NORECO - SUBSEQUENT OFFERING
(Thomson Reuters ONE) - NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPANNORECO - SUBSEQUENT OFFERINGStavanger, 19 October 2009: Norwegian Energy Company ASA ("Noreco" orthe "Company" - OSE:NOR):Pursuant to the authority granted by the Extraordinary GeneralMeeting in Noreco on 14 October 2009 (the "EGM") and with referenceto the private placement of 80,000,000 new shares effected inSeptember (the "Private Placement"), the Company has resolved toconduct a subsequent repair offering (the "Subsequent Offering") ofup to 7,100,000 new shares, with a separate tranche of up to 160,000shares reserved for employees of the Company.. The SubsequentOffering may generate up to NOK 106.5 million in gross proceeds tothe Company.Shareholders of the Company who as at 22 September 2009, as recordedby the shareholder register in the VPS on 25 September 2009, held60,000 or less Noreco shares and who did not participate in thePrivate Placement (the "Eligible Shareholders"), will be givenpartial preferred allocation in the Subsequent Offering. Thepreferred allocation implies that each such Eligible Shareholder thatparticipates in the Subsequent Offering will be allocated the rightto subscribe for 0.5 new shares for each share held as at 22September 2009. For technical settlement purposes the EligibleShareholders will receive 1 non-transferable preferential right per 1share owned as at 22 September 2009. 1 such preferential rightrepresents a right to subscribe for 0.5 new shares. These preferencerights will be non-transferable and non-tradable and will only serveas an instrument for the allocation and settlement process inconnection with the Subsequent Offering.A separate tranche of the Subsequent Offering has been reserved foremployees of the Company who did not participate in the PrivatePlacement (the "Employee Tranche"). The Employee Tranche in theSubsequent Offering will consist of up to 160,000 new shares offeredto all persons being employees of the Company who did not participatein the Private Placement. The preferred allocation of the new shareswill be determined by the Company's Board of DirectorsThe subscription price in the Subsequent Offering will be NOK 15 pershare, the same as the subscription price in the Private Placement.The subscription period will commence on 20 October 2009, and expiresat 17:30 hours (CET) on 27 October 2009.A prospectus dated 19 October 2009 (the "Prospectus"), containingdetailed information regarding terms of the Subsequent Offering, hasbeen approved by Oslo Børs and will be sent by post to all EligibleShareholders. The Prospectus will also be available electronically onNoreco's web site www.noreco.com or www.sebenskilda.no. Detailedallocation principles and other terms of the Subsequent Offering aredescribed in this Prospectus.The Subsequent Offering is managed by SEB Enskilda AS (the"Manager"). Advokatfirmaet Schjødt DA has acted as legal counsel tothe Manager in connection with the Subsequent Offering. The Company'slegal counsel is Arntzen de Besche Advokatfirma AS.The subscription office for the Subsequent Offering is:SEB Enskilda ASFilipstad Brygge 1, 0113 OsloTel: +47 21 00 85 00Fax: +47 21 00 89 00www.sebenskilda.no **** See important information below.For further information, please contact:Einar Gjelsvik, Vice President Strategy & Investor Relations, +47 99283 856* This press release is for information purposes only and shall notconstitute an offer to buy, sell, issue, or subscribe for, or thesolicitation of an offer to buy, sell, issue, or subscribe for anysecurities, nor shall there be any sale of securities in anyjurisdiction in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securitieslaws of any such jurisdiction. In particular, the securities referredto in this announcement have not been, and will not be, registeredunder the United States Securities Act of 1933 (the "SecuritiesAct"), or under the securities legislation of any state of the UnitedStates, and may not be offered or sold in the United States. Thesecurities are being offered and sold outside the United States in"offshore transactions", as defined in, and in accordance with, Rule903 of Regulation S under the Securities Act. No public or otheroffering of securities of the Company has been or will be made inconnection with the Private Placement in the United States.This press release may contain certain forward-looking statementsrelating to the business, financial performance and results of theCompany and/or the industry in which it operates. Forward-lookingstatements concern future circumstances and results and otherstatements that are not historical facts, sometimes identified by thewords "believes", expects", "predicts", "intends", "projects","plans", "estimates", "aims", "foresees", "anticipates", "targets",and similar expressions. Any forward-looking statements contained inthis press release, including assumptions, opinions and views of theCompany or cited from third party sources are solely opinions andforecasts which are subject to risks, uncertainties and other factorsthat may cause actual events to differ materially from anyanticipated development. None of the Company, the Manager or any oftheir affiliates or advisors provide any assurance that theassumptions underlying such forward-looking statements are free fromerrors nor do any of them accept any responsibility for the futureaccuracy of the opinions expressed in this press release or theactual occurrence of the forecasted developments. Neither the Companynor the Manager assume any obligation to update any forward-lookingstatements or to conform these forward-looking statements to actualresults.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 19.10.2009 - 16:49 Uhr
Sprache: Deutsch
News-ID 7075
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