Extended postponement of Media Norge IPO

Schibsted ASA (SCH) , Published 10/10/2008 08:33:40

  • The IPO of Media Norge is to take place when the future group board finds the conditions suitable, and no later than 7 years after the merger is carried out.
  • The voting power of Schibsted is to be regulated in the period until Schibsted’s sell down. Schibsted will through the two first years be allowed to vote for up to 50.1% and in the following five years for up to 65%.
  • If the IPO of Media Norge and Schibsted’s sell down takes place more than two years after the merger, Schibsted will be allowed to own 65%.
The project board of Media Norge has also discussed Schibsted’s wish to increase its take in Finn.no. The board is prepared to sell and will recommend the future group board of Media Norge to establish a dialogue with Schibsted about selling up to 38% of Finn.no. A potential sale of Finn.no shares must be passed in the future general meeting of Media Norge ASA.
Contact persons:
EVP Norway Birger Magnus, tel: +47 90 03 00 93
CFO Trond Berger, tel: +47 91 68 66 95
Oslo, 10 October 2008
Jo Christian Steigedal
IR Officer