Schibsted has on 15 and 16 February entered into an agreement with Kaupthing, giving them a right to sell up to 1,439,202 shares for NOK 231.50 per share and coverage of NOK 2.31 in broker’s fee. The right to sell is conditional upon the shareholders being present at the Extraordinary General Meeting on 15 February 2007, and that they voted in favour of the now decided Media Norge merger. The right can be exercised after Stavanger Aftenblad has published their preliminary annual accounts for 2006 and until 1700 CET the following working day. Estimated time for the publication of the accounts is 27 February 2007. There has not been agreed any compensation for the put option.
Prior to the transaction, Schibsted holds 2,368,640 shares in Stavanger Aftenbladet ASA, 32.3% of the shares and votes. If the right to sell is fully exercised, Schibsted will hold 3,807,842 shares, corresponding to 52.0% of the shares and votes. Schibsted is represented at the Board of Directors in Stavanger Aftenblad.
If Schibsted following the exercise of the option owns more than 40% of the shares and votes in Aftenbladet, a mandatory bid obligation will be triggered. Schibsted will then decide whether an offer will be given or if the necessary number of shares will be sold.
Contact persons:
CFO Trond Berger, tel.: +47 91 68 66 95
EVP Schibsted Norway Birger Magnus, tel.: +47 90 03 00 93
CFO Trond Berger, tel.: +47 91 68 66 95
EVP Schibsted Norway Birger Magnus, tel.: +47 90 03 00 93
Oslo, February 16 2007
SCHIBSTED ASA