Det norske oljeselskap (DETNOR) owns 97.33 % of the shares in NOIL Energy ASA.
Larsen Oil & Gas ASA, holding 1,250,000 shares, corresponding to 1.06 % of the shares in NOIL Energy ASA, has required that all its shares be redeemed pursuant to the Public Limited Liability Companies Act §4-25. In connection with the redemption call, Larsen Oil and Gas ASA has given notice that it is prepared to accept a redemption price of NOK 24.00 per share.
In a Board meeting held 25 January 2008, the Board of Directors of Det norske oljeselskap resolved to accept the redemption of Larsen Oil and Gas ASA at the offered price, which is equivalent to the price offered to all shareholders in NOIL Energy ASA in exchange for shares in Det norske oljeselskap in November 2007.
At the same time, the Board of Det norske oljeselskap resolved to effect a compulsory redemption toward all shareholders in NOIL Energy ASA by offering them the same redemption price, NOK 24.00 per share. Pursuant to the Public Limited Liability Companies Act §4-25, all of the remaining shareholders will receive an offer with a deadline within which the individual shareholder may make objections to or reject the offer.
Through this resolution, Det norske oljeselskap owns all shares in NOIL Energy ASA, and is to be registered as the owner of the redeemed shares in the Norwegian Central Securities Depository (VPS). Pursuant to the Public Limited Liability Companies Act §4-25, Det norske oljeselskap ASA shall pay the total offer price into a separate account in a bank which is authorised to carry out banking activities in Norway.
As a result of this, the Board of Directors of NOIL Energy ASA resolved 25 January 2008 to delist NOIL Energy ASA from the OTC effective as of 28 January 2008.
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