NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANYOTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Nel ASA: Commencement of the Subsequent Offering

(Oslo, 5 September 2018) Reference is made to the stock exchange release from Nel ASA (“Nel” or the “Company”) published on 28 June 2018 regarding the successful completion of a private placement of 90,000,000 new shares in the Company (the "Private Placement") and the subsequent repair offering of up to 15,000,000 new shares in the Company (the "Subsequent Offering").

In the Subsequent Offering, the Company will, subject to applicable securities laws, grant rights to subscribe for Offer Shares to shareholders in the Company as of close of trading on 28 June 2018 as registered in the Norwegian Central Securities Dep

ository (the "VPS") on 2 July 2018 (the "Record Date") who were not allocated shares in the Private Placement, and who are not resident  in a jurisdiction where such offering would be unlawful, or would (in jurisdictions other than Norway) require any prospectus filing, registration or similar action (each such eligible shareholder an "Eligible Shareholder", and collectively, "Eligible Shareholders").

The subscription period in the Subsequent Offering commences on 5 September 2018 at 09:00 CET and will end on 18 September 2018 at 16:30 CET (the "Subscription Period"). The subscription price in the Subsequent Offering is NOK 3.12 per Offer Share, which is the equal to the subscription price in the Private Placement.

Eligible Shareholders will be granted 0.01910 Subscription Rights for each share held. Each Subscription Right will give the right to subscribe for one (1) Offer Share. The Subscription Rights will not be tradable or listed on the Oslo Stock Exchange. Oversubscription is permitted. While there can be no assurance of the number of shares that will be available for allocation pursuant to over-subscription, the number of non-eligible shareholders as per the Record Date indicates that the number of shares available for over-subscription is likely higher than normal. Subscription without Subscription Rights will not be permitted.

In order to subscribe for shares, one of the Managers must receive a complete and duly signed subscription form within the end of the Subscription Period. Further instructions regarding the subscription procedure is available in the Prospectus. Subscription Rights not used to subscribe for Offer Shares prior to 16:30 CET on 18 September 2018 will lapse without compensations to the holder and consequently be of no value.

Notifications of allocation in the Subsequent Offering are expected to be issued on or about 19 September 2018. The due date for payment of allocated Offer Shares is 21 September 2018 (the "Payment Due Date"). Delivery of the Offer Shares to investors' VPS accounts is expected to take place on or about 26 September 2018.

A prospectus dated 4 September 2018 (the “Prospectus”) prepared in connection with the Subsequent Offering will be available electronically at www.nelhydrogen.com, https://www.arctic.com/secno and www.carnegie.no, or by contacting Arctic Securities or Carnegie (the "Managers").

Arctic Securities and Carnegie acted as joint bookrunners in the Private Placement and the Subsequent Offering. Advokatfirmaet Schjødt AS acted as Norwegian legal counsel to the Company.

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