tenants as at 31 December 2009 Gross Gross Average Floor annualized rental lease Tenant Area rental income length (Sq m) income (% of (yrs)(2) (EURm)(1) total) 1 ABB 326,732 26.9 36.2% 5.0 2 OOO Sokotel 27,387 5.7 7.6% 13.0 3 Finnveden AB 174,892 5.0 6.7% 9.9 4 Frigoscandia A/S 45,203 3.4 4.6% 15.0 5 OOO Stroymaster 10,954 2.7 3.6% 7.9 6 Berns Group AB 8,147 2.1 2.8% 4.0 Westinghouse Electric 7 14,672 1.6 2.1% 5.1 Sweden AB 8 Bult Finnveden AB 45,026 1.5 2.1% 8.4 9 Fortifikationsverket 18,717 1.4 1.9% 1.3 10 Enics Sweden AB 12,538 1.1 1.5% 4.6 Total top-10 684,268 51.4 69.0% 7.1 Total portfolio 985,000 74.4 100.0% 6.0 (1) Including supplements. Based on rent roll as at 31 December 2009 (2) Adjusted for break options in the relevant lease(s)Financial information and property valuationFor the financial year ended 31 December 2008, NR Nordic reported total grossrental revenues of EUR 77.5 million. As at 31 December 2008, NR Nordic had anet asset value of EUR 289.7 million, with a net asset value per Share of EUR0.61 (Note: this refers to the basic NAV as at 31 December 2008 (using theCompany's undiluted issued share capital of 475,924,532 Shares) as set out inthe Company's 2008 Annual Report).For the interim financial period for the nine months to 30 September 2009, NRNordic reported total revenues of EUR 56.3 million (unaudited). As at 30September 2009, NR Nordic had an unaudited net asset value of EUR 238 million,with net asset value per Share of EUR 0.50 (unaudited). (Note: This refers tothe unaudited basic NAV as at 30 September 2009 (using the Company's undilutedissued share capital of 475,924,532 Shares) as set out in the Q3 FinancialUpdate announced by the Company on 19 November 2009). The unaudited balancesheet of NR Nordic as at 30 September 2009 included cash of EUR 70.6 million.NR Nordic's properties have been valued by an independent valuer as being worthEUR 554.6 million as at 31 December 2009. This independent valuation, requiredunder Rule 29 of the City Code, is contained in the DTZ Property Valuation setout in Appendix II to this announcement. All properties are held through Swedishholding companies, including those in Russia. Any disposal of a property isexpected to be structured by way of a sale of shares in the Swedish holdingcompany. It is anticipated by the Company, which has been so advised by its taxadvisers, that no liability to corporate tax will arise on disposals structuredin this way.Current trading and prospectsSince 30 June 2009, NR Nordic has continued to perform in line with the Board'sexpectations.Under the terms of the master lease with ABB, the Company's largest tenant, ABB,has the right in December 2011 to downsize its commitments under the lease by26.25 per cent. of the original base rent. The Company is currently indiscussion with ABB to establish its objectives and intentions in relation tothis right, with a view to finding a solution which minimizes the impact on theCompany's income going forward. The outcome of these discussions could have amaterial effect on the financial position of the Company.Market OverviewSwedenAll sectors have seen significant softening in yields since the first half of2008. The previous investment market was strongly supported by a small number ofnon-Swedish banks, all of whom have either withdrawn from the market orsubstantially reduced their activity in the region. The Swedish economy has beenaffected by weak global economic growth, which has reduced the level of exports,which in value terms account for over 50 per cent. of GDP. At the same time,unemployment has risen. Both these factors have put pressure on rental demandand values.In the first half of 2009, investment volume fell 69 per cent., and the numberof transactions fell by 80 per cent. as compared with the corresponding periodin 2008. The Stockholm prime office vacancy rate was 11.1 per cent. in June2009 compared to 9.4 per cent. at the beginning of 2009.Whilst there has been some improvement in demand for property in the second halfof 2009, this is dominated by domestic institutional buyers of prime assets. TheDirectors believe that there has been little investment activity in, orinstitutional investor appetite for, properties outside Stockholm. The fewregional transactions that have taken place are predominantly residentialproperty deals involving local players. There have been a few forced sales butnot as many as expected. The Directors believe that uncertainty in refinancingof existing loans, particularly as non-Swedish banks look to reduce theirbusiness in the region, is likely to have an impact on the future investmentmarket. In addition, there are very few cross border transactions.RussiaRussia's economy continues to struggle, putting pressure on retail sales andthus on rents. The impact was made worse by the devaluation of the Roubleagainst the US Dollar, since the majority of retail leases are US Dollar pegged.As a result of these factors, the Russian property market continues to bechallenging. Commercial rents have fallen on average by 30 to 50 per cent.during 2009, but are now predicted to stabilize. Turnover in 2009 is expected tohave been around half that of 2008. Prime office and shopping centre yields arein the range of 13 per cent. to 15 per cent.; an increase of 4 to 5 percentagepoints in the last year.Market conditions have stabilized in the second half of 2009, but the Directorsexpect that any recovery will take some time and will require greater liquidityin the capital markets to reduce the cost of borrowing.6. INFORMATION ON THE OFFERORThe Offeror is a newly-incorporated company which has been formed for thepurposes of making the Offer. The Offeror is a wholly-owned subsidiary ofSpirastrella which is wholly owned by Ian Livingstone and Richard Livingstone inequal shares. Neither the Offeror nor Spirastrella has traded sinceincorporation nor have they entered into any obligations other than inconnection with the Offer and the financing of the Offer. The sole director ofthe Offeror is CCY Management Limited.Ian Livingstone and Richard Livingstone are the joint owners of the London &Regional Group, which was established by them in 1987 and continues to be theirprincipal investment vehicle. London & Regional's investments are valued inexcess of EUR 5 billion and activities are undertaken in more than ten countriesincluding the UK, Sweden, Germany, Russia, Ukraine, South Africa and Panama.The UK portfolio includes prime and secondary office and retail investments,prime central London hotels, residential developments, several substantial saleand leaseback portfolios and a leisure business. Non-UK investments typicallycomprise trophy hotels, leisure resorts, office buildings, retail shoppingcentres and construction projects.7. MANAGEMENT AND EMPLOYEESThe NR Nordic Group does not have any employees. Under the terms of theManagement Agreement, LR REAM has responsibility for asset management of the NRNordic Group's property portfolio.8. NR NORDIC SHARE OPTIONS AND NR NORDIC CONVERTIBLE NOTESThe Offer is being extended to any NR Nordic Shares which are issued orunconditionally allotted and fully paid (or credited as fully paid) during theAcceptance Period, including any NR Nordic Shares issued pursuant to theexercise of NR Nordic Share Options, the exercise of NR Nordic Convertible Notesor otherwise, but for the avoidance of doubt excluding any NR Nordic Shares heldby members of the Offeror Group.In view of the fact that the exercise prices of the NR Nordic Share Options andthe NR Nordic Convertible Notes exceed the Offer Price, the Panel has confirmedthat, should the Offer be declared unconditional, the Offeror will not berequired to make a proposal to the holders of NR Nordic Share Options and to NRNordic Convertible Notes (to the extent such options or convertible notes havenot been exercised or lapsed following the Offer being declared unconditional).9. FINANCING OF THE OFFERLazard, financial adviser to the Offeror, is satisfied that, if the Offer isaccepted in full, sufficient cash resources are available to the Offeror tosatisfy the cash consideration payable to NR Nordic Shareholders under the termsof the Offer.Full acceptance of the Offer in respect of the NR Nordic Shares to which theOffer relates (i.e. excluding any NR Nordic Shares held by members of theOfferor Group) would result in a maximum cash consideration of approximately EUR86.1 million being paid by the Offeror to the relevant NR Nordic Shareholders. This cash consideration will be financed from existing cash resources of IanLivingstone and Richard Livingstone, the ultimate owners of the Offeror.10. COMPULSORY ACQUISITION AND DELISTINGAssuming the Offeror receives sufficient acceptances of the Offer and all of theother conditions of the Offer have been satisfied or waived (if capable of beingwaived), the Offeror may be entitled to use the procedures set out in Article117 of the Companies Law to acquire compulsorily, on the same terms as theOffer, any outstanding NR Nordic Shares in respect of which the Offer has notbeen accepted. To be entitled to initiate these procedures the Offeror must, byvirtue of acceptances of the Offer, have acquired or contracted to acquire notless than 90 per cent. in number of the NR Nordic Shares to which the Offerrelates. For these purposes, NR Nordic Shares to which the Offer relates willnot include any Shares held by the Offeror or any of its associates (asconstrued in accordance with Article 123 of the Companies Law).Shareholders who have not accepted the Offer may also be entitled under Article119 of the Companies Law to require the Offeror to acquire their Shares on thesame terms as the Offer or on such other terms as may be agreed. For anynon-accepting Shareholder to be entitled to initiate these procedures theOfferor must, at any time before the end of the period within which the Offercould be accepted, by virtue of acceptances of the Offer, have acquired orcontracted to acquire some (but not all) of the NR Nordic Shares to which theOffer relates and those shares (with or without any other shares in NR Nordicwhich the Offeror has acquired or contracted to acquire) amount to not less than90 per cent. in number of all of the NR Nordic Shares. For these purposes, thereference to shares in NR Nordic which the Offeror has acquired or contracted toacquire shall include a reference to any Shares which the Offeror or any of itsassociates (as construed in accordance with Article 123 of the Companies Law)has acquired or contracted to acquire.The Offeror reserves the right, upon the Offer being declared unconditional andsufficient acceptances being received, to procure an application by NR Nordic toEuronext Amsterdam for the termination of the listing of NR Nordic Shares onEuronext Amsterdam. If this termination of listing occurs, it wouldsignificantly reduce the liquidity and marketability of any NR Nordic Shares inrespect of which the Offer has not been accepted. As a policy rule, following atakeover offer Euronext Amsterdam does not permit the termination of a listinguntil at least 95 per cent. of the listed shares are held by a single entity orby a group controlled by a single entity.11. GENERALThe Offer will be made on the terms and subject to the conditions which are setout in Appendix I to this announcement and on the further terms that will be setout in the Offer Document and the Form of Acceptance, and such further (oramended) terms and conditions as may be required to comply with the provisionsof the City Code and the Dutch Merger Rules.The Offer Document is required to be approved by the AFM prior to itspublication. The Offer Document shall set out the details of the formal Offerand will be posted to NR Nordic Shareholders as soon as reasonably practicableand, subject to the AFM approving the Offer Document within this timescale,within 28 days of the date of this announcement.This announcement should be read in conjunction with the Appendices to it.Appendix I contains the conditions of the Offer.Appendix II contains the DTZ Property Valuation.Appendix III contains a statement of Adjusted NAV.Appendix IV sets out certain interests and dealings of the Offeror and personsacting in concert with the Offeror in relevant securities of the Company.Appendix V contains the bases of calculation and sources of certain informationcontained in this announcement.Appendix VI contains definitions of certain expressions used in thisannouncement.Further InformationThis announcement does not constitute, or form part of, an offer or solicitationof any offer to sell or an invitation to purchase any securities or thesolicitation of an offer to buy any securities, pursuant to the Offer orotherwise. The Offer will be made solely by the Offer Document and the Form ofAcceptance accompanying the Offer Document, which will contain the full termsand conditions of the Offer, including details of how the Offer may be accepted. Any acceptance or other response to the Offer should be on the basis of theinformation in the Offer Document and the Form of Acceptance.Lazard, which is authorised and regulated in the United Kingdom by the FinancialServices Authority, is acting exclusively for the Offeror as financial adviserwithin the meaning on the Rules of the Financial Services Authority and for noone else in connection with the Offer. Lazard is not advising any other personor treating any other person as its client in relation thereto and will not beresponsible to anyone other than the Offeror for providing the protectionsafforded to clients of Lazard, or for giving advice to any other person inrelation to the Offer, the contents of this announcement, or any other matterreferred to herein.Numis, which is authorised and regulated in the United Kingdom by the FinancialServices Authority, is acting exclusively for NR Nordic as financial adviserwithin the meaning of the Rules of the Financial Services Authority and for noone else in connection with the Offer. Numis is not advising any other person ortreating any other person as its client in relation thereto and will not beresponsible to anyone other than NR Nordic for providing the protectionsafforded to clients of Numis, or for giving advice to any other person inrelation to the Offer, the contents of this announcement, or any other matterreferred to herein.Overseas JurisdictionsThe availability of the Offer to persons who are not resident in the UnitedKingdom or the Netherlands may be affected by the laws of the relevantjurisdictions. Persons who are not so resident should inform themselves about,and observe, any applicable requirements. Any failure to comply with theapplicable requirements may constitute a violation of the laws and/orregulations of any such jurisdiction. This announcement has been prepared forthe purpose of complying with English law, the City Code and with Dutch law andthe Dutch Takeover Decree (Besluit openbare biedingen Wft) and the DutchFinancial Supervision Act (wet op het Financieel Toezicht) ("Dutch Act") and theinformation disclosed may not be the same as that which would have beendisclosed if this announcement had been prepared in accordance with the lawsand/or regulations of jurisdictions outside the United Kingdom and theNetherlands.Any person (including without limitation, any custodian, nominee or trustee) whowould, or otherwise intends to, or who may have a contractual or legalobligation to, forward this announcement, the Offer Document, the Form ofAcceptance and/or any related document to any jurisdiction outside the UnitedKingdom and the Netherlands, should inform themselves of, and observe, anyapplicable legal or regulatory requirements of their jurisdiction. Furtherdetails in relation to Overseas Shareholders will be contained in the OfferDocument.Forward-looking statementsThis document contains statements about NR Nordic, the Offer and the Offerorthat are or may be forward-looking statements. All statements other thanstatements of historical facts included in this document may be forward-lookingstatements. Without limitation, any statements preceded or followed by or thatinclude the words 'targets', 'plans', 'believes', 'expects', 'aims', 'intends','will', 'may', 'anticipates', 'estimates', 'projects', or words or terms ofsimilar substance or the negative thereof identify forward-looking statements.Forward-looking statements include statements relating to the following: (i)future capital expenditures, expenses, revenues, earnings, synergies, economicperformance, indebtedness, financial condition, dividend policy, losses andfuture prospects; and (ii) business and management strategies and the expansionand growth of NR Nordic's and the Offeror's operations.These forward-looking statements are not guarantees of future performance. Theyhave not been reviewed by the auditors of NR Nordic or the Offeror. Theseforward-looking statements involve known and unknown risks, uncertainties andother factors which may cause the actual results, performance or achievements ofany such person, or industry results, to be materially different from anyresults, performance or achievements expressed or implied by suchforward-looking statements. These forward-looking statements are based onnumerous assumptions regarding the present and future business strategies ofsuch persons and the environment in which each will operate in the future. Youare cautioned not to place undue reliance on the forward-looking statements,which speak only as of the date they were made. All subsequent oral or writtenforward-looking statements attributable to NR Nordic or the Offeror or any oftheir members or any persons acting on their behalf are expressly qualified intheir entirety by the cautionary statement above. All forward-looking statementsincluded in this document are based on information available to the relevantparties on the date hereof. Investors should not place undue reliance on suchforward-looking statements, and neither NR Nordic or the Offeror nor theirrespective directors undertakes any obligation in respect of, and do not intendto update or revise any forward-looking statements except as required by theCity Code, the Dutch Takeover Decree or pursuant to applicable law. APPENDIX I CONDITIONS OF THE OFFERThe obligation of the Offeror to declare the Offer unconditional (gestand tedoen) shall be subject to the fulfilment or waiver, as the case may be, of thefollowing conditions: 1. by not later than 14.00 hours CET (13.00 hours London time) on the Acceptance Closing Date the Offeror and/or any member of the Offeror Group having acquired or agreed to acquire (whether pursuant to the Offer or otherwise), directly or indirectly, NR Nordic Shares carrying, in aggregate, over 50 per cent. of the voting rights then exercisable at general meetings of NR Nordic (including for this purpose, to the extent (if any) required by the Panel or the AFM, any voting rights attaching to any NR Nordic Shares which are unconditionally allotted or issued on or before the Unconditional Date, whether pursuant to the exercise of conversion or subscription rights or otherwise).For the purposes of these conditions: i. the expression "NR Nordic Shares to which the Offer relates" shall be construed in accordance with Articles 116 and 117 of the Companies Law; and ii. NR Nordic Shares which have been unconditionally allotted but not issued before the Offer is declared unconditional shall be deemed to carry the voting rights which they will carry on issue; 2. The AFM not having ordered, by issuing an instruction, any securities institution or investment firm to refrain from cooperating with the Offer, on the basis that the AFM has found that the Offer has been prepared, announced or made in contravention of the rules laid down by or pursuant to chapter 5.5. of the Dutch Act (including any provisions of the Dutch Takeover Decree) and no notification has been received by the Offeror or NR Nordic from the AFM in that respect. 3. no Relevant Authority having decided to take, instituted or threatened any action, proceeding, suit, investigation, reference or enquiry or enacted, made or proposed and there not continuing to be outstanding any statute, regulation, rule, decision or order that, in any such case, would or might reasonably be expected to:3.1 make the Offer or its implementation or the acquisition or proposedacquisition by the Offeror (or any other member of the wider Offeror Group) ofany NR Nordic Shares void, unenforceable or illegal in or under the laws of anyjurisdiction or otherwise (in each case to an extent which is material),restrain, restrict, prohibit, delay or otherwise interfere with the same, orimpose material additional or amended conditions or obligations with respect to,or otherwise materially challenge or interfere with any of the foregoing orrequire material amendment to the terms of the Offer;3.2 require the divestiture by any member of the wider Offeror Group or anymember of the wider NR Nordic Group of all or any material part of theirrespective businesses, assets or properties or impose any material limitation onthe ability of any of them to conduct or to own, use or operate all or any partof their respective businesses, assets or properties;3.3 impose any material limitation on, or result in any material delay in, theability of any member of the wider Offeror Group or any member of the wider NRNordic Group to acquire or hold or exercise effectively, directly or indirectly,all or any rights of ownership of shares or loans or securities convertible intoshares or other securities (or the equivalent) in any member of the wider NRNordic Group, in each case where this is or would reasonably be expected to bematerial in the context of the wider NR Nordic Group taken as a whole;3.4 require any member of the wider Offeror Group or any member of the wider NRNordic Group to acquire, or to offer to acquire, any shares or other securities(or the equivalent) in any member of the wider NR Nordic Group (other thanpursuant to the Offer or Article 117 of the Companies Law or any member of thewider Offeror Group or any other asset owned by any third party), in each casewhere this is or would reasonably be expected to be material in the context ofthe wider NR Nordic Group taken as a whole;3.5 result in a material delay in the ability of any member of the wider OfferorGroup, or render any member of the wider Offeror Group unable, to acquire all orsome of the NR Nordic Shares or require, prevent or materially delay adivestiture by any member of the wider Offeror Group of any such Shares; or3.6 otherwise materially adversely affect the businesses, assets, financial ortrading position or profits, prospects or value of the wider NR Nordic Grouptaken as a whole or the wider Offeror Group taken as a whole; 4. all necessary filings and applications having been made and all statutory or regulatory obligations in any jurisdiction having been complied with, and all appropriate waiting or other time periods (including any extensions of such periods) under any applicable legislation or regulations of any jurisdiction having expired, lapsed or been terminated, in each case as required in connection with the Offer and all Relevant Authorisations required in connection with the Offer having been obtained from all appropriate Relevant Authorities and all such Relevant Authorisations remaining in full force and effect, and there being no notice of any intention to revoke, modify, restrict, suspend or not to renew any of them in consequence of the making or implementation of the Offer; 5. save as Disclosed there being no provision of any Relevant Instrument which, in consequence of the making or implementation of the Offer, the acquisition or proposed acquisition by any member of the wider Offeror Group of any shares in, or any change in the control or management of, NR Nordic or any other member of the wider NR Nordic Group, or otherwise, provides for, or will or might reasonably be expected to result in, any of the following in each case to an extent which is material in the context of the wider NR Nordic Group, taken as a whole:5.1 any monies borrowed by, or other indebtedness, actual or contingent, of, orgrant available to, any member of the wider NR Nordic Group being or becomingcapable of being declared repayable immediately or earlier than its statedmaturity date or repayment date or the ability of any member of the wider NRNordic Group to borrow monies or incur indebtedness being withdrawn, inhibitedor adversely affected or becoming capable of being withdrawn, inhibited oradversely affected;5.2 the creation or enforcement of any mortgage, charge or other securityinterest over the whole or any part of the business, property, assets orinterests of any member of the wider NR Nordic Group or any such security(whenever created, arising or having arisen) becoming enforceable or beingenforced;5.3 any such Relevant Instrument or any right, interest, liability or obligationof any member of the wider NR Nordic Group under such Relevant Instrument (orany related arrangement) being terminated or adversely modified or affected, orany onerous action being taken or obligation arising under such RelevantInstrument;5.4 the value of the business, assets, financial or trading position orprospects of any member of the wider NR Nordic Group being prejudiced oradversely affected;5.5 the creation of any liability, actual or contingent, by any such member;5.6 any member of the wider NR Nordic Group or any member of the wider OfferorGroup being required to acquire, or to offer to acquire, any shares or othersecurities (or the equivalent) in any member of the wider NR Nordic Group (otherthan pursuant to the Offer or Article 117 of the Companies Law) or any member ofthe wider Offeror Group or any other asset owned by any third party),and no event having occurred which, under any provision of any RelevantInstrument, would or could reasonably be expected to result in any of the eventsor circumstances referred to in sub-paragraphs 4.1 to 4.6 (inclusive); 6. save as Disclosed since 31 December 2008 (being the date to which the latest published audited report and accounts of NR Nordic were made up), no member of the wider NR Nordic Group having:6.1 made any alteration to its memorandum or articles of association or otherconstitutional document which is or could reasonably be considered to bematerial and save as required to implement the Offer;6.2 recommended, declared, paid or made, or proposed the recommendation,declaration, paying or making of, any dividend, bonus or other distribution,whether in cash or otherwise (other than to NR Nordic or a wholly-ownedsubsidiary of NR Nordic);6.3 issued or agreed to issue, or authorised or proposed the issue of,additional shares of any class, or of securities convertible into orexchangeable for shares, or rights, warrants or options to subscribe for oracquire, any such shares or securities or any loan capital (other than issues toNR Nordic or a wholly-owned subsidiary of NR Nordic, and save for NR NordicShares allotted pursuant to the exercise of NR Nordic Share Options before thedate of this document or upon the exercise of rights to subscribe for NR NordicShares pursuant to the NR Nordic Convertible Notes) or redeemed, purchased,repaid or reduced, or authorised or proposed the redemption, purchase, repaymentor reduction of, or other material change to, any part of its share capital orany other securities;6.4 sold or transferred or agreed to sell or transfer any treasury shares;6.5 (other than to NR Nordic or a wholly-owned subsidiary of NR Nordic) issued,authorised or proposed the issue of any debentures or securities;6.6 save in the ordinary course of business, incurred or increased anyindebtedness or liability, actual or contingent which is material in the contextof the wider NR Nordic Group taken as a whole;6.7 authorised, proposed or effected or announced its intention to propose anymerger, demerger, reconstruction, scheme or amalgamation, or any acquisition ordisposal or transfer of, or the creation of any mortgage, charge or securityinterest or other encumbrance in respect of, any asset or any right, title orinterest in any share or asset (other than in the ordinary course of trading ortransactions between members of the wider NR Nordic Group);6.8 entered into, or varied (other than in respect of increases in remunerationrequired under the terms of the relevant agreement) the terms of, any servicecontract or agreement or other arrangement with any of the directors, seniorexecutives or senior employees of any member of the wider NR Nordic Group;6.9 entered into, varied or
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