Notice of Extraordinary General Meeting
Stavanger, 27 August 2014: Notice is hereby given that an Extraordinary General Meeting of Norwegian Energy Company ASA will be held at the company’s premises in Badehusgaten 37, 4014 Stavanger, on 17 September 2014 at 12:00 CET.
Please find attached notice of the Extraordinary General Meeting and attendance/proxy forms. These documents will also be sent to all shareholders with known address. The notice of the Extraordinary General Meeting and attendance/proxy forms are also available at www.noreco.com.
As follows from the notice, the general meeting is summoned to consider a proposed reversed split (consolidation) of the Company’s shares. The background for the proposal is that the company’s shares have traded below NOK 1 since October 2013.
In order to secure adequate pricing and ensure compliance with section 2.4 of the continuing obligations of stock exchange listed companies issued by Oslo Børs, the Board has proposed that the company’s shares are consolidated (reverse split) in the ratio 100:1, so that one hundred shares, each with a nominal value of NOK 0.10, will be replaced by one new share of nominal value NOK 10.
Shareholders not holding a number of shares giving a whole number when divided by the adjustment ratio will, according to the proposal, have their shareholding adjusted up so to receive a whole number of shares after the consolidation.
This means that shareholders currently holding less than 100 shares will still own one new Noreco-share after the consolidation.
For further information:
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
About Norwegian Energy Company ASA
Noreco is an independent Norwegian oil company. The company’s focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 55 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).
For further information, please visit: www.noreco.com