Reference is made to today’s Stock Exchange Notice regarding the acquisition of Marathon Norway.
The Board of Directors in Det norske oljeselskap ASA (“the Company”, OSE ticker code "DETNOR"), has resolved to propose that the Company carries out a rights issue, with a share capital increase providing gross proceeds of the NOK equivalent of approximately
The largest shareholder of the Company,
The Rights Issue is part of the overall refinancing of the Company that is proposed to fund ongoing development projects such as
The proposed Rights Issue is subject to shareholder approval at an extraordinary general meeting of the Company (“EGM”), expected to be held in late
The subscription price and exact share capital increase amount will be determined by the Board of Directors and announced through a stock exchange notice (such announcement date being the “Record Date”). The Record Date will be on a trading day and is expected to occur mid July.
Shareholders as of the expiry of the Record Date (as registered in VPS on the end of the third trading date thereafter) will be allotted tradable and preferential subscription rights in proportion to their shareholding in the company at such time. Oversubscription and subscription without subscription rights will be permitted.
The subscription period will start on the fifth trading day after the Record Date, but not before a prospectus for the Rights Issue has been approved by the
The shares will be allocated by the Board of Directors and shall be paid in cash payment to a designated bank account within six trading days following expiry of the subscription period.
The new shares will give shareholder's rights in the Company, including the right to dividends, from the time of registration of the share capital increase in the
This announcement is not an offer for sale of securities in
In any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any member State, the "Prospectus Directive"), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.
This announcement is only directed at (a) persons who are outside the
Certain statements included within this announcement contain forward -looking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management's plans, objectives and strategies for the Company, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in the Company's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, as well as (i) statements preceded by "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar statements.
Although we believe that the expectations reflected in such forward -looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized.
No assurance can be given that such expectations will prove to have been correct. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. About Det norske: Det norske oljeselskap ASA (DETNOR) is an active exploration company on the Norwegian Continental Shelf. Det norske’s headquarters is in Trondheim. The company also has offices in
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