Schibsted ASA (SCH) - Sale of shares in Polaris Media to strategic media owners
(Thomson Reuters ONE) -
Since 2009, Schibsted Media Group has had a total return swap agreement with SEB
Enskilda AS regarding the financial exposure to 17,751,236 shares, equal to
36.3% of the shares. The agreement expires 30. September 2011, and SEB Enskilda
AS has as a consequence of this sold a corresponding number of shares at NOK
24.00 per share.
Norrköpings Tidningars Media AB (NTM) acquires 7.050.000 shares, equaling 14.4%
of Polaris Media, Nya Wermlands-Tidningens Aktiebolag acquires 3.525.000 shares,
7.2%, while Helsingborgs Dagblad AB acquires 3.525.000 shares, 7.2%. In
addition, an international financial investor, Franklin Enterprises, acquires
3.651.236 shares, 7,5% of Polaris Media.
Schibsted will continue to own 3.471.716 shares, equaling 7.1 per cent of the
company.
- We are satisfied with reaching a solution that implies a sale to strategic,
long term and very competent media owners. This is a solution we consider as
good for all parties - not the least for Polaris Media itself. We look forward
to continue as a 7.1 per cent owner of Polaris Media, Trond Berger, CFO of
Schibsted says.
- We regard NTM as being a long term strategic owner of Polaris Media, and hope
that we as shareholders can contribute to a continued positive development of
the company, Göran Lundin, chairman of the board of directors of NTM says.
As a consequence of the total return swap, Schibsted carries the economical
interest in the sales price of the shares, and has had a desire to facilitate a
best possible price for the shares. A conventional sale in the market is likely
to have resulted a lower price than what has now been reached. One reason is the
general uncertainty in the financial markets. Another reason are the voting
rights restrictions stated in the articles of association in Polaris Media.
Because of these uncertainties, Schibsted has agreed with the buyers of the
Polaris Media shares that they have the right, but not the obligation, to sell
the shares to Schibsted a price between NOK 26 and 27, adjusted for dividends.
The shares can be sold to Schibsted within a period of one month from 29
September 2012.
The Norwegian Media Authorities stated that the buyers are independent of
Schibsted.
Arctic Securities have acted as financial advisors for Schibsted.
Contact information:
Trond Berger, CFO, mobile +47 916 86 695.
Oslo, 29 September 2011
SCHIBSTED ASA
Jo Christian Steigedal
VP Investor Relations
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Schibsted via Thomson Reuters ONE
[HUG#1550659]
Unternehmensinformation / Kurzprofil:
Datum: 29.09.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 69853
Anzahl Zeichen: 3568
contact information:
Town:
Oslo
Kategorie:
Business News
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