Based on advice from the coordinators, the board and the present owner have set an indicative price interval of NOK 28-33 per share for Block Watne Gruppen. This values the company at NOK 1 120-1 320 million before the IPO. The final price will be determined by the board and the owner once the subscription period has ended.

 

A total of 20 400 000 shares in Block Watne Gruppen are being offered for sale in connection with the listing. The IPO will involve the issue of 5 000 000 new shares, which will raise up to NOK 165 million for the company and strengthen its balance sheet. Today's owner also intends to sell up to 15 400 000 existing shares to ensure good liquidity. If all the shares are sold, the present owner will have a 54.67 per cent holding after the IPO.

 

The IPO is divided into a public offer, one for institutional investors and an offer to company employees. Block Watne Gruppen is expected to be listed on the OSE from 17 March.

 

The selling shareholder has given SEB Enskilda, as global coordinator, the opportunity to allocate additional existing shares corresponding to 10 per cent of the number of shares in the offer.

 

Implementation of the IPO is subject to the approval of the board of Block Watne Gruppen.

 

SEB Enskilda has been engaged as the global coordinator for the IPO, with DnB NOR Markets as its co-coordinator.

 

A prospectus has been prepared which provides full information on the company, the IPO, the dispersion sale and plans for the stock market introduction. This document will be available from the coordinators or from Block Watne Gruppen's head office in Oslo on 1 March. It can also be accessed on the coordinators' web sites from the same date.

 

Ranked as one of Norway's leading housebuilders, Block Watne embraces the purchase and development of sites as well as the construction and sale of dwellings to private buyers.

 

The group has built over 80 000 homes in all, and annually completes more than 1 000 new houses. Over 350 of its 560 employees are skilled carpenters working in specialised teams. Each house is built from scratch using well-proven and cost-effective methods developed over many years. Block Watne has 21 offices around Norway, with the emphasis on attractive housing developments outside the most densely-populated areas. Block Watne Gruppen's turnover last year was almost NOK 1.5 billion, and its operating profit on a pro forma basis came to NOK 210 million.

 

Lars Nilsen, president and CEO, Block Watne Gruppen ASA, tel: +47 23 24 60 00

Ketil Kvalvik, chief financial officer, Block Watne Gruppen ASA, tel: +47 90 77 13 15

 

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