General meeting completed – restructuring proposal approved
Stavanger, 3 March 2015: Reference is made to previous announcements concerning the proposal for restructuring of Norwegian Energy Company ASA ("Noreco" or the "Company"), latest announcement yesterday.
Further to the notice of 10 February 2015, an extraordinary general meeting has today been held to consider the restructuring proposal and the issuance of shares upon conversion of bonds as described therein.
The Company is pleased to report that the general meeting resolved to approve the proposal with qualified majority.
"Following on from the positive vote by bondholders yesterday, the Board is very pleased that the shareholders have now also united behind the solution, paving the way for a restructured Noreco," says Silje Augustson, Chair of the Board of Directors of Noreco.
The Company will now together with Nordic Trustee and their respective advisors continue the process of documenting the new bond terms and issuance of the new shares, expecting that settlement can take place within two weeks. Pending issuance of a listing prospectus, the new shares will once issued be registered on a separate ISIN and be tradable on N-OTC. The Company will revert with further information and updates in due course.
The Company expects that trading in the Company's shares and bonds which have been suspended will resume tomorrow, 4 March 2015. However, pending completion of the documentation and issuance of the new shares and bonds, the Company advises shareholders and bondholders to continue to exercise caution when dealing in the Company's securities.
Minutes from the extraordinary general meeting will be made available on www.noreco.com and www.newsweb.no shortly.
Contact:
Silje Augustson, Chair of the Board. Tel.: +47 992 83 900
Tommy Sundt, CEO. Tel.: +47 992 83 900
Odd Arne Slettebø, CFO. Tel.: +47 992 83 900
Geir Arne Drangeid, IR contact. Tel.: +47 913 10 458
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 licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs 47 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.