Reduction of nominal value and split and conversion of A-shares completed
Stavanger, 2 January 2014:
Reference is made to previous stock exchange announcements from Norwegian Energy Company ASA ("Noreco" or the "Company", ticker "NOR"), latest on 20 December 2013.
Following expiry of the statutory creditor notice period, the nominal value reduction of the Company's shares has now been completed by registration with the Norwegian Business Register. The new nominal value of the Company's shares is thus NOK 0.10 per share.
At the same time, the Company's A-shares have been split (1:31) and converted to ordinary shares. From and including tomorrow, 3 January 2014, the former A-shares will therefore be listed and trade on Oslo Børs as ordinary shares of the Company. As previously informed, the split and conversion follows standard VPS settlement routines (T+3, with T being 2 January 2014), and the split and converted A-shares will therefore as previously informed be visible as ordinary shares on investors' VPS accounts on or about 7 January 2014. Shareholders and investors are therefore urged to continue to exercise caution when dealing with the Company's shares in this period, and should contact their account manager for any questions and further details.
Following the completion of par value reduction and split and conversion of A-shares, and before completion of the ongoing subsequent offering, the total number of issued shares in the Company is now 4,656,094,082 shares, each with a nominal value of NOK 0.10. All the shares have equal rights, and are registered under the same ISIN.
Ørjan Gjerde, CFO (0047 900 35 738)
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
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