TECO Maritime ASA: Mandatory offer
Reference is made to the notification dated 18
December 2011 where TECO Group AS (the "Offeror")
announced that it was in an offer situation and would
propose a mandatory offer to acquire all outstanding
shares in TECO Maritime ASA ("TECO Maritime" or
The Offeror hereby propose a mandatory offer to
acquire the remaining shares in TECO Maritime which
are not already hold by Offeror (the "Offer") on the
terms and conditions set out in the offer document
dated 10 January 2012.
The offer price is 0.22 per share in cash.
The offer period commence 11 January 2012 and expires
at 17:30 (CET) on 8 February 2012.
The Offer will not be made in any jurisdiction in
which the making of the Offer would not be in
compliance with the laws of such jurisdiction. The
Offer will not be made in or into the United States,
Canada, Australia or Japan. This notification does
not in itself constitute an offer. The Offer will
only be made on the basis of the offer document dated
10 January 2012 and can only be accepted pursuant to
the terms of such document.
Due to the fact that the Offer is launched by an
Offeror which is controlled by the chairman of the
board of directors of the Company, Oslo Børs has
required that the statement on behalf of the Company
pursuant to Section 6-16 of the Securities Trading
Act shall be made by an independent third party. Such
statement will be made and published at least one
week before the offer period expires.
The offer document is sent to all shareholders
registered in VPS per 10 January 2012.
The offer document is available at Nordea Bank Norge
ASA, Securities Services - Issuer Services, P.O. Box
1166 Sentrum, N-0107 Oslo.
About TECO Maritime ASA
TECO Maritime is, with its subsidiaries, a specialist
supplier of competence based technical services to
the maritime industry. TECO Maritime offers voyage
repair and maintenance services onboard vessels,
whilst they are in service. Their range of products
and services includes coating contracting, marine
electronics, tank cleaning and ship repair and
About TECO Group AS
TECO Group AS is an investment holding company which
invests in companies and assets mainly within the
shipping and offshore industry.