Reference is made to the stock exchange notice from 20 February 2019 where North Energy ASA announced several key measures to simplify the corporate structure and to initiate a shareholder incentive program.
As part of the shareholder incentive program the Company now put forth a buyback offer to shareholders, where shareholders are offered to sell the higher of 2,000 shares and 15% of their individual shareholding. Shareholders are free to tender more, but the allocation will be reduced pro rata based on current ownership if the total buyback exceeds the sum of 10% of the outstanding shares in the Company. The buyback price is set to NOK 1.90 per share which represents a premium of approximately 4 per cent to the official closing price of North Energy on Oslo Børs 19 February 2019.
The buyback will be conducted in accordance with the authorization provided by the Annual General Meeting to the Board of Directors on 31 May 2018. The program will be initiated today and terminated on 8 March 2019.
The shares to be purchased will be used in connection with the Company’s upcoming dividend distribution where shareholders can elect to receive dividend as new shares.
The complete offer letter including an acceptance form is attached and will be sent to all shareholders by mail.