Reference is made to Instabank ASA's ("Instabank") announcement on 25 May 2022 where Instabank gave an update on Lunar's dialogues with the Norwegian FSA and the Danish FSA relating to the approvals required to acquire Instabank, and that an equity raise in Lunar will be a condition for the Norwegian FSA and the Danish FSA's approval, and that Lunar was confident that the transaction and settlement of the offer would occur prior to the long-stop date of 30 September 2022.
Lunar has informed Instabank that although they for the last months have been actively pursuing to secure the requested equity raise through discussions with investors and Lunar's financial advisors, they have not obtained any binding commitment from investors, and indications are in Lunar's view not positive looking forward. While dialogues with investors are still ongoing, Lunar has informed Instabank that it is looking increasingly difficult to be able to complete a transaction raising the necessary capital to meet the Norwegian FSA and the Danish FSA's requirements in time to be able to file a new application and receive approval ahead of long-stop date of 30 September 2022.
Based on the above information received from Lunar, Instabank has concluded that it is uncertain whether the offer made by Lunar to Instabank's shareholders in the offer document dated 28 March 2022 will be completed on the terms and conditions set out therein.
Instabank notes that there are no conditions in Lunar's offer relating to Lunar's capitalization or any capital raise by Lunar. Instabank expects that Lunar is using all efforts to obtain the required approvals from the Norwegian FSA and the Danish FSA within the long-stop date. Instabank will in consultation with major shareholders assess the situation in light of the offer to Instabank's shareholders and the transaction agreement entered into between Lunar and Instabank.