DNO International ASA - Agreements - Sale of shares in Det norske
oljeselskap ASA
(Thomson Reuters ONE) - ("DNO" or "the Company")On 12 October, 2009, DNO entered into a Share Purchase Agreement (the"Agreement") with Aker ASA ("Aker") for the sale of up to 6 millionshares in Det norske oljeselskap ASA ("Detnor"). The Agreement isbased on the following transaction structure:1. An unconditional sale by DNO to Aker of 1 million shares in Detnorfor a price of NOK 49.90 per share, based on the closing price onOslo Stock Exchange on 8 October, 2009. Completion of the Agreementwith respect to the unconditional sale of 1 million shares in Detnorshall take place immediately.DNO's new shareholding in Detnor will be 14,231,255 shares,representing 21.92% of outstanding shares.2. A conditional sale by DNO to Aker of 5 million shares in Detnorfor a price of NOK 49.90 per share, based on the closing price onOslo Stock Exchange on 8 October, 2009, subject to the approval bythe relevant competition authorities without conditions or onconditions reasonably acceptable to Aker. Completion of the Agreementwith respect to the conditional sale of 5 million shares in Detnorshall take place upon granting of approval for the transaction by thecompetition authorities.Subject to completion of the conditional sale of 5 million shares inDetnor, DNO's new shareholding in Detnor will be 9,231,255 shares,representing 14.22% of outstanding shares.In 2007, DNO separated its subsidiary Det Norske Oljeselskap ASA withthe objective of making the company the number 2 exploration andproduction company on the Norwegian Continental Shelf. In November,2007, DNO merged the company with Petra to grow Detnor further. On 19October, 2009 the general meeting of Detnor may approve the mergerwith Aker Exploration ASA.Aker's purchase of shares in Detnor today will strengthen Detnorfurther as the number 2 company on the NCS by Aker increasing itsstake in the company. DNO will continue to support Detnor and itsstrategy for further exploration and development on the NCS.DNO will use the sale proceeds for general corporate purposes tosupport the Company's international developments.DNO International ASA13 October, 2009Contact:Media:Helge Eide, MD DNO International ASA Telephone: +47 23 23 84 80Ketil Jørgensen, Crux Communication Telephone +47 930 36 866(Norway)Ben Willey, Buchanan Communications Telephone: +44 207 466 5000(UK)Investor Relations:Haakon Sandborg, CFO DNO International Telephone: +47 23 23 84 80ASAThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 13.10.2009 - 08:01 Uhr
Sprache: Deutsch
News-ID 6833
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