Norwegian Property contemplates private placement
(Thomson Reuters ONE) -
Norwegian Property ASA ("Norwegian Property" or the "Company") contemplates a
private placement of up to approximately 10 percent of the Company's share
capital. The objective of the private placement is to strengthen the balance
sheet and increase flexibility in the ongoing process to separate Norwegian
Property into two companies, as announced on 23 February 2010.
In addition to potential separation models involving a spin-off and listing,
Norwegian Property may also consider industrial alternatives or other structural
transactions for its hotel business in order to deliver a separation, where this
creates the most value for shareholders. When assessing alternative separation
models, the effect which the different models will have on the Company's capital
situation will be emphasised.
Norwegian Property has retained ABG Sundal Collier Norge ASA and Pareto
Securities AS to manage the private placement of new shares, which will be
directed towards professional Norwegian and international institutional
investors (in such jurisdictions as permitted or catered for by exemption rules
under applicable securities laws) after close of trading on the Oslo Stock
Exchange today. The private placement will be carried out through an
undocumented book-building process.
The contemplated private placement will comprise up to approximately 45 326 000
new shares, equal to up to approximately 10 percent of the current number of
outstanding shares of Norwegian Property on a fully diluted basis.
The private placement is subject to the approval by the board of directors of
Norwegian Property. The new shares will be issued pursuant to an authorization
granted at the extraordinary general meeting held on 3 February 2010.
The subscription price will be determined through a book-building process. The
book-building period will commence today (10 March 2010) at 17:30 (CET). The
Company and the manager may at their discretion resolve to close the
book-building at any time, however not earlier than at 19:00 (CET).
The minimum order and allocation in the private placement has been set to the
number of shares that equals an aggregate subscription price of at least the NOK
equivalent of EUR 50 000.
The following members of the Company's top management have pre-subscribed for
shares in the private placement:
Olav Line, CEO: NOK 1.0 million
Svein Hov Skjelle, CFO: NOK 0.6 million
Payment for allocated shares will be on or about 16 March 2010. The new shares
will be tradable as soon as the share issue has been registered in the Norwegian
Register of Business Enterprises, which is expected to take place on or about
19 March 2010.
For further information, please contact:
Norwegian Property ASA
Olav Line
CEO
Tel: +47 48 25 41 49
Email: olav.line(at)norwegianproperty.no
Svein Hov Skjelle
CFO
Tel: +47 930 555 66
Email: svein.hov.skjelle(at)norwegianproperty.no
Elise Heidenreich-Andersen
Director of Investor Relations
Tel: +47 95 14 11 47
Email: eha(at)npro.no
IMPORTANT INFORMATION
This press release is for information purposes only and shall not constitute or
be construed as an offer to buy, sell, issue, or subscribe for, or the
solicitation of an offer to buy, sell, issue, or subscribe for any securities,
nor shall there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
The shares referred to herein have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the `U.S. Securities Act`), or any
state securities laws, and will be sold within the United States only to
qualified institutional buyers (`QIB`), as defined in Rule 144A under the U.S.
Securities Act (`Rule 144A`), through affiliates of the manager, in reliance
upon the exemption from the registration requirements provided by section 4(2)
of the U.S. Securities Act Rule 144A, and to certain non-U.S. persons in
offshore transactions in reliance on Regulation S under the U.S. Securities
Act. The shares to be offered will be subject to certain restrictions on
transfer.
This press release may contain certain forward-looking statements relating to
the business, financial performance and results of the Company and/or the
industry in which it operates. Forward-looking statements concerning future
circumstances and results and other statements that are not historical facts.
Any forward-looking statements contained in this press release, including
assumptions, opinions and views of the Company or cited from third party
sources are solely opinions and forecasts which are subject to risks,
uncertainties and other factors that may cause actual events to differ
materially from any anticipated development. None of the Company, the manager or
any of their affiliates or advisors provide any assurance that the
assumptions underlying such forward-looking statements are free from errors nor
do any of them accept any responsibility for the future accuracy of the
opinions expressed in this press release or the actual occurrence of the
forecasted developments. Neither the Company nor the manager assume any
obligation to update any forward-looking statements or to confirm these
forward-looking statements to actual results.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1392667]
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Datum: 10.03.2010 - 11:32 Uhr
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