Arbitration agreement
(Thomson Reuters ONE) -
Stavanger, 22 March 2010: Norwegian Energy Company ASA (Noreco, OSE:NOR) and
Norsk Tillitsmann have agreed to let an arbitration panel resolve a disagreement
regarding the conversion price in Noreco's convertible bond.
Norsk Tillitsmann is the trustee for Noreco's NOK 218.5 million convertible bond
loan (ISIN NO 001036883.0), and is of the opinion that the conversion price
should be adjusted from NOK 22.25 per share to NOK 16 per share as a result of a
share issue in May 2009. This would increase the number of shares underlying the
convertible bond by 3.8 million shares and represent a dilution of the existing
shareholders by 1.6%. Noreco's opinion remains that that an adjustment of the
conversion price is not warranted under the loan agreement and should not take
place.
The bond loan agreement states that disagreements between the parties shall be
settled by the ordinary courts. However, in order to create clarity on the issue
as soon as possible, Noreco and Norsk Tillitsmann have agreed that the matter
shall be finally resolved by arbitration in accordance with the Norwegian
Arbitration Act. Consequently, the parties will now proceed with the appointment
of the arbitration panel. It is currently anticipated that a final judgment from
the arbitration panel can be expected within six months. Further announcement
will follow when a final judgment is rendered by the arbitration panel.
For further information, please contact:
Einar Gjelsvik, VP Strategy & IR (+47 99 28 38 56)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1395897]
Unternehmensinformation / Kurzprofil:
Datum: 22.03.2010 - 08:50 Uhr
Sprache: Deutsch
News-ID 17812
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contact information:
Town:
Stavanger
Kategorie:
Business News
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