Noreco has acquired all shares from CEO and Chairman of Altinex, now holds 56.08% of the shares
Stavanger, June 21st 2007:
Norwegian Energy Company AS (Noreco) announced today that it has acquired another 13.81% of the shares in Altinex ASA (OSE: ALX), and now holds 56.08% of the total shares outstanding and 42.19% of the voting shares. The shares have been acquired from Topas AS, a company owned 100% by Brian Jepsen, Chairman of the Board of Altinex, and from Second Generation Income AS, a company controlled by the President and CEO of Altinex, Olaf I. Ellingsen. The shares represent 100% of Jepsen’s and Ellingsen’s direct and indirect holding of shares in Altinex, and both have redeemed their share options in Altinex. The shares have been acquired at NOK 22 per share, of which 90% of the purchase price will be paid in cash and the remaining 10% in the form of shares in Noreco based on a price per share in Noreco of NOK 150.
Scott Kerr, CEO of Noreco, stated that the intention is to merge Noreco and Altinex.
Noreco will within the next 4 weeks put forward a mandatory offer for the remaining shares in Altinex at NOK 22 per share, equal to the highest price paid by Noreco for shares in Altinex.