Put option in Stavanger Aftenblad

Schibsted ASA (SCH) , Published 01/03/2007 08:54:56

Schibsted has on 15 and 16 February entered into an agreement with Kaupthing, giving them the right to sell up to 1,439,202 shares (corresponding to 19.7% of the shares and votes) in Stavanger Aftenblad ASA (“Aftenbladet”) for NOK 231.50 per share and coverage of NOK 2.31 in broker’s fee. The option expired on 28 February 2007 1700 CET. Kaupthing’s interest in the agreement was taken over by Montrica Global Opportunities Master Fund (“Montrica”), who owns a total of  1,446,209 shares in Aftenbladet.
Schibsted has on 28 February entered into an agreement with Montrica, giving them the right to sell up to 1,446,209 shares in Aftenbladet to Schibsted for NOK 250 per share. This agreement replaces the first, which expired 28 February at 1700 CET.
According to the new agreement, the right to sell can be exercised from the third business day prior to expiration date and on the expiration date, 1 May 2008. Until 1 April 2008, Schibsted has the opportunity to determine that  the expiration dateshall be 1 May 2009. In this case, the right can be exercised from the third working day prior to the new expiration date and on the new expiration date. In this case the strike price will be NOK 278 per share. If Media Norge is established prior to the date on which the option may be exercised, the right applies for a number of Media Norge shares. The number of shares and the price is calculated based on the exchange ratio in the merger. To fulfil the obligations in the merger plan relating to Schibsted holding a maximum of 50.1% of the shares in Media Norge, Schibsted will need to procure that the sales are sold to a third party.
Schibsted currently holds 2,368,640 shares in Aftenbladet, corresponding to 32.3% of the shares and votes. If the right to sell is fully exercised by Montrica and Media Norge is not established, Schibsted will own a total of  3,819,849 shares, equalling 52.1% of the shares and votes. Schibsted is represented at the Board of Directors in Aftenbladet.

Contact persons:
CFO Trond Berger, tel.: +47 91 68 66 95
EVP Schibsted Norway Birger Magnus, tel.: +47 90 03 00 93
Oslo, 28 March 2007