CAMILLO EITZEN AND BLT PROVIDE UPDATE ON BLT OFFER PROCESS
(Thomson Reuters ONE) - As previously communicated, PT Berlian Laju Tanker Tbk ("BLT") and CamilloEitzen & Co ASA ("CECO") announced on 5 October 2009 the submission by BLT of anon-binding indication of interest to put forward a voluntary exchange offer forall outstanding shares in CECO. On 14 December 2009, the parties announced in ajoint press release that the due diligence process undertaken by BLT wasconcluded and that BLT had revised the terms of the potential offer. At the sametime, BLT and CECO also entered into a transaction and exclusivity agreement inorder to prepare for a launch of a voluntary exchange offer, subject to a numberof conditions, consents and approvals. Under the agreement, the parties alsoagreed on a timeline for the offer process and key transaction milestones.Since December 2009, BLT and CECO have worked to prepare for launch of thevoluntary exchange offer under the revised terms announced 14 December 2009. Asthe initial transaction structure proposed by BLT (which involved an issue ofmandatory exchangeable bonds) failed to obtain approval from the Indonesianmarket regulator, the parties have been considering alternative acquisitionstructures to complete the offer.After contemplating other options allowing earlier execution of the transaction,BLT has now finally proposed a new transaction structure for completing theoffer based on issuing shares in BLT as payment to CECO shareholders. Accordingto BLT, having the exchange offer being based on a rights issue structure, whichis a proven concept in Indonesia and for BLT, significantly reduces theexecution risk in the transaction. Under the new structure, the transaction maybe completed by mid-June 2010.BLT has confirmed to CECO that it remains committed to launch its contemplatedoffer for CECO on the terms previously announced on 14 December 2009. Althoughthe indicative offer from BLT is still considered attractive by the CECO Boardof Directors ("Board"), at this time the Board will not extend the exclusivitygranted to BLT to ensure the necessary flexibility for CECO in the process ofconcluding a long-term agreement with its secured and unsecured lenders, asannounced in October 2009. However, the Board remains positive to continue theprocess with BLT based on the planned voluntary exchange offer under the revisedterms previously announced.Carnegie and ABG Sundal Collier are acting as financial advisors to CECO. RSPlatou Markets is acting as financial advisor to BLT.For further information, please contact:Peter D. Knudsen,Chief Executive OfficerTel: +47 24 00 61 54Snorre Krogstad,Chief Financial OfficerTel: +47 24 00 61 44This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1376973] Press release no 1 2010 _ CECO_BLT Announcement: http://hugin.info/135041/R/1376973/338098.pdf
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Datum: 26.01.2010 - 06:00 Uhr
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