The Board of Storm Real Estate ASA has on 7 April 2017 approved the
2016 Annual Accounts for the Storm Real Estate Group and the parent
company. There are no changes to the results or equity compared with
the preliminary annual accounts, presented together with the Q4 2016
reporting.
The annual report will be published at the company's website
(www.stormrealestate.no) and at Oslo Stock Exchange's news platform
newsweb.no together with the calling notice for the Annual General
Meeting, to be held on 11 May 2017.
The Board has also on 7 April 2017 resolved to propose to the AGM a
share capital increase which will provide net proceeds of
approximately 3 million USD. Reference is made to the stock exchange
notification on 31 March 2017. The Board will propose that the
General Meeting adopts a resolution about a Rights Issue (no:
fortinnsrettsemisjon), and that the Board is authorised to determine
the subscription price within a price interval to be determined by
the General Meeting. The price interval to be proposed will range
from the nominal value of the Company's shares (0.40 NOK) up to the
current market price (5 NOK). The Board expects to determine the
final price in consultation with advisors prior to commencement of
the contemplated Rights Offering to ensure the highest probability
of completion. The Board anticipates that the price price will be in
the lower end of the range.
The Board understand that the largest sharesholders will participate
with minimum its relative share of the holdings.
Further details about the proposed share capital increase,
including information about ex date for participation in the rights
offering, will be determined published in connection with the
calling notice for the Annual General Meeting planned on 11 May
2017, to be sent no later than three weeks before the general
meeting.
For further information, please contact:
Einar Pedersen
Tel: +44 207 409 3369
Email: einar@stormcapital.co.uk
Morten E. Astrup
Tel: +44 777 8888 0000
Email: morten@stormcapital.co.uk