Oslo Properties AS has during the week prior to and including 1 October 2007 acquired 125,500 shares at a price of NOK 94 per share in Norgani Hotels ASA. Post such acquisition, Oslo Properties AS owns 15,853,112 shares representing 40.06 per cent of the outstanding shares. In addition Oslo Properties has received irrevocable acceptances under the voluntary offer dated 17 September 2007 for 22,975,763 representing 58.06 per cent of the outstanding shares. In aggregate, Oslo Properties controls 98.12 per cent of the outstanding shares in Norgani Hotels ASA.

 

Oslo Properties AS intends to make a mandatory offer for the remaining shares in Norgani Hotels ASA not already owned by Oslo Properties AS. It is expected that the mandatory offer period will start on 8 October 2007 and that the mandatory offer document will be sent to the Norgani Hotels ASA shareholders on the same date.

 

The Board of Directors of Oslo Properties AS resolved on 1 October 2007 to initiate a compulsory acquisition of remaining Norgani Hotels ASA shares not already owned by Oslo Properties AS in accordance with Section 4-25 of the Norwegian Public Limited Liability Companies Act. The compulsory acquisition will be effective as of the first day of the offer period under the mandatory offer which is expected to be on or about 8 October 2007.

 

When the remaining outstanding shares in Norgani Hotels ASA have been acquired by Oslo Properties under the compulsory acquisition and Oslo Properties AS is the owner of 100.00 per cent of the shares, Oslo Properties will carry out an extraordinary general meeting in order to elect a new Board of Directors of Norgani Hotels ASA and to vote on whether to apply to Oslo Børs for the de-listing of Norgani Hotels ASA.

 

Further information available from:

Dag Fladby, General Manager of Oslo Properties AS, tel.: +47 90 89 19 35.