Block Watne Gruppen has carried out a successful process for the sale and new issue of share prior to the company listing on Oslo Børs Friday 17 March.

 

The indicative price range for the share issue and the secondary sale was NOK 28 to NOK 33 per share. The final price was set at NOK 33 per share, and the total offering was over-subscribed 19 times at this price.

 

The final price of NOK 33 per share corresponds to market capitalisation of NOK 1 485 million for Block Watne Gruppen including the share issue. A total of 22.44 million shares with a total value of NOK 741 million have been allocated. Block Watne Gruppen raised NOK 165 million in new equity, and Lani Invest AS sold shares for NOK 576 million.

 

- We have been very well received by the equity market, both in Norway and internationally. I am very pleased with the strong interest the market has shown for Block Watne Gruppen. I am especially pleased that so many employees have shown their confidence in the company through buying shares, says Lars Nilsen, president and CEO of Block Watne Gruppen.

 

Approximately 65 per cent of the shares were allocated to international investors. Approximately 8 per cent of the shares were allocated to investors in the retail offering. After completion of the transaction Block Watne Gruppen will have 45 000 000 shares outstanding and nearly 1 600 shareholders.

 

As a part of the IPO, Block Watne Gruppen has offered employees the opportunity to subscribe for shares. Out of a total of approximately 560 employees, 174 have chosen to buy shares in the employee offering. A total of 67 600 shares were allocated to the employees in the employee offering at a price of NOK 26.40, a 20% discount on the offer price.

 

The secondary sale includes 2.04 million existing shares which SEB Enskilda ASA as lead manager has over-allotted. SEB Enskilda will issue a separate press release regarding this.

 

Notices regarding allotment will be issued on 16 March, and the transfer of shares is expected to take place on 21March in the retail and employee offering and 22 March in the institutional offering. The transfer of shares is dependent on the payment conditions as described in the prospectus.

 

Investors who wish to enquire further about the allotment, may contact SEB Enskilda ASA or DnB NOR Markets. Investors that have access to investor services through their account manager in VPS may review the allotment of shares from the 16 March. 

 

Shares in Block Watne Gruppen are expected to trade on Oslo Børs from Friday 17 March.  Block Watne Gruppen's ticker symbol is BWG.

 

Ranked as one of Norway's leading housebuilders, Block Watne embraces the purchase and development of sites for the purpose of 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