Terms of the rights offering in Norske Skog
Sep 23, 2005. Norske Skog's extraordinary general meeting approved on Thursday the proposed rights offering in connection with the planned acquisition of the remaining 50% share in PanAsia Paper Company. Norske Skog expects to raise a total of approximately NOK 4 billion ($623 million) through this offering.
Sep 23, 2005. /Lesprom Network/. Norske Skog's extraordinary general meeting approved on Thursday the proposed rights offering in connection with the planned acquisition of the remaining 50% share in PanAsia Paper Company. Norske Skog expects to raise a total of approximately NOK 4 billion ($623 million) through this offering.
In a board meeting after the extraordinary general meeting, the details of the rights offering were decided as follows:
- Subscription price: NOK 70 ($10.9) per new share
- Total number of new shares: 56 808 538 shares.
- Total number of shares after the offering: 189.945.626 shares, each with a par value of NOK 10 ($1.6).
- Norske Skog's share capital will subsequently increase by NOK 568 085 380 ($88.5 million) through this offering, and amount to NOK 1 899 456 260 ($296 million) after the offering is completed.
- Existing shareholders as of 22 September (record date) will have a pre-emptive right to participate in the offering.
- Each share held on the record date, will entitle to one transferable right.
- Holders of rights will be entitled to subscribe, at the subscription price for 3 new shares for every 7 rights held.
Norske Skog is a global supplier of publication paper with mills and sales offices on five continents. The core business is newsprint and magazine paper for some of the world's major publishing houses.