The Board has decided to streamline its investment areas as
a strategy to bring out the underlying values of the
company. As part of this strategy, the Board has decided to
sell its stake in TK Development A/S (Denmark).
After the sale, the remaining business will consist of
direct ownership of investment property in Russia, with an
interesting Russia platform and attractive property in
Moscow. The proceeds from the sale will be used to increase
the company's working capital and the Board will also
propose distribution of capital to the company's
shareholders.
The Board is also of the opinion that the restructuring of
TK Development has been completed, but that this is not
fully priced into the market. For information purposes,
leading shareholders in Storm Real Estate has indicated that
they will take the opportunity to buy shares in TK
Development in connection with this transaction. The company
has indicative interest of the entire holding of shares.
Storm will sell up to 10,865,175 shares in TK Development A
/ S at the highest possible price, minimum DKK 6.00 per
share. The transaction is being conducted as a book-building
where shares made in unit sizes with due consideration of at
least 100,000 Euro (the equivalent of approximately 744,000
DKK). Minimum subscription is set at 100,000 Euros on the
basis of European prospectus regulations.
The process starts immediately and will close no later than
12:00 CET on Wednesday 4 May 2016. Pricing and allocation
will follow shortly after. Information on the result will be
given later. The trading day will be on 6 May 2016.
Buyers will be able to choose between two options and
settlement of payments vs delivery of shares:
First settlement will be an ordinary settlement T+2 and
will take place on 10 May 2016.
Second settlement will be a deferred settlement and will
take place on 27 May 2016.
The reason for the two settlements is to minimize the time
for shareholders in Storm Real Estate ASA between the
purchase of TK shares and proposed dividend. The Board will
propose to the Annual General Meeting on 26 May 2016 that
85% of proceeds from the sale of shares in TK Development
will be
paid out in dividends. If the book is oversubscribed, Storm
Real Estate's shareholders will have preferential rights.
For those who want to buy shares, please contact Swedbank:
Didrik Kjeldahl
Phone: (+47) 23238252
Mobile: (+47) 977488844.
E-mail: Didrik.Kjeldahl@swedbank.no
or
Geir-Henning Ohrvik
Phone: (+47) 23 23 82 04
Mobile: (+47) 90 95 92 58
E-mail: Gho@swedbank.no
For further information, please contact Storm Real Estate
ASA:
Erik M Mathiesen
CEO
Phone: (+44) 207 409 3375
E-mail: erik@stormcapital.co.uk
Tore Andersen
Investor Relations
Phone: (+47) 920 35 908
E-mail: tore@stormcapital.no
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
DISCLAIMER:
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO
U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN OR INTO THE
UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND
POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND
THE DISTRICT OF COLUMBIA) (THE UNITED STATES), AUSTRALIA,
CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE
REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT
CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED
HEREIN.
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN
ISSUED FOR INFORMATION PURPOSES ONLY, AND DOES NOT
CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO
BUY ANY SHARES IN ANY JURISDICTION IN WHICH SUCH OFFER OR
SOLICITATION IS UNLAWFUL OR WHERE THIS WOULD REQUIRE
REGISTRATION, PUBLICATION OF A PROSPECTUS OR SIMILAR ACTION.
THE SECURITIES MENTIONED HEREIN HAVE NOT BEEN, AND WILL NOT
BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"). THE SECURITIES MAY
NOT BE OFFERED OR SOLD IN THE UNITED STATES EXCEPT PURSUANT
TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. COPIES OF THIS ANNOUNCEMENT ARE NOT BEING
MADE AND MAY NOT BE DISTRIBUTED OR SENT INTO AUSTRALIA,
CANADA, JAPAN OR THE UNITED STATES.
THE DISTRIBUTION OF THIS RELEASE MAY IN CERTAIN
JURISDICTIONS BE RESTRICTED BY LAW. PERSONS INTO WHOSE
POSSESSION THIS RELEASE COMES SHOULD INFORM THEMSELVES ABOUT
AND OBSERVE ANY SUCH RESTRICTIONS. ANY FAILURE TO COMPLY
WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE
SECURITIES LAWS OF ANY SUCH JURISDICTION. THE MANAGER IS
ACTING FOR THE COMPANY AND NO ONE ELSE IN CONNECTION WITH
THE SALE OF SHARES AND WILL NOT BE RESPONSIBLE TO ANYONE
OTHER THAN THE COMPANY FOR PROVIDING THE PROTECTIONS
AFFORDED TO THEIR RESPECTIVE CLIENTS OR FOR PROVIDING ADVICE
IN RELATION TO THE SALE OF SHARES AND/OR ANY OTHER MATTER
REFERRED TO IN THIS RELEASE.