Allocation in private placement – Mandatory notification of trade
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES
Stavanger, 24 October 2013 - Reference is made to stock exchange announcement from Norwegian Energy Company ASA ("Noreco" or the "Company", ticker "NOR") dated 23 October 2013 regarding the close of the private placement of shares in the Company (the “Private Placement”).
To ensure timely receipt by the Company and the investors of, respectively, the proceeds and new shares, the Private Placement will be completed by issuing a new temporary share (A-shares) as described in the stock exchange announcement of 23 October 2013.
Notification of the Board of Directors’ conditional allotment of shares and payment instructions for the Private Placement will be sent to the applicants today through a notification issued by the joint lead managers and bookrunners Arctic Securities ASA, Pareto Securities AS and Swedbank First Securities.
The Company's main shareholders IKM Industri-Invest AS and Sabaro Investments Ltd have been allocated 32,258,065 and 47,999,600 A-shares in the Private Placement respectively. Once converted to ordinary shares, expected on or about 27 December, the allocation is equivalent to 999,998,000 and 1,487,987,600 ordinary shares.
After and assuming the completion of the Private Placement and conversion to ordinary shares (but prior to completion of the subsequent offering described in earlier announcements), IKM Industri-Invest AS and Sabaro Investments Ltd will hold respectively 1,046,970,889 and 1,531,854,828 shares in the Company equivalent to 22 percent and 32.9 percent of the share capital respectively.
For further information, please contact:
Svein Arild Killingland, CEO +47 913 40786
Ørjan Gjerde, CFO +47 900 35 738
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This press release does not constitute an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the Australia, Canada, Japan or the United States.
Certain statements contained herein that are not statements of historical fact, may constitute forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results or events concerning the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Although Noreco has attempted to identify important factors that could cause actual events or results to differ from those described in forward-looking statements contained herein, there can be no assurance that the forward-looking statements will prove to be accurate as actual future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, Noreco undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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About Norwegian Energy Company ASA
Noreco is an independent Norwegian oil company. The company's focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 70 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).
For further information, please visit: www.noreco.com