ANNOUNCEMENTS

NPRO - Successful completion of private placement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES

 

Norwegian Property ASA ("NPRO" or the "Company") is pleased to announce the successful completion of a private placement of 45,326,000 shares directed towards professional Norwegian and international investors after the close of the Oslo Stock Exchange on 10 March 2010. The substantially oversubscribed placement was made at a price of NOK 12 per share, and the capital increase represents approximately 10% of the outstanding shares in the Company. Gross proceeds from the private placement amount to NOK 543.9 million. The proceeds will be applied towards strengthen the balance sheet  and increase  flexibility in  the ongoing  process to  separate Norwegian Property into two companies, as announced on 23 February 2010.

 

The share capital increase was resolved by the Board of Directors within the authorised share capital of the Company. The share capital is increased by NOK 22,662,500 by the issue of 45,326,000 new shares. Following the completion of the private placement NPRO's share capital is NOK 249,298,416, divided into 498,596,832 shares with a nominal value of NOK 0.5 per share.

 

The new shares to be issued in the Private Placement will not be tradable until the share capital increase has been registered and the new shares have been delivered against payment to the applicants VPS-account, expected to take place on or about 19 March 2010.

 

The issue was managed by the investment banks ABG Sundal Collier Norge ASA and Pareto Securities AS as joint lead managers and joint bookrunners.

 

Oslo, 11 March 2010

 

For further information, please contact:

 

Norwegian Property ASA

 

Olav Line

CEO

Tel: +47 48 25 41 49

Email: olav.line@norwegianproperty.no

 

Svein Hov Skjelle

CFO

Tel: +47 930 555 66

Email: svein.hov.skjelle@norwegianproperty.no

 

Elise Heidenreich-Andersen

Director of Investor Relations

Tel: +47 95 14 11 47

Email: eha@npro.no

 

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN  PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES:

 

The shares to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and will be offered within the United States only to qualified institutional buyers ("QIB"), as defined in Rule 144A under the U.S. Securities Act ("Rule 144A") or an "Accredited Investor" as defined under Rule 501(A) of the US Securities Act and in reliance upon an exemption from the registration requirements in the US Securities Act, and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the U.S. Securities Act. Any US investor will be requested to sign and return an investor representation letter certifying that it is either a QIB or an Accredited Investor. The shares to be offered will be subject to certain restrictions on transfer. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any country in which such offer, solicitation or sale would be unlawful.

 

 

 
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)