The Company has approximately 400 shareholders, and most of the shareholders hold a small number of shares in the Company. The main reasons for the Offer is that the Company wants to reduce the number of minor shareholders in particular and thereby reduce the Company's costs and provide an exit opportunity, partly or fully for its owners. In order to secure equal treatment of all shareholders, the Offer is directed to all shareholders of RomReal.
Shareholders in the Company as per the end of 15 May 2013 will receive a letter and an acceptance form that shows the number of shares owned. The acceptance period runs from 27 May 2013 to 5 June 2013, and acceptance forms must be received by Swedbank First Securities within 5 June 2013 16:30 hours CET.
As resolved by the AGM 19 April 2013, the Board of Directors has the authorisation to increase the share capital through a rights issue towards existing shareholders (the "Rights Issue"), where one existing share gives the right to 20 subscription rights. The subscription price in the Rights Issue will be fixed by the Board of Directors. The subscription price is expected to be in the range between NOK 0.10 and NOK 0.15 per share.
The reason for the significant premium in the price per share in the Offer compared to the expected price per share in the Rights Issue is primarily to give the minor shareholders flexibility by way of giving them a genuine exit opportunity.
The Rights Issue is subject to a prospectus being approved by the Financial Supervisory Authority of Norway, and is to be carried out as soon as practically possible after the completion of the Company's purchase of shares according to the Offer. Shares sold to the Company according to the Offer will not be given subscription rights in the Rights Issue. The proceeds from the Rights Issue will provide RomReal with the necessary working capital to cover its expenses going forward for a limited period. The planned Rights Issue is not underwritten.
For further enquiries please contact:
Harris Palaondas
Investor Relations
investors@romreal.com (mailto:investors@romreal.com)
+40731123037
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: RomReal via Thomson Reuters ONE
