Altinex Receives Notice of Mandatory Offer of Shares from Noreco

Altinex ASA has been contacted by shareholders in connection with Norwegian Energy Company AS' (Noreco) acquisition of Altinex shares and notice of mandatory offer to acquire the remaining shares in the company.

In the stock exchange announcement of June 21, 2007, Noreco announced that the company owns 42.19% of the Altinex shares, which means that the company is required to give notice of mandatory offer to acquire all of the remaining Altinex shares that are not owned by Noreco.

Noreco has announced that a mandatory offer will be made pursuant to the Norwegian Securities Trading Act (verdipapirhandelloven) as soon as the required offer documentation has been approved by Oslo Bors and within 4 weeks at the latest. The offer price will be NOK 22 per share. According to the Norwegian Securities Trading Act, the acceptance period shall be between 4-6 weeks with payment to those who accept within 2 weeks of the expiry of the acceptance period. Specific terms for the mandatory offer will appear from the offer document, which will be sent by mail to each shareholder's known address at the beginning of the acceptance period.

In addition, Noreco has announced that the company aims to combine the two companies.