IKM Industri-Invest Employees Buy Noreco Shares

IKM Industri-Invest AS has today sold 564 516 A-shares in Norwegian Energy Company ASA (Noreco).

The shares have been sold to employees of IKM Industri-Invest AS, at a share price of NOK 3.10 per A-share, which equals a price of NOK 0.1 per ordinary share. IKM Industri-Invest is controlled by Ståle Kyllingstad, who is Chairman of the Board in Noreco.

“Employees of IKM Industri-Invest share my belief in the potential in Noreco, and wanted to participate. I believe it is positive for all parties to get the opportunity to use their own money on such an investment,” Kyllingstad says.

After the transaction, IKM Industri-Invest owns 46 972 889 ordinary shares and 31 693 484 A-shares, which equals 22.11 percent of all the voting rights in the company after the private placement is completed, but before the announced subsequent offering.

After the conversion of A-shares to ordinary shares and completed subsequent offering (provided full subscription), the shareholding will be 1 029 470 889, equalling 18.20 percent of the voting rights and share capital of the company.

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act

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Press Release, December 05, 2013