Noreco sets forth mandatory offer to acquire remaining shares in Altinex

The remaining shareholders of Altinex accepting the mandatory offer will be given an option to choose to receive settlement for their tendered Altinex shares in either cash, or in three different combinations of cash and new shares in Noreco; (i) 10% Noreco shares and 90 % cash, (ii) 20% Noreco shares and 80 % cash and (iii) 100% Noreco shares, however so that the maximum number of new shares in Noreco under the offer shall not exceed 20% of the aggregate consideration payable by Noreco should all Altinex’ shareholders accept the offer. The Noreco shares will be offered on a price per share of NOK 150.

The offer period expires on August 20th 2007. For more details on the mandatory offer, please refer to the Offer Document.