Shareholders per 12 February 2009 (the date of the Private Placement) who were not invited to participate in the Private Placement will have priority on allocation in the Offering for up to ½ Offer Share per share owned 12 February 2009 in accordance with the allocation principles described in the Prospectus. Offer Shares can also be subscribed for by retail investors in Norway and institutional investors in Norway and abroad subject to the selling restrictions in the Prospectus, however such subscribers will not have priority on allocation and can accordingly not be certain to be allocated Offer Shares. Further allocation principles as set out in the Prospectus apply.

 

Oslo Børs approved the Prospectus for the Offering on 13 March 2009. The subscription period commences today, 16 March 2009, and expires on 30 March 2009 at 17:30 (CET). The subscription price per Offer Share is NOK 5, equal to the subscription price per Private Placement Share. For subscription form and further details regarding the Offering, reference is made to the Prospectus.

 

The Prospectus also comprises the listing of the 28,000,000 Private Placement Shares. The Private Placement Shares will be listed on Oslo Børs today. Reference is made to notice to Oslo Børs dated 20 February 2009 where BWG Homes reported increase of its registered share capital by NOK 28,000,000, equivalent to 28,000,000 shares.

 

The Private Placement Shares have until now been registered in Verdipapirsentralen (VPS) with an ISIN-number separate from BWG Homes' listed shares, pending completion of the Prospectus by BWG Homes and approval of the Prospectus by Oslo Børs.

 

The total number of outstanding shares in BWG Homes and the total number of listed shares after listing of the Private Placement Shares are 94,000,000. All shares in the company are as from today registered under the same ISIN-number in VPS.

 

The Prospectus is distributed to BWG Homes' shareholders and is also available at www.bwghomes.no, www. arcticsec.no and at the offices of BWG Homes and the manager.

 

Arctic Securities ASA has been engaged as manager for the Offering.   

 

 

For further information, please contact

 

Lars Nilsen, CEO, tel. +47 23 24 60 00

Arnt Eriksen, CFO, tel. +47 23 24 60 37, +47 922 14 625

The contents of this announcement have been prepared by and are the sole responsibility of BWG Homes ASA (BWG). Arctic Securities ASA is acting exclusively for BWG and no one else and will not be responsible to anyone other than BWG for providing the protections afforded to its clients, or for advice in relation to the contemplated private placement and possible subsequent Offering, the contents of this announcement or any of the matters referred to herein.

 

The distribution of this announcement and other information in connection with the Offering may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

 

This announcement may not be used for, or in connection with, and does not constitute, any offer to sell, or an invitation to purchase, any securities. The Offering will not be made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful.

 

This announcement is not an offer to sell or the solicitation of any offer to buy any BWG shares or other securities of BWG in the United States or in any other jurisdiction. The BWG shares have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada or Japan and may not be offered or sold within the United States, Australia, Canada or Japan.

 

In the United Kingdom, this announcement is directed only at persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the Financial Promotion Order), (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated. This announcement is directed only at such persons and must not be acted on or relied on by persons in the United Kingdom who are not such persons. Any investment or investment activity to which this announcement relates is available in the United Kingdom only to such persons and will be engaged in only with such persons and no other persons in the United Kingdom should rely or act upon this announcement.

 

All investment is subject to risk. The value of the BWG shares may go down as well as up. Past performance is no guarantee of future returns. Potential investors are advised to seek expert financial advice before making any investment decision.