Press release | Date: 2016-09-15 | Ministry of Trade, Industry and Fisheries
On 15 September 2016, the Norwegian State represented by the Ministry of Trade, Industry and Fisheries (the "Ministry") sold 30 million shares in Entra ASA for gross proceeds of NOK 2.49 billion. I am very pleased with the transaction, says the Minister of Trade and Industry Monica Mæland.
On 15 September 2016, the Norwegian State represented by the Ministry of Trade, Industry and Fisheries sold 30 million shares in Entra ASA, through an accelerated book-building process after close of Oslo Stock Exchange on 14 September. The sale equals 16.3 per cent of total shares and votes in the company, and after the transaction the State holds 61,368,893 shares in Entra ASA, which constitutes 33.4 per cent of the shares and votes in Entra ASA. Price per share was NOK 83, and gross proceeds to the State were NOK 2.49 billion. The buyers include approximately 200 investors, both current and new shareholders, domestic and international.
The Entra share has performed well since the listing on Oslo Stock Exchange which attracted a number of new shareholders, and the current share price is not far below its all-time high. - With this secondary sale of shares, we demonstrate commitment to further strengthen the private ownership in Norway. We facilitate for a larger contribution by private investors to the further development of Entra, says Monica Mæland.
Entra ASA (OSE ticker "ENTRA") is one of the largest real estate companies in Norway and a market leader within commercial real estate. Entra ASA owns and manages approximately 1.2 million square meters distributed between 96 properties, mainly located in the broader Oslo area, Bergen, Stavanger and Trondheim. By the end of the second quarter 2016 the real estate portfolio had an estimated market value of NOK 32 billion.
Entra ASA was listed on the Oslo Stock Exchange in October 2014. Following the initial public offering the State ownership was 49.9 per cent. In October 2015 bonus shares were issued further reducing the State ownership to 49.7 per cent, and now with the current sale of shares the ownership has been further reduced to 33.4 per cent.
ABG Sundal Collier and DNB Markets acted as joint bookrunners in connection with the placement. Subject to certain customary exemptions, the Ministry has undertaken not to dispose of any additional shares in the Company within 90 days following completion of the placement.
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This document and the information contained herein is not for release, publication or distribution in whole or in part in or into the United States. These materials do not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the "Securities Act") and may not be offered or sold in the United States absent registration under the Securities Act or pursuant to an available exemption from, or a transaction not subject to, the registration requirements of the Securities Act.
This document is only addressed to and directed at persons in member states of the European Economic Area who are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ("Qualified Investors") or to and at other persons to whom the offering can otherwise be made pursuant to available exemptions under the Prospectus Directive. In addition, in the United Kingdom, this document is being distributed only to, and is directed only at, Qualified Investors who are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, and other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). Any investment activity to which this document relates is available only to relevant persons in the United Kingdom, and will only be engaged with such persons. In any member state of the European Economic Area other than the United Kingdom, the offering was made pursuant to available exemptions under the Prospectus Directive. The offering was subject to a lower limit per order of EUR 100,000.
Each of the Joint Bookrunners is acting for the Norwegian State, represented by the Ministry of Trade, Industry and Fisheries (the "NMTIF") in connection with the offering and no one else, and will not be responsible to anyone other than the NMTIF for providing the protections offered to clients of the Joint Bookrunners nor for providing advice in relation to the offering.