SpareBank 1 SR-BANK ASA (SRBANK); Proposing a "drop down" demerger
The Board of directors of SpareBank 1 SR-Bank proposes to transfer the fixed property, where the company has its current head office to a wholly owned subsidiary. The board of directors proposes the transfer of the property as mentioned by carrying out a "drop-down demerger". The drop-down demerger means that the property is first demerged to a subsidiary, Bjergsted Eiendom AS. Immediately thereafter Bjergsted Eiendom AS is merged with SpareBank 1 SR-Bank ASAs wholly owned subsidiary, Bjergsted Terrasse 1 AS, in a group merger. The consideration is issued by SpareBank 1 SR-Bank ASA.
On the basis of this, the Board of directors has prepared a plan for the demerger of the fixed property of Bjergsted Eiendom AS, as well as a merger plan for the immediately following the merging between Bjergsted Eiendom AS and Bjergsted Terrasse 1 AS. As a part of the merger issue of remuneration in SpareBank 1 SR-Bank ASA will be processed.
Both plans will be submitted to the General Meeting for approval on April 19th2018, so that the property can be transferred to the company's wholly owned subsidiary, Bjergsted Terrasse 1 AS, as provided.
For further information, see the company's website, sr-bank.no/generalforsamling
Stavanger, March 19th 2018
Stian Helgøy, IR Director, telephone 906 52 173
Inge Reinertsen, CFO, telephone 909 95 033
Thor-Christian Haugland, Executive Vice President Communications, Telephone 480 31633