Contemplated private placement of new equity
Det norske oljeselskap ASA (the “Company” or "DETNOR", OSE ticker code), is contemplating to issue up to approximately 11.1 million new shares, representing up to 10% of the issued shares in the Company, and has retained Pareto Securities AS (“Pareto”) and First Securities AS (“First”) as Joint Lead Managers and Joint Bookrunners.
First and Pareto will advise on and effect a private placement of new shares directed towards Norwegian investors and international institutional investors (the “Private Placement”).
The price will be determined through an accelerated book-building process. The Company’s largest shareholder Aker Capital AS, who has a 52,1% shareholding, has presubscribed and will be allocated its pro rata share of the Private Placement.
The proceeds will be used for part funding of the company’s development portfolio.
The new shares to be issued in connection with the Private Placement will be issued pursuant to the authorization granted to the Board of Directors at the annual general meeting on April 12, 2011.