Significant oversubscription in the SpareBank 1 Nord-Norge rights offering
Both the rights offering and the employee offering at SpareBank 1 Nord-Norge expired yesterday, Thursday 26 May 2011 at 1730hrs (Norwegian time).
The preliminary count shows that by the expiry of the subscription period SpareBank 1 Nord-Norge had received subscriptions for about 18.2 million new equity capital certificates in the rights offering. 14,326,445 new certificates were offered, and the rights offering has consequently been oversubscribed by about 28 per cent. The overall subscribed amount is about NOK 575 million.
The employee offering also attracted strong interest. According to the preliminary count, the employees subscribed for a total of about 572 thousand new equity capital certificates distributed on 280 employees. The overall subscribed amount is about NOK 16.3 million.
The employee offering is part of the banks announced private placement of up to NOK 150 million in addition to the rights offering. The private placement is mainly planned as a placement towards the Sparebankstiftelsen SpareBank 1 Nord-Norge.
The final allocation of equity capital certificates in the rights offering and the employee offering is expected to be adopted by the Main Board of Directors of SpareBank 1 Nord-Norge on 1 June 2011. The allocation will be carried out in accordance with the allocation criteria set forth in the prospectus dated 9 May 2011. The final subscription result will be published by notice via Oslo Stock Exchange on 1 June 2011. On the same day a letter concerning the allocation of new equity capital certificates and the corresponding subscription amount to be paid by each subscriber will be sent out.
Payment for the allocated equity capital certificates is expected to be on 3 June 2011 and the new equity capital certificates are expected to be listed on Oslo Stock Exchange on 9 June 2011.
| Contact persons at SpareBank 1 Nord-Norge: | |
| CEO Hans Olav Karde: | +47 901 51 981 |
| Deputy CEO Oddmund Åsen: | +47 906 72 757 |
| CFO Rolf Eigil Bygdnes: | +47 905 19 774 |
Tromsø, 27 May 2011
for SpareBank 1 Nord-Norge
Stig-Arne Engen
Director of Communications
About SpareBank 1 Nord-Norge: SpareBank 1 Nord-Norge is a leading provider of financial products and services within the retail banking and corporate banking markets and public sector throughout the region. The Bank has a total customer base of around 244,000 retail banking customers, around 36,500 corporate customers, including public sector agencies, clubs and associations, and around 101,000 insurance customers. The Bank has 74 branch offices in Finnmark, Troms, Nordland and Svalbard.
In September 2010, SpareBank 1 Nord-Norge established banking operations in Russia through North-West 1 Alliance Bank. SpareBank 1 Nord-Norge holds a 75 per cent ownership interest in the bank, while the remaining 25 per cent of the shares is owned by SpareBank 1 Nord-Norge's Russian partner Bank Tavrichesky in St. Petersburg. The new bank is headquartered in St. Petersburg and has a branch office in Murmansk