Since 2009, Schibsted Media Group has had an total return swap agreement with SEB Enskilda AS regarding the financial exposure to 17,751,236 shares, equal to 36.3% of the shares. The agreement has been prolonged with four months as of today, 30 May 2011.
The background for the transaction is the fact that Schibsted in June 2009 divested 36.3% of the shares and votes in Polaris Media to meet the condition set by the Norwegian Media Authority to establish Media Norge. As a consequence of the challenging condition in the stock market, Schibsted entered into an agreement implying financial exposure to a similar number of shares. The agreement was approved by the Norwegian Media Authority.
– Schibsted Media Group has worked continuously with different alternatives how to terminate the total return swap, and it is necessary to spend some more time to end this process. On this background we have extended the total return swap with four months. Schibsted has engaged an advisor with a clear mandate, and is working to find a solution reducing our financial exposure rapidly. We are happy to have a constructive dialogue with the Norwegian Media Authority in this matter, CFO Trond Berger says.
Schibsted ASA owns 3,471,716 shares in Polaris Media ASA.
Schibsted is represented in the Board of Directors of Polaris Media.
Contact person:
Trond Berger, CFO. Mobile: +47 916 86 695
Oslo, 30 May 2011
SCHIBSTED ASA
Jo Christian Steigedal
VP Investor Relation