North Energy - Initial Public Offering
(Thomson Reuters ONE) - This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION INTHE UNITED STATES(Oslo/Alta, Norway, 25 January 2010) North Energy ASA, an exploration andproduction company in northern Norway, today announced the subscription periodfor its initial public offering.In the extraordinary general meeting of North Energy ASA ("North Energy" or the"Company") held on 21 January 2010, it was resolved to offer minimum 7,142,000and maximum 14,000,000 shares in the Company through an initial public offering(the "Offering") to be completed in connection with the listing of the Company`sshares on Oslo Axess (the "Listing").An indicative offer price range has been set at NOK 25 to NOK 33 per offershare. The book-building and application period will run from and including 25January to 17:30 hours (CET) on 3 February 2010.Subject to completion of the Offering, gross proceeds from the Offering willamount to up to NOK 350 million and will provide North Energy with sufficientequity to carry out its ambitious drilling program of eight wells by 2012.The first day of trading on Oslo Axess is expected to be 5 February 2010,subject to the Company fulfilling the conditions for the Listing on Oslo Axessas set out in the resolution made by Oslo B?in its board meeting to be heldon 28 January 2010.The offering will comprise an institutional tranche directed towards Norwegianand international professional and institutional investors, and a retail tranchedirected towards retail investors in Norway. The Offering will also include anemployee offering, where the employees of the Company are given the opportunityto subscribe for 200 Offer Shares at a 20% discount.In addition, the Company will issue up to 2,000,000 consideration shares inconnection with its acquisition of 4 sea energy AS which will be completed assoon a possible following the Offering, being shares with an aggregate value ofNOK 50 million based on the offer price in the Offering,. The Company will alsoissue up to 1,400,520 shares subject to exercise of previously issuedsubscription rights. The subscription price for these rights will be at a 20 %discount to the price set in the Offering.Following completion of the Offering, key members of North Energy's seniormanagement may during a 14 calendar day period exercise options to subscribefor a number of shares corresponding to up to a 5.5 % ownership post-offering.The strike prices for these options are between NOK 15 and NOK 25 per share."Through the initial pre-marketing we have enjoyed encouraging interest in ourcompany and our license portfolio from leading institutional investors. The APA2009 license award has confirmed the quality of North Energy's exploration teamas well as North Energy's ability to secure attractive licenses alongsideestablished E&P companies. Becoming a publicly listed company adds a newdimension to North Energy and the equity offering gives us the financialposition to carry out our ambitious drilling program and evaluate other businessopportunities," says Erik Karlstr?CEO North Energy.RS Platou AS, SEB Enskilda AS and Pareto Securities AS are acting as Joint LeadManagers in the Offering and Listing on Oslo Axess.SpareBank 1 Nord-Norge Securities ASA and Argo Securities AS are acting asCo-managers in the Retail Offering.An offering prospectus is available at the Company's, the Joint Lead Managers'and the Co-managers' addresses:North Energy ASAKunnskapsparken, Markedsgata 3, N-9504 Alta, NorwayTelephone: +47 78 60 79 50Telefax: +47 78 60 83 50www.northenergy.noManagers:RS Platou Markets ASFacsimile: +47 22 01 63 54Telephone: +47 22 01 63 00www.platoumarkets.comSEB Enskilda ASFacsimile: +47 21 00 89 62Telephone: +47 21 00 85 00www.sebenskilda.noPareto Securities ASFacsimile: +47 22 87 87 15Telephone: +47 22 87 87 00www.pareto.noCo-managersSpareBank 1 Nord-Norge SecuritiesFacsimile: +47 77 62 20 86Telephone: (+47 915) 02244www.snnsec.noArgo Securities ASFacsimile: +47 24 14 74 01Telephone: +47 24 14 74 00www.argosec.noImportant NoticeThe contents of this announcement have been prepared by and are the soleresponsibility of North Energy ASA ("North Energy"). The Managers andCo-Managers are acting exclusively for North Energy and no one else and will notbe responsible to anyone other than North Energy for providing the protectionsafforded to their respective clients, or for advice in relation to thecontemplated offering, the contents of this announcement or any of the mattersreferred to herein.The distribution of this announcement and other information in connection withthe offering may be restricted by law in certain jurisdictions. Persons intowhose possession this announcement or such other information should come arerequired to inform themselves about and to observe any such restrictions. Thisannouncement may not be used for, or in connection with, and does notconstitute, any offer to sell, or an invitation to purchase, any securities. Theoffering will not be made in any jurisdiction or in any circumstances in whichsuch offer or solicitation would be unlawful.The new shares offered in the offering have not been and will not be registeredunder the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"),or any state securities laws, the shares will not be offered or sold in or intothe United States. The shares have not been and will not be registered under theapplicable securities laws of Australia, Canada or Japan and may not be offeredor sold within Australia, Canada or Japan.All investment is subject to risk. The value of North Energy shares may go downas well as up. Past performance is no guarantee of future returns. Potentialinvestors are advised to seek expert financial advice before making anyinvestment decision.For information, please contact:Erik Karlstr?CEO, + 47 47 65 29 90Knut S?rg, CFO, + 47 91 80 07 20About North EnergyNorth Energy is an Exploration and Production company headquartered in Alta,Finnmark, Norway. The company holds ownership in a total of 13 licenses, subjectto completion of the acquisition of 4 sea energy, of which 6 are in the BarentsSea, 5 in the Norwegian Sea and 2 in the North Sea basin. In the APA 2009, NorthEnergy was allocated ownership in three licenses, two in the Barents Sea and onein the Norwegian Sea. North Energy was pre-qualified as operator in Norway inMarch 2009.The company is focusing on exploration in northern parts of the Norwegiancontinental shelf and is active in the discussions regarding the opening ofLofoten and Vester?n, the most attractive untouched exploration acreage inNorway.North Energy has 38 employees and has offices in Alta and Oslo.www.northenergy.no[HUG#1376163] Investor Presentation: http://hugin.info/142168/R/1376163/337950.pdf
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Datum: 25.01.2010 - 02:57 Uhr
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