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Lunar announces fulfilment of minimum 90% acceptance condition and completion of the offer period
Aarhus/Oslo, 12 April 2022
Reference is made to the Offer Document dated 28 March 2022 (the “Offer Document”) and the stock exchange announcement on the same day announcing the recommended voluntary offer (the “Offer”) by Lunar Bank A/S, a subsidiary of Lunar Group (“Lunar”), to acquire 100% of the shares of Instabank ASA (“Instabank”).
As of 07:30 (Norwegian time), 12 April 2022 and subject to customary verification, Lunar has received acceptances of the Offer (including pre-acceptances received prior to the announcement of the Offer) for a total of 322,526,978 shares, equalling approximately 97.0% of the issued share capital and voting rights in Instabank. Lunar has accordingly passed the 90% threshold in the minimum acceptance condition for the Offer, and consequently announces completion of the offer period.
The completion of the Offer remains subject to fulfilment or waiver by Lunar (in its sole discretion) of the other closing conditions set out in the Offer Document, including regulatory approvals. The completion and settlement of the Offer is expected to take place during the second quarter of 2022 following fulfilment or waiver by Lunar of the closing conditions.
As Instabank is listed on the multilateral trading facility Euronext Growth, the voluntary offer will not be followed by any subsequent mandatory offer. Following a completion of the Offer, Lunar intends to initiate a compulsory acquisition of the remaining shares.
For further information, please contact ABG Sundal Collier at +47 22 01 60 00.
Contact info:
Robert Berg, Co-Founder and CEO of Instabank
Phone: +47 974 85 610
Ken Villum Klausen, Founder and CEO of Lunar
Phone: +45 20 68 45 10
Advisors:
Pareto Securities is acting as financial advisor and Advokatfirmaet Thommessen as legal advisor to Instabank.
ABG Sundal Collier is acting as financial advisor and Schjødt as legal advisor to Lunar.