DNO Gets Extension for Deadline to Reduce Interest in Det Norske
DNO International ASA has been granted an extension of the deadline for reduction of its ownership interest in Det norske oljeselskap ASA ("DETNOR") from December 31, 2008 to March 15, 2009.
Pursuant to the merger agreement entered into between Pertra and Noil Energy, DNO International is obliged to reduce its ownership interest in Det norske oljeselskap ASA to a maximum of 25 percent by December 31, 2008. The present ownership interest of DNO International is 36.92 percent.
The Board of Directors of Det norske has granted a request submitted by DNO International for an extension of the deadline for reduction of its ownership interest to March 15, 2009. With reference to the current market situation, the Board is of the opinion that an implementation of an ownership reduction during 2008 will prove disadvantageous for both Det norske as well as DNO International, the Company's largest shareholder.
As of January 1, 2009 DNO International's voting rights in Det norske will be limited to 25 percent.
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Company: Det norske oljeselskap ASA more info
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