Norwegian Property ASA - Completed extraordinary general meeting in Norwegian Property ASA (ticker: NPRO)

The general meeting of Norwegian Property ASA has today resolved a NOK 810 rights offering and has in addition authorized the board to increase the company's share capital.
 
Approximately 70 % of the company's outstanding shares were represented at the general meeting of which approximately 90 % of such shares voted in favour of the resolution.
 
The general meeting resolved a capital increase of NOK 810 million with preferential rights for existing shareholders to subscribe new shares on to 26 September 2007. Tradable subscription rights will be issued and the company's shares will be traded ex subscription rights on Oslo Børs from 27 September 2007. Oversubscription and subscription without subscription rights is permitted. Shares that have not been subscribed at the expiry of the subscription period, will be allotted to an underwriting consortium, that have undertaken to subscribe for the shares not subscribed or allotted to other subscribers. The board of directors has been authorised to set the subscription price which shall be equal to the volume weighted average of the company's share price in the period from 24 September 2007 up to and including 26 September 2007, less a rebate of 10 %. The subscription price must, in accordance with the proposal from the board, be in the range between NOK 50 to NOK 90 if the rights issue shall be carried out.  For additional information we refer to the minutes from the general meeting (Norwegian version attached). The subscription period is from 2 October 2007 to 16 October 2007 with settlement by the end of October. The rights offering is conditional upon the bid on Norgani Hotels ASA being completed.
 
The boards of directors was further granted authorisation to increase the share capital with an additional NOK 320 millions.
 
It is anticipated that Oslo Børs will formally approve the offer document in respect of the acquisition of all outstanding shares of Norgani Hotels during the course of business on 29 August 2007. A separate disclosure will be made when we receive the approval.
 
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Contact persons
 
Norwegian Property ASA




Chairman  Knut Brundtland
Telefon
40 06 20 20
 
Chief executive officer Petter Jansen                   
Telefon     
90 09 87 28

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