The Norwegian Financial Supervisory Authority (Nw. Finanstilsynet) has informed Kvaerner that the prospectus for Kvaerner, dated 15 June 2011, in connection with the admission to trading of the Kvaerner shares on the Oslo Stock Exchange (Nw. Oslo Børs) has been approved.
The prospectus will be available at the following internet pages: www.kvaerner.com; www.dnbnor.no; www.nordea.no and www.sebenskilda.no. Hard copies of the prospectus may be obtained by contacting Kvaerner (firstname.lastname@example.org or + 47 21 08 90 00), DnB NOR Markets (+47 22 94 88 80), Nordea Markets (+47 22 48 50 00) or SEB Enskilda (+ 47 21 00 85 00).
On 6 May 2011 the general meetings of Aker Solutions and Kvaerner resolved to carry out a demerger pursuant to which a portion of the assets, rights and liabilities of Aker Solutions are transferred to Kvaerner against a pro rata distribution of the shares of Kvaerner to eligible shareholders of Aker Solutions.
On 15 June 2011 the board of directors of the Oslo Stock Exchange approved the listing application of Kvaerner.
The consummation of the demerger and admission to trading of the Kvaerner shares on the Oslo Stock Exchange are subject to certain conditions. Further information on Kvaerner, the demerger and the admission to trading of the Kvaerner shares is set out in the prospectus.
The indicative timetable for consummation of the demerger and admission to trading of the Kvaerner shares on the Oslo Stock Exchange is as follows (subject to change):
Expiry of creditor notice period applicable to the demerger: 6 July 2011
Last day of trading in the Aker Solutions shares inclusive of right to Kvaerner shares (cut-off date): On or about 7 July 2011
Registration of the consummation of the demerger: On or about 7 July 2011
First day of trading in the Aker Solutions shares exclusive of right to Kvaerner shares: On or about 8 July 2011
Record date for determination of eligible Aker Solutions shareholders: On or about 12 July 2011.
Delivery of Kvaerner shares to eligible Aker Solutions shareholders’ VPS accounts: On or about 13 July 2011.
Aker Solutions will, prior to commencement of trading on the cut-off date, issue a separate stock exchange notice in respect of the final determination of the cut-off date, the record date and the first date of trading in the Aker Solutions shares exclusive of right to Kvaerner shares.
Trading in the Kvaerner shares will commence prior to delivery of such shares to eligible shareholders VPS accounts. Trades during the period until delivery of the Kvaerner shares to eligible Aker Solutions shareholders’ VPS accounts will be settled on a T+3 basis. No account-to-account transactions and no transactions with settlement prior to 13 July 2011 will be allowed in this period.
Any changes in the indicative timing of the consummation of the demerger and the first day of trading of the Kvaerner shares will be published by Kvaerner.
For further information, please contact:
Ingrid Aarsnes, SVP Investor Relations, Kvaerner, Tel: +47 67 59 50 46, Mob: +47 950 38 364
Mariken Holter, SVP Corporate Communications, Kvaerner, Tel: +47 67 52 74 35, Mob: +47 91 78 73 58
With more than 3 500 HSE-focused and experienced employees, Kvaerner is a specialised provider of engineering, procurement and construction (EPC) services for offshore platforms and onshore plants. Kvaerner, through its subsidiaries and affiliates (“Kvaerner”), is an international contractor that plans and realises some of the world’s most demanding projects as a preferred partner for upstream and downstream oil and gas operators, industrial companies and other engineering and fabrication contractors.
In 2010, the Kvaerner group had aggregated annual revenues of more than NOK 13.3 billion and the company had an order backlog per 1 April 2011 of more than NOK 15.6 billion. Kvaerner aims to be publicly listed at the Oslo Stock Exchange in July 2011. Until this process is completed, Kvaerner is owned 100 percent by Aker Solutions ASA. For further information, please see www.kvaerner.com and www.akersolutions.com.