THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN CANADA, JAPAN, HONG KONG, SOUTH AFRICA, AUSTRALIA, NEW ZEALAND,
THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL.
Reference is made to the stock exchange announcement made on 10 July 2024 where
it was announced that Euronext Oslo Børs had approved an offer document for
Hemen Holding Limited's ("Hemen") mandatory offer (the "Offer") for all the
issued and outstanding shares (the "Shares") in Northern Ocean Ltd. ("NOL") not
already owned by Hemen at an offer price of NOK 7.00 per Share (the "Offer
Price").
The offer period in the Offer (the "Offer Period") expired at 16:30 CEST on 8
August 2024.
At the expiry of the Offer Period, Hemen had received acceptances of the Offer
amounting to 20,116,579 Shares, which taken together with the 144,373,315 Shares
held by Hemen at commencement of the Offer Period equals 164,489,894 Shares,
representing approximately 54.2% of the issued share capital and voting rights
in NOL.
Please be advised that the calculation of the number of shares tendered in the
Offer is preliminary and may be subject to change until the shares tendered in
the Offer have been collected from the VPS accounts of the NOL shareholders who
have accepted the Offer following the standard T+2 settlement cycle, and such
shares have been transferred to a settlement account of Pareto Securities AS
(the "Receiving Agent"). The final result of the Offer will be announced once
confirmed by the Receiving Agent, expected before the Oslo Stock Exchange opens
on 14 August 2024. Cash settlement for the Offer will be made pursuant to the
terms of the offer document and will take place no later than 22 August 2024,
being 14 calendar days after expiry of the Offer Period. For further information
on the Offer, refer to the offer document which is available at
www.paretosec.com/transactions, subject to regulatory restrictions in certain
jurisdictions.
For further information, please contact:
Pareto Securities AS
Tel: +47 22 87 87 50
Important notice:
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
It may be unlawful to distribute this announcement in certain jurisdictions.
This announcement is not for distribution in Australia, Canada, the Hong Kong
special administrative region of the People's Republic of China, Japan, South
Africa, the United States or to any other jurisdiction where such distribution
would be unlawful. The information in this announcement does not constitute an
offer of securities for sale in such jurisdictions. Persons into whose
possession this release comes should inform themselves about and observe any
such restrictions. Any failure to comply with these restrictions may constitute
a violation of the securities laws of any such jurisdiction. This announcement
does not constitute an offer for sale of, or a solicitation of an offer to
purchase or subscribe for, any securities in the United States.
Neither Hemen, NOL nor any of their advisors and/or any of their affiliates or
any of their respective directors, officers, employees, advisers, agents or any
other person(s) accept any responsibility or liability whatsoever for, or make
any representation or warranty, express or implied, as to the accuracy,
completeness or fairness of the information or opinions in this announcement (or
whether any information has been omitted from this announcement) or any other
information relating the Offer, Hemen or NOL.
Offer Restrictions
The distribution of the Offer Document and the making of the Offer may in
certain jurisdictions ("Restricted Jurisdictions") be restricted by law.
Therefore, persons obtaining the Offer Document or into whose possession the
Offer Document otherwise comes, are required to, and should inform themselves of
and observe, all such restrictions. Hemen and Pareto Securities AS do not accept
or assume any responsibility or liability for any violation by any person
whomsoever of any such restriction.
The Offer Document is not directed to persons whose participation in the Offer
requires that further offer documents are issued or that registration or other
measures are taken, other than those required under Norwegian law. No document
or materials relating to the Offer may be distributed in or into any
jurisdiction where such distribution or offering requires any of the
aforementioned measures to be taken or would be in conflict with any law or
regulation of such a jurisdiction. In the event of such distribution or offering
still being made, an Acceptance Form sent from such a country may be
disregarded.
The Offer Document does not represent an offer to acquire or obtain securities
other than NOL shares. The Offer is not open to any NOL shareholder in any
jurisdiction in which it is unlawful for any person to receive or accept the
Offer. No action has been taken to permit the distribution of the Offer in any
jurisdiction where action would be required for such purposes (except Norway).
The Offer is not being made and will not be made, directly or indirectly, in or
into the Restricted Jurisdictions. The Offer Document, and any and all materials
related thereto, should not be sent or otherwise distributed in or into the
Restricted Jurisdictions, and the Offer cannot be accepted by any such use,
means or instrumentality, in or from within Restricted Jurisdictions.
Accordingly, copies of the Offer Document and any related materials are not
being, and must not be, sent or otherwise distributed in or into or from any
Restricted Jurisdiction or, in their capacities as such, to custodians, trustees
or nominees holding shares in NOL for persons in any Restricted Jurisdictions,
and persons receiving any such documents (including custodians, nominees and
trustees) must not distribute or send them in, into or from any Restricted
Jurisdiction. Any purported acceptance of the Offer resulting directly or
indirectly from a violation of these restrictions will be invalid.