11 February, 2015
Itochu Corporation ("Itochu") has retained ABG Sundal
Collier Norge ASA and Carnegie AS as joint
bookrunners (the "Joint Bookrunners") to explore the
opportunity to sell between 1.6m and 2.5m shares in
Scatec Solar ASA ("Scatec Solar" or the "Company")
through an accelerated bookbuilding process
(the "Placing").
The Placing represents up to approx. 2.7 percent of
the outstanding shares in Scatec Solar, and assuming
all shares offered in the Placing are sold, Itochu
will hold 17,768,657 shares in the Company,
equivalent to approx. 18.9 percent of the outstanding
shares. The percentage has been calculated based on
93,816,230 issued shares in Scatec Solar.
Due to, inter alia, the favourable development in the
Scatec Solar share price since the initial public
offering in October 2014 (the "IPO") and Itochu's
stated objective of having a shareholding in the
Company below 20 percent (as further described in the
prospectus for the IPO), the Joint Bookrunners has in
connection the Placing agreed to lift the lock-up
agreement brought onto the shares in Scatec Solar
owned by Itochu subsequent to the IPO. For all shares
owned by Itochu not sold in connection with the
Placing, the nine month lock-up undertaking from the
IPO, expiring on 1 July 2015, will remain in place.
The bookbuilding will commence today at 16.30 CET.
Any sale of shares in Scatec Solar pursuant to the
Placing is subject to approval by Itochu.
Itochu is represented on the Board of Directors in
the Company by Akihiko Nakazono and is subject to the
disclosure requirements of the Norwegian Securities
Trading Act section 4-2.