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BWG Homes ASA: Private placement completed

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Reference is made to the stock exchange announcement dated 14 February 2012 regarding the contemplated private placement of shares in BWG Homes ASA ("BWG" or the "Company"). The Company has placed 34,782,608 shares at NOK 11.50 per share to existing shareholders and new investors, with gross proceeds of NOK 399,999,992 (the "Private Placement").

A proposal to complete the Private Placement has been approved by the Board of Directors. The completion of the Private Placement is still subject to approval from shareholders at an extraordinary general meeting. Shareholders and others who have applied for shares in the Private Placement have undertaken to vote in favour of the Private Placement. The Board of BWG will call an extraordinary general meeting to be held 7 March 2012 at 10:00am (CET) where the Private Placement and repair issue will be considered.

Following the registration of the Private Placement the number of shares outstanding in BWG will be 133,058,608, each with a nominal value of NOK 1.00.

The following primary insiders were allocated shares in the Private Placement:

  • Lani Industrier AS, a company controlled by Lars Nilsen, CEO in BWG, was allocated 5,541,800 shares. Total holding, for companies controlled by Lars Nilsen, after the Private Placement will be 21,199,800 shares.

The Board of Directors will propose that the general meeting adopt a subsequent repair issue in the amount of up to NOK 40 million at same subscription price as in the Private Placement. The repair issue will directed at existing shareholders as of 14 February 2012 who has not been given the opportunity to participate in the Private Placement. The subscription period for the repair issue is expected to commence 21 March 2012.

A listing prospectus will be prepared in connection with the listing of the new shares issued in the Private Placement and the offering of new shares in the subsequent repair issue.

Arctic Securities ASA is engaged as sole-lead manager and bookrunner for the Private Placement and the repair issue.

For further information, please contact;

Lars Nilsen, CEO, phone; +47 23 24 60 00

Arnt Eriksen, CFO, phone; +47 23 24 60 37 / +47 922 14 625

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)