PAN: Flagging

Report this content

PAN: Flagging Following the Extraordinary General Meeting of Pan Fish ASA today, Nordea will, through Nordea Bank Norge ASA, hold 1,147,391,155 shares in Pan Fish ASA. This is a result of conversion of approximately NOK 430m of debt to equity and subscription for new shares for the amount of approximately NOK 350m. Nordea's total exposure to Pan Fish ASA and its subsidiaries will amount to approximately NOK 2.6bn (approximately EUR 360m) following the financial restructuring of the company. In addition to the shares in the company, this exposure comprises rescheduled debt amounting to approximately NOK 1.6bn as well as foreign-exchange trading lines. Prior to the issue with pre-emption rights for existing shareholders and bondholders, which was also adopted at the Extraordinary General Meeting, Nordea's shareholding amounts to 43.5% of the share capital. Nordea Bank Norge ASA does not hold rights to acquire further shares in the company. The stock exchange in Oslo has confirmed that in pursuance of the exception contained in section 4-3 of the Norwegian Securities Trading Act, Nordea Bank Norge ASA will not incur a mandatory offer obligation as a result of the shares acquired in connection with the financial restructuring. However, the stock exchange in Oslo has made it a condition that Nordea Bank Norge ASA within three years after the acquisition of the shares either (i) has reduced its ownership share to less than 40% of the shares by sale or (ii) makes a mandatory offer. If the three-year time limit turns out to be insufficient to thus reduce its ownership share by sale, Nordea Bank Norge ASA may apply to the stock exchange in Oslo for an extension of the time limit. For further information: Sigurd Carlsen, Head of Investor Relations, +46 8 614 7852 Leiv Grønnevet, Head of Fisheries + 47 70 11 26 43, + 47 90 15 45 93 Erik Evrén, Head of Group Media Relations, +46 8 614 8611 Nordea is the leading financial services group in the Nordic and Baltic Sea region and operates through three business areas: Retail Banking, Corporate and Institutional Banking and Asset Management & Life. The Nordea Group has more than 10 million customers and 1,288 bank branches. Nordea is present in 24 countries. The Nordea Group is a world leader in Internet banking, with 3.2 million e-customers. The Nordea share is listed in Stockholm, Helsinki and Copenhagen. ------------------------------------------------------------ This information was brought to you by Waymaker The following files are available for download: