Satisfaction of offer condition relating to minimum acceptance and intention to increase offer price
17.12.2017Reference is made to the announcements dated 13, 28 and 29 November 2017 regarding the voluntary offer (the "Offer") made by Unity Invest AS ("Unity Invest") in relation to Solvang ASA ("Solvang") and to the announcement by AS Clipper earlier today, 15 December 2017 regarding AS Clipper's acquisition of 2,659,243 shares in Solvang (representing 10.79% of the shares and votes in Solvang).
Unity Invest has on 15.12.2017 received acceptances for 87,330 shares in Solvang (representing 0.35% of the shares and votes in Solvang) at the offer price of NOK 30 per share. In total, Unity Invest has received acceptances for 1,134,252 shares in Solvang (representing 4.60% of the shares and votes in Solvang). Unity Invest is a related party to AS Clipper who holds 9,190,756 shares in Solvang (representing 37.28% of the shares and votes in Solvang). AS Clipper is represented on the board of directors of Solvang by Michael Steensland-Brun (chairman). AS Clipper and its consolidated parties have a holding of 19,322,330 shares in Solvang (representing 78.38% of the shares and votes in Solvang). In accordance with the investment agreement entered into by AS Clipper, Unity Invest AS and the other members of the Consortium (as defined in the announcement dated 13 November 2017), the shares acquired by AS Clipper will be transferred to Unity Invest. Consequently, upon and subject to completion of the Offer, Unity Invest will have a holding of 23,673,860 shares in Solvang (representing 96.03% of the shares and votes in Solvang), and the condition relating to acceptance of more than 90% of the issued and outstanding share capital and voting rights of Solvang in the Offer is therefore satisfied. The shares acquired by AS Clipper was acquired at a price of NOK 33.00 share. Consequently, Unity Invest intends to, conditional upon approval by the Oslo Stock Exchange, increase the offer price in the Offer to NOK 33.00 per share.
Oslo, 15 December 2017.
Unity Invest AS
For further information, please contact:
Chairman of the Board of Directors
Phone number: +47 90 62 65 76
The information in this announcement is not intended to be exhaustive. For further information, explicit reference is made to the Offer Document. The Offer Document contains further details regarding the Offer, and the Solvang shareholders are advised to review the Offer Document in detail. The Offer and the distribution of this announcement and other information in connection with the Offer may be restricted by law in certain jurisdictions and the Offer is not made in any jurisdiction where the making of the Offer would not be in compliance with the laws of such jurisdiction. The Offeror assumes no responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. This announcement does not in itself constitute an offer. The Offer is made in the Offer Document and can only be accepted pursuant to the terms of such document.
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