Share issue and convertible bond issue completed
Oslo, 26 July 2019: Reference is made to the notice dated 17 July 2019 and the announced closing date of the acquisition of the shares in Shell Olie- og Gasudvinding Danmark B.V., the entity holding Shell's economic interest in the DUC by Altinex AS, a wholly owned subsidiary of Norwegian Energy Company ASA ("Noreco") on 31 July 2019. Reference is furthermore made to the announcement on 8 November 2018 of the approval of the extraordinary general meeting of Noreco of, inter alia, a share issue and convertible bond issue towards certain investors.
Noreco has today issued 15,585,635 shares as a private placement to certain investors. The subscription price is NOK 185 per share. The share issue has increased the share capital in Noreco by NOK 155,856,358.35 to NOK 227,803,662.20. The total number of shares outstanding after this share issue is 22,780,365.
The shares have been transferred to an interim VPS-account held by Arctic Securities AS until a prospectus for the listing of the shares on Oslo Børs (the “Prospectus”) has been published by Noreco after which such shares will be transferred to VPS accounts of the relevant investors and be tradeable.
Noreco has today also issued a convertible bond loan in a principal amount USD 158,138,102 with Nordic Trustee AS as bond trustee. It is expected that the convertible bond issue will be listed on Oslo Børs in conjunction with the publication of the Prospectus.
It is expected that the Prospectus will be approved during the first half of August 2019, after which the subscription period for the subsequent offering (as further described in the notice on 17 October 2018) will commence.
For more information about the share capital increase and the convertible bond issue please see the notice of extraordinary general meeting in the announcement on 17 October 2018 and the minutes of the extraordinary general meeting in the announcement on 8 November 2018.
Contact:
Frederik Rustad, Managing Director
Tel.: +47 22 33 60 00 or email: ir@noreco.com
***
About Norwegian Energy Company ASA
Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.