NPRO: Repurchase of shares
Norwegian Property ASA (the “Company”) hereby launches an offer to all shareholders in the Company to buy back up to 54,800,000 shares in Norwegian Property ASA. The Company currently owns 21,236 own shares. The Company is at the date of the offer not in possession of any inside information.
The repurchase of shares will be carried out in accordance with the authorization for the company to acquire up to 10% of outstanding shares given by the annual general meeting of the Company on 11 April 2019, which is valid until the general meeting in 2020.
The Company has mandated DNB Markets as financial advisor and receiving agent for the repurchase of shares.
The offer will be carried out by means of a book building process with an offer price of NOK 11.75 per share, which is a premium of 10.3 per cent compared to the close price of 8 May 2019 and a premium of 9.3 per cent compared to the VWAP for the period from and including 6 May 2019 to and including 8 May 2019 after the shares was noted excl. dividend on 6 May 2019. The Company is of the opinion that the premium is warranted by the relatively large size of shares in the offering, the overall low liquidity in the share and the current discount to the underlying value of the Company’s assets.
The book building starts on 10 May 2019 at 08:00 CEST and ends on 29 May 2019 at 16:30 CEST. Shareholders wanting to sell shares can contact DNB Markets at +47 23 26 80 20. Acceptance forms will be available at www.dnb.no/emisjoner from on or about 10 May 2019. If the Company receives acceptances for more than 54,800,000 shares, the Company will allocate shares with the equal treatment of the shareholders as the primary objective. Allocation will follow before 4 June 2019 at 18:00 CEST, the trade date will be 4 June 2019 and with settlement date on or about 7 June 2019. The Company reserves its right to cancel the offer in the period until the notice of allocation has been sent. Such cancellation would be notified by a stock exchange notice.
This offer is only made to shareholders who are permitted by applicable laws and regulations to receive and accept the offer. This offer shall not be deemed as an offer in any jurisdiction where the making of such an offer is not permitted to be made or accepted or where such an offer requires certain conditions, registrations and/or approvals pursuant to local laws and regulations. All shareholders are required to make their own assessment of whether the offer may be accepted and must make their own assessment of whether the offer should be accepted, including assessments relating to potential tax consequences when selling the shares. The Company does not assume any responsibility in the event there is a violation by any person of such restrictions.
The intention of the Company is primarily to delete the repurchased shares and the Company will suggest that the general meeting resolves a share capital decrease by deleting outstanding shares.
For more information, please contact:
Haavard Rønning, CFO Tel.: +47 400 20 019.
The information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.