AGM Information • Oct 21, 2022
AGM Information
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NOTICE OF EXTRAORDINARY GENERAL MEETING
DOF ASA 11 November 2022
Det innkalles med dette til elektronisk ekstraordinær generalforsamling i DOF ASA ("Selskapet")
Selskapets aksjekapital er ved innkallingen NOK 316 456 167,00 fordelt på 316 456 167 aksjer hver pålydende NOK 1,-. Hver aksje gir en stemme.
Beslutninger om stemmerett for aksjeeiere og fullmektiger treffes av møteåpner. Beslutning kan omgjøres av generalforsamlingen med alminnelig flertall.
Etter allmennaksjeloven § 5-11 har aksjeeierne rett til å fremsette alternative forslag eller spørsmål til dagsorden. Alternative forslag eller spørsmål skal meldes skriftlig til styret innen syv dager før fristen for innkalling til generalforsamling sammen med et forslag til beslutning eller en begrunnelse for at spørsmålet skal settes på dagsordenen.
En aksjeeier har også rett å kreve at styremedlemmer og daglig leder i generalforsamlingen gir tilgjengelige opplysninger om forhold som kan innvirke på bedømmelsen av (i) saker som er forelagt aksjeeierne til avgjørelse, og (ii) selskapets økonomiske stilling, herunder virksomheten i andre selskaper som selskapet deltar i, og andre saker som generalforsamlingen skal behandle, med mindre de opplysninger som kreves, ikke kan gis uten uforholdsmessig skade for selskapet.
Dersom det i den forbindelse må innhentes opplysninger, skal det utarbeides skriftlig svar innen to uker etter møtet. Svaret skal holdes tilgjengelig for aksjeeierne på selskapets kontor og sendes alle aksjeeiere som har bedt om opplysningen. Dersom svaret må anses å være av vesentlig betydning for bedømmelsen av forhold som nevnt i foregående avsnitt, skal svaret sendes alle aksjeeiere med kjent adresse.
Den ekstraordinære generalforsamlingen vil bli avholdt som et elektronisk møte. Aksjeeiere som ønsker å delta og stemme på den ekstraordinære generalforsamlingen må være registrert med brukerprofil i møteportalen Orgbrain (www.orgbrain.no). Det understrekes at det kun vil være adgang til å delta på generalforsamlingen elektronisk eller ved å avgi fullmakt.
Aksjeeiere som ønsker å delta på generalforsamlingen må sende sin e-postadresse til [email protected] innen påmeldingsfristen som angitt i påmeldingsformularet og videre beskrevet nedenfor, slik at den enkelte aksjeeier kan motta påmeldingslenke og instruksjoner for deltakelse. Aksjeeiere som ikke har sendt sin e-postadresse innen fristen, vil ikke få tilsendt påloggingslink og vil således ikke kunne delta på generalforsamlingen.
Dersom aksjer er registrert i VPS på en forvalter, jf. allmennaksjeloven § 4-10, og den reelle aksjeeieren ønsker å avgi stemmer for sine aksjer, må aksjene før generalforsamlingen registreres på en separat VPSkonto i den reelle aksjeeierens navn.
I medhold av bestemmelsene om forhåndspåmelding i vedtektenes § 7, må de av aksjeeierne som ønsker å delta på generalforsamlingen utfylle og returnere vedlagte påmeldingsformular. Påmelding kan også skje pr. telefon til Andreas Steinbakk-Olsen på telefon +47 47 67 86 29. Oversendelse av e-postadresse må imidlertid gjøres skriftlig til [email protected].
For de av aksjeeierne som vil delta ved fullmektig herunder forhåndsstemme, vedlegges fullmaktsformular. Fullmakten kan gi instruks om stemmegivning for de enkelte punkter på dagsorden. Påmeldings- og fullmaktsformular kan sendes på e-mail [email protected].
Det understrekes at fullmakten må komme inn til Selskapet innen fristen kl. 12.00 den 7. november 2022.
Dokumenter som skal behandles på generalforsamlingen er i samsvar med vedtektenes § 9 gjort tilgjengelig på selskapets hjemmeside http://www.dof.com og sendes følgelig ikke ut sammen med innkallingen. Den enkelte aksjeeier har likevel krav på å få dokumentene kostnadsfritt tilsendt ved henvendelse til selskapet. Aksjeeiere som ønsker saksdokumentene tilsendt, kan henvende seg pr. e-post til [email protected] eller pr. post til DOF ASA, Alfabygget, 5392 Storebø.
Med vennlig hilsen DOF ASA
Hans Olav Lindal Styrets leder
We hereby issue notice of the Extraordinary General Meeting of DOF ASA (the "Company") on
At the date of the notice of the general meeting, the Company's share capital was in total NOK 316,456,167.00 divided into 316,456,167 shares, with a nominal value of NOK 1 each. Each share represents one vote.
Decisions on voting rights for shareholders and representatives are made by the person opening the meeting, whose decision may be reversed by the general meeting through a majority vote.
Pursuant to Section 5-11 of the Public Limited Companies Act, the shareholders have the right to make alternative proposals regarding items on, or questions to, the agenda. Proposals or questions shall be notified to the board of director in writing no later than seven days prior to the time limit for the notice of the general meeting, along with a proposed draft resolution or an explanation as to why the matter should be put on the agenda.
Shareholders are also at the general meeting entitled to demand available information from the Board members and Managing Director, which may have an impact on (i) issues to be decided by the shareholders and (ii) the Company's financial position, including for other companies in which the Company has a participating interest, and other issues to be discussed during the general meeting, unless the information required cannot be provided without disproportionate damage to the Company.
If it is required to obtain the information, a written reply shall be prepared at the latest two weeks after the general meeting. This reply shall be made available to the shareholders at the Company's offices and shall be sent to all shareholders who have requested the information. If the reply must be deemed of significant importance for the judgment of issues mentioned in the preceding paragraph, the reply shall be sent to all shareholders with a known address.
The Extraordinary General Meeting will be held as an electronic meeting. Shareholders who wish to participate and vote at the Extraordinary General Meeting must be registered with a user profile in the meeting portal Orgbrain (www.orgbrain.no). It is emphasised that it will only be possible to attend the Extraordinary General Meeting electronically or by delivering a power of attorney.
Shareholders who wish to attend the Extraordinary General Meeting must send their email address to [email protected] within the deadline for registration as set out in the registration form and below, in order to receive an attendance link and further instructions for participation. Shareholders who do not send their email address to the above email address within the deadline for registration, will not receive an attendance link and will hence not be able to participate in the Extraordinary General Meeting.
If shares are registered through a nominee in the VPS register, cf. Section 4-10 of the Norwegian Public Limited Liability Companies Act, and the beneficial shareholder wishes to vote for his/her shares, then the shares must be reregistered on a separate VPS account in his/her own name prior to the general meeting.
In accordance with the regulations regarding advance registration in article 7 of the Articles of Association, it is requested that all shareholders intending to participate at the general meeting fill in and return the enclosed registration form. Shareholders can also register participation by telephone by calling Andreas Steinbakk-Olsen on telephone: + 47 47 67 86 29. However, the email address for receiving the attendance link must be sent in writing to [email protected].
For those shareholders who intend to participate at the meeting by proxy, a proxy form is enclosed. The proxy may include instructions regarding voting on the individual items on the agenda. Registration forms and proxy forms can be sent to the company by e-mail to [email protected].
It is emphasised that the proxy form must be received by the Company prior to 12:00 hrs. CET on 7 November 2022.
In accordance with article 9 of the Articles of Association, documents to be presented at the general meeting are displayed on the Company's website www.dof.com and are consequently not distributed together with the notice. Nevertheless, each shareholder has the right to have the documents sent to him or her free of charge, upon request to the Company. Shareholders may request the documents from the Company by e-mail to [email protected] or by mail to DOF ASA, Alfabygget, 5392 Storebø, Norway.
Yours sincerely, DOF ASA
Hans Olav Lindal Chairman of the Board
Til: DOF ASA
Att.: Andreas Steinbakk-Olsen
Undertegnede aksjonær i DOF ASA...............................................................................................bekrefter min/vår deltakelse i selskapets ekstraordinære generalforsamling som vil bli avholdt elektronisk via Orgbrain den 11. november 2022 kl. 12:00. E-postadressen som skal benyttes til oversendelse av påmeldingslenke til generalforsamlingen er (med tydelig skrift) ………………………………………………………………………………... Undertegnede aksjonær i DOF ASA er kjent med at manglende eller mangelfulle opplysninger om e-postadresse vil medføre at undertegnede ikke vil kunne delta på generalforsamlingen selv om påmeldingsskjema er sendt til Selskapet.
Undertegnede aksjonær i DOF ASA, ___________________________________________gir med dette, (sett kryss)
styrets leder Hans Olav Lindal, eller den han bemyndiger, eller
___________________________________________ (skriv navn med blokkbokstaver).
fullmakt til å delta og avgi stemme på mine/våre vegne i selskapets ekstraordinære generalforsamling den 11. november 2022. Samtidig instruerer jeg/vi fullmektigen om å stemme som angitt nedenfor for de enkelte punkter på dagsorden. Merk at dersom det ikke er krysset av i rubrikkene nedenfor, vil dette anses som en instruks om å stemme "for" forslagene i innkallingen, likevel slik at fullmektigen avgjør stemmegivningen i den grad det blir fremmet forslag i tillegg til, til erstatning for, eller som endring av forslagene i innkallingen.
| Sak | Dagsorden ekstraordinær generalforsamling den 11. november 2022 | For | Mot | Avstår |
|---|---|---|---|---|
| 1. | Valg av møteleder. | |||
| 2. | Valg av en person til å medundertegne generalforsamlingsprotokollen. | |||
| 3. | Godkjennelse av innkalling og dagsorden. | |||
| 4. | Bakgrunn og en presentasjon av selskapets økonomiske stilling og gjeldsbetjeningsevne. |
|||
| 5. | Betinget kapitalnedsettelse. | |||
| 6. | Opprettelse av en ny aksjeklasse. | |||
| 7. | Kapitalforhøyelse ved gjeldskonvertering. | |||
| 8. | Kapitalforhøyelse ved utstedelse av nye aksjer mot tingsinnskudd. | |||
| 9. | Aksjespleis. | |||
| 10. | Valg av styremedlemmer. | |||
| 11. | Forslag fra aksjeeiere om uavhengig granskning |
___________ __________ _____________________________ Dato Sted Aksjeeierens underskrift
Dersom aksjeeieren er et selskap, eller annen juridisk enhet, skal dokumentasjon i form av firmaattest, og eventuelt fullmakt, vedlegges fullmakten.
To: DOF ASA Att.: Andreas Steinbakk-Olsen
I/we, the undersigned shareholder(s) in DOF ASA ............................................................................................. confirm my/our attendance at the company's extraordinary general meeting to be held electronically by Orgbrain on 11 November, 2022 at 12.00 hrs. The email addressto be used for the purpose of receiving an attendance link to the Extraordinary General Meeting, is (in clear writing): ……………………………………………………………………. I/we, the undersigned shareholder in DOF ASA, accept and acknowledge that incomplete information regarding the email address will imply that the undersigned cannot attend the Extraordinary General Meeting even though the registration form has been sent to the company. If the shareholder is a legal entity, please attach documentation in the form of certificate of registration, or separate power of attorney, if applicable, to this power of attorney.
The undersigned shareholder of DOF ASA, ___________________________________________ hereby authorises, (tick one box)
the chairman of the board of directors Hans Olav Lindal, or the person he appoints , or
to participate at the extraordinary general meeting to be held electronically on 11 November, 2022 and vote on my/our behalf at the meeting. At the same time, I/we hereby instruct my representative to vote as set out below in respect of the individual items on the agenda. Please note that if the alternatives below are not ticked off, this will be deemed to be an instruction to vote "in favour" of the proposals in the notice, provided, however, that the proxy holder determines the voting to the extent proposals are put forward in addition to, instead of, or as adjustments to the proposals in the notice.
| Matter | Agenda Extraordinary General Meeting on 11 November 2022 | For | Against | Waiver |
|---|---|---|---|---|
| 1. | Election of a person to chair the meeting. | |||
| 2. | Election of a person to co-sign the minutes of the general meeting. | |||
| 3. | Approval of notice and agenda. | |||
| 4. | Background and presentation of the financial status of the Company as well as its ability to service debt. |
|||
| 5. | Conditional share capital decrease. | |||
| 6. | Creation of a new share class. | |||
| 7. | Share capital increase by conversion of debt. | |||
| 8. | Share capital increase by issuance of shares against contribution in kind. | |||
| 9. | Consolidation of shares. | |||
| 10. | Election of members to the board of directors. | |||
| 11. | Proposal from a shareholder regarding an independent investigation |
___________ __________ ____________________________ Date Place Shareholder's signature
If the shareholder is a legal entity, please attach documentation in the form of certificate of registration, or separate power of attorney, if applicable, to this power of attorney.
Styret foreslår at Hans Olav Lindal velges som møteleder.
Styret foreslår at Hilde Drønen velges til å medundertegne protokollen sammen med møtelederen.
Styret foreslår at generalforsamlingen treffer følgende vedtak:
Innkalling og dagsorden godkjennes.
Det vises til Selskapets børsmeldinger den 22. juni 2022 og 13. oktober 2022 vedrørende den planlagte finansielle restruktureringen ("Restruktureringen") av Selskapet og dets datterselskaper. Som beskrevet i børsmeldingene, er Restruktureringen regulert i en restruktureringsavtale mellom Selskapet og Selskapets finansielle kreditorer ("Restruktureringsavtalen").
Restruktureringen er også forklart i presentasjonen inntatt som Vedlegg 3 til denne innkallingen. Det vil på generalforsamlingen også bli gitt en redegjørelse for bakgrunnen for Restruktureringen og en presentasjon av selskapets økonomiske stilling og gjeldsbetjeningsevne.
Vedtakene som foreslås for generalforsamlingen i denne innkallingen er nødvendige for å gjennomføre Restruktureringen. I generalforsamlingen vil det derfor bli lagt opp til en samlet votering av forslagene i punkt 5 til punkt 9.
For å etablere en pålydende verdi per aksje i Selskapet som muliggjør kapitalforhøyelsene foreslått under punkt 7 og 8 nedenfor, foreslår styret at generalforsamlingen fatter følgende vedtak om å nedsette Selskapets aksjekapital:
Selskapets siste fastsatte årsregnskap med revisjonsberetning er utlagt på Selskapets kontor og hjemmeside til gjennomsyn. Bekreftelse på dekning for bundet egenkapital etter kapitalnedsettelsen er inntatt som Vedlegg 8.
I henhold til Restruktureringsavtalen skal Selskapet i tillegg til ordinære aksjer utstede aksjer i en ny aksjeklasse til sine kreditorer i forbindelse med Restruktureringen, som nærmere beskrevet i punkt 7 og 8 nedenfor ("B-aksjer"). B-aksjene vil ha de samme rettighetene som Selskapets eksisterende aksjer ("Ordinære Aksjer"), bortsett fra at B-aksjene ikke kan omsettes, selges, pantsettes eller på annen måte avhendes annet enn som en del av et Strukturert Salg (som definert i vedtektene inntatt som Vedlegg 4).
B-aksjer som selges i annenhåndsmarkedet som en del av et Strukturert Salg skal automatisk konverteres til Ordinære Aksjer basert på et 1:1 bytteforhold på det seneste tidspunktet av (i) gjennomføringen av det Strukturerte Salget eller (ii) dersom nødvendig, publiseringen av noteringsprospektet for notering av de aktuelle nye Ordinære Aksjene på Oslo Børs.
Dersom ett eller flere Strukturerte Salg som samlet omfatter minst 6 % av B-aksjene (etter registering av alle vedtak i generalforsamlingen) har funnet sted før 31. mars 2023, skal resterende B-aksjer konverteres til Ordinære Aksjer basert på et 1:1 bytteforhold på det seneste tidspunktet av (i) 1. juli 2023 eller (ii) dersom nødvendig, publiseringen av noteringsprospektet for notering av de aktuelle nye Ordinære Aksjene på Oslo Børs, men i ingen tilfeller senere enn 14. juli 2023.
Dersom ett eller flere Strukturerte Salg som samlet omfatter minst 6 % av B-aksjene (etter registrering av alle vedtak i generalforsamlingen) ikke har funnet
sted før 31. mars 2023, skal alle B-aksjene automatisk konverteres til Ordinære Aksjer basert på et 1:1 bytteforhold på det seneste tidspunktet av (i) 1. april 2023 eller (ii) dersom nødvendig, publiseringen av noteringsprospektet for notering av de aktuelle nye Ordinære Aksjene på Oslo Børs, men i ingen tilfeller senere enn 14. april 2023.
Hvor et prospekt er påkrevd for notering av Ordinære Aksjer på Oslo Børs, skal Selskapet gjøres sitt beste for at prospektet utarbeides og godkjennes så raskt som mulig.
Ovennevnte prinsipper er nedfelt i utkastet til nye vedtekter inntatt som Vedlegg 4. Styret foreslår på denne bakgrunnen at generalforsamlingen treffer følgende vedtak:
Vedtektene inntatt som Vedlegg 4 skal gjelde fra, og være betinget av registreringen av kapitalforhøyelsene i punkt 7 og 8 i Foretaksregisteret.
I henhold til Restruktureringsavtalen skal en samlet gjeld på NOK 804 066 714 (omregnet fra USD den 7. oktober 2022 basert på en USD/NOK vekslingskurs på 10,41 (avrundet)), hvor Selskapet er debitor ("DOF Fordringene") gjøres opp ved utstedelse av 122 613 688 nye Ordinære Aksjer og 613 068 443 nye Baksjer. DOF Fordringene er nærmere beskrevet i den uavhengige sakkyndige redegjørelsen, inntatt som Vedlegg 6.
På bakgrunn av dette foreslår styret at generalforsamlingen fatter følgende vedtak om å forhøye Selskapets aksjekapital:
Selskapets siste fastsatte årsregnskap med revisjonsberetning er utlagt på Selskapets kontor og hjemmeside til gjennomsyn.
Flere av Selskapets datterselskaper har gjeld til kreditorer som de ikke er i stand til å tilbakebetale. Deler av denne gjelden ("Datterselskapsgjelden") skal derfor gjøres opp ved at kravene overføres til Selskapet som tingsinnskudd. Datterselskapsgjelden er nærmere beskrevet i den uavhengige sakkyndige redegjørelsen, inntatt som Vedlegg 6.Verdien av Datterselskapsgjelden er verdsatt til NOK 3 183 625 820 (omregnet fra USD den 7. oktober 2022 basert på en USD/NOK vekslingskurs på 10,41 (avrundet)). Som oppgjør for Datterselskapsgjelden skal Selskapet utstede 1 143 711 095 nye Ordinære Aksjer og 5 716 055 557 nye B-aksjer.
På bakgrunn av dette foreslår styret at generalforsamlingen fatter følgende vedtak om å forhøye Selskapets aksjekapital:
(i) Aksjekapitalen forhøyes med NOK 342 988 332,60, ved utstedelse av 1 143 711 095 nye Ordinære Aksjer og 5 716 055 557 nye B-aksjer hver pålydende NOK 0,05.
Selskapets siste fastsatte årsregnskap med revisjonsberetning er utlagt på Selskapets kontor og hjemmeside til gjennomsyn.
For å etablere en kurs per aksje i Selskapet på et mer akseptabelt nivå (herunder oppfylle Oslo Børs sitt krav i Oslo Regelbok II punkt 4.1 om en minstekurs på NOK 1 per aksje), foreslår styret at det også gjennomføres en aksjespleis i forholdet 50:1 (dvs. at 50 aksjer gir 1 ny aksje i Selskapet).
På bakgrunn av dette foreslår styret at generalforsamlingen fatter følgende vedtak om å spleise Selskapets aksjer:
Samtlige nåværende styremedlemmer har gitt beskjed om at de fratrer som styremedlemmer fra det tidspunktet prospektet for noteringen av de Ordinære Aksjene som utstedes under punkt 7 og 8 er publisert. Valgkomiteen har i sin innstilling til generalforsamlingen foreslått at Svein Harald Øygard, Harald Thorstein, Christine Morris, Daniela Davila og Harry Knox velges inn som nye medlemmer fra og med nevnte tidspunkt, og frem til ordinær generalforsamling i 2023. Valg av nye styremedlemmer er betinget av at vedtakene inntatt under punkt 5-9 er vedtatt. Med bakgrunn i Restruktureringsavtalen stemmes det over et samlet nytt styre, og ikke over hvert enkelt kandidatur.
Valgkomiteen foreslår på denne bakgrunn at generalforsamlingen treffer følgende vedtak:
Samtlige styremedlemmer velges med virkning fra det tidspunktet prospektet for noteringen av de Ordinære Aksjene som utstedes under punkt 7 og 8 er publisert og med varighet til den ordinære generalforsamlingen i 2023. For mer informasjon vises det til valgkomiteens innstilling, tilgjengelig på Selskapets nettside www.dof.com.
Aksjeeier Bjarte Brønmo sammen med aksjeeiere Bjørn Herness, Tore Dahl, Raymond Olsen, Troy Wigestrand og Georg Bjørnestad har fremsatt følgende forslag til vedtak:
Forslag om ekstern uavhengig gransking av verdsetting av selskapets eiendeler (iht. allmennaksjelovens § 5-25).
* * *
The board of directors proposes that Hans Olav Lindal is elected to chair the meeting.
The board of directors proposes that Hilde Drønen is elected to co-sign the minutes together with the chair of the meeting.
The board of directors proposes that the general meeting passes the following resolution:
The notice and the agenda are approved.
Reference is made to the stock exchange announcements made on 22 June 2022 and 13 October 2022, regarding the contemplated financial restructuring (the "Restructuring") of the Company and its subsidiaries. As set out in the announcements, the Restructuring is described in a restructuring agreement between the Company and its creditors (the "Restructuring Agreement").
The Restructuring is also explained in the presentation attached as Appendix 3 to this notice. A presentation of the background for the Restructuring as well as the financial status of the Company and its ability to service debt will also be given at the general meeting.
The proposed resolutions to be passed by the general meeting in this notice are required in order to implement the Restructuring. It will thus be proposed that items 5 to 9 are voted over jointly at the general meeting.
In order to obtain a nominal value per share in the Company enabling the share capital increases proposed under items 7 and 8 below, the board of directors proposes that the general meeting adopts the following resolution to decrease the Company's share capital:
The Company's latest annual report including the financial statements and the auditor's report are available for review at the Company's webpage and office. Confirmation of coverage of restricted equity after the capital decrease is set out in Appendix 8.
Pursuant to the Restructuring Agreement, the Company shall in addition to ordinary shares issue shares in a new share class ("B-shares") to its creditors in connection with the Restructuring as further described in items 7 and 8 below. The B-shares will have the same rights as the Company's existing shares (the "Ordinary Shares"), except that the B-shares may not be traded, sold, pledged or otherwise disposed of other than as part of a Structured Sale (as defined in the articles of association attached hereto as Appendix 4).
If B-shares are sold in the secondary market as part of a Structured Sale, the B-shares being sold shall automatically be converted into Ordinary Shares in a ratio of 1:1 at the later of (i) the date of completion of the Structured Sale or (ii) if required, the date that the prospectus required to list the relevant new Ordinary Shares on Oslo Børs is published.
If one or more Structured Sales comprising in total at least 6% of the B-shares (after registration of all resolutions of this general meeting) have been completed on or before 31 March 2023, the remaining B-shares shall automatically be converted to Ordinary Shares in an exchange ratio of 1:1 at the later of (i) 1 July 2023, or (ii) if required, the date that the prospectus required to list the new Ordinary Shares on Oslo Børs is published, however no later than 14 July 2023.
If one or more Structured Sales comprising in total at least 6% of the B-shares (after registration of all resolutions of this general meeting) not have been completed on or before 31 March 2023, all of the B-shares shall automatically be converted to Ordinary Shares in an exchange ratio of 1:1 at the later of (i) 1 April 2023, or (ii) if required the date that the prospectus required to list the new Ordinary Shares on Oslo Børs is published, however no later than 14 April 2023.
Where a prospectus is required to list the Ordinary Shares on the Oslo Stock Exchange, the Company shall do its best to ensure that the prospectus is prepared and approved as soon as possible.
The above principles are reflected in the drafted new articles of associations included as Appendix 4. On this basis, the board of directors proposes that the general meeting passes the following resolution:
The articles of association attached hereto as Appendix 4 shall be effective from, and conditional upon, the registration of the share capital increases in items 7 and 8 in the Norwegian Register of Business Enterprises.
Pursuant to the Restructuring Agreement, a combined debt of NOK 804,066,714 (converted from USD on 7 October based on a USD/NOK exchange rate of 10.41 (rounded)), for which the Company is the debtor (the "DOF Receivables"), shall be settled by the issuance of 122,613,688 new Ordinary Shares and 613,068,443 new B-shares. The DOF Receivables are described in the independent expert report attached hereto as Appendix 6.
On this basis, the board of directors proposes that the general meeting passes the following resolution to increase the Company's share capital:
The Company's latest annual report including the financial statements and the auditor's report are available for review at the Company's webpage and office.
Several of the Company's subsidiaries have debt to creditors which they are unable to repay. Parts of this debt (the "Subsidiary Debt") shall therefore be settled by way of transferring the receivables to the Company as contribution in kind. The Subsidiary Debt is described in the independent expert report attached hereto as Appendix 6. The Subsidiary Debt is valued at NOK 3,183,625,820 (converted from USD 7 October based on a USD/NOK exchange rate of 10.41 (rounded)). As settlement for the Subsidiary Debt, the Company shall issue 1,143,711,095 new Ordinary Shares and 5,716,055,557 new B-shares.
On this basis, the board of directors proposes that the general meeting passes the following resolution to increase the Company's share capital:
The Company's latest annual report including the financial statements and the auditor's report are available for review at the Company's webpage and office.
In order to obtain a more acceptable trading price for the shares (including satisfaction of the Oslo Børs' requirement in Oslo Rule Book II item 4.1 regarding a minimum market value per share of NOK 1 per share), the board proposes that a share split be carried out in the ratio 50:1 (i.e. that 50 shares give 1 new share in the Company).
On this basis, the board of directors proposes that the general meeting passes the following resolution to consolidate the shares in the Company:
(i) The shares in the Company are combined in the ratio 50:1, by way of increase of the shares' nominal value from NOK 0.05 to NOK 2.50, and a reduction in the number of shares from 7,911,904,950 to 158,238,099. Following the consolidation of the shares, there will be 158,238,099 shares in the Company, divided into 31,655,619 Ordinary Shares and 126,582,480 B-shares, each with a nominal value of NOK 2.50. Shares held by shareholders on the third trading day after the capital increases in section 7 and 8 have been registered in the Norwegian Register of Business Enterprises, as registered in the Company's shareholders' register with the Norwegian Central Depositary (VPS) two trading days thereafter (record date), will be consolidated.
All current board members have given notice that they will resign as board members from the time the listing prospectus for the Ordinary Shares issued pursuant to items 7 and 8 is published. The nomination committee has recommended to the general meeting that Svein Harald Øygard, Harald Thorstein, Christine Morris, Daniela Davila and Harry Knox are elected as new board members from the abovementioned time, until the ordinary general meeting in 2023. Election of the new board members is conditional upon approval of the resolutions set forth in items 5-9. Pursuant to the Restructuring Agreement, the vote is for the entire new board composition, and not for each proposed candidate.
Accordingly, the nomination committee proposes that the general meeting adopts the following resolution:
All board members are elected from the time the listing prospectus for the Ordinary Shares issued pursuant to items 7 and 8 is published and until the ordinary general meeting in 2023. For more information, reference is made to the nomination committee's recommendation, available at the Company's website www.dof.com.
Shareholder Bjarte Brønmo has, together with Bjørn Herness, Tore Dahl, Raymond Olsen, Troy Wigestrand and Georg Bjørnestad (who also are shareholders) put forward the following proposed resolution:
Proposed independent investigation of the valuation of the Company's assets (pursuant to section 5-25 of the Public Limited Companies Act).
* * *
DOF ASA
1) Per juni 2022: USD / NOK 10,4127 (Gjennomsnittet av 20 arbeidsdager fra og med 7. oktober 2022)
2) En omfattende finansiell restrukturering i samsvar med en avtale ("Restructuring Agreement"), som ble annonsert 22. juni 2022
▪ Å holde DOF-konsernet samlet, er den beste løsning for å beskytte verdier
▪ Å sikre en tilstrekkelig horisont til at DOF kan fokusere på drift og forbedre sin markedsposisjon
▪ Likebehandling av alle aksjonærer i DOF ASA
1) Valutakurser: USD / NOK 10.4127 (Gjennomsnittet av 20 arbeidsdager fra og med 7-Oct-22)
2) Ekskluderer NOK 0.2mrd kontanter og kontantfrie vederlag, ekskluderer også ROV forpliktelser
| Etter Restruktureringen 1) | Etter Restruktureringen Q2-22 Megleranslag 2) Gjeld (NOK mrd) |
(NOK mrd) | LTV | LTM Q2-22 EBITDA (NOKm) |
Implisitt Gjeld / EBITDA 3) |
|---|---|---|---|---|---|
| DOF Subsea Pantegjeld | 7,1 | 9,3 | 76% | ||
| DOF Subsea Obligasjoner 4) | 0,7 | ٠ | |||
| DOF Subsea eksl. DOFCON | 7,8 | 9,3 | 83% | 1,4 | 5,7x |
| DOFCON JV | 4,2 | 6,6 | 63% | 1.1 | 3,9x |
| Total DOF Subsea | 12,0 | 16,0 | 75% | 2,4 | 4,9x |
| DOF Rederi | 1,5 | 2,3 | 69% | 0,3 | 5.8x |
| DOF ASA | 0,3 | 0,4 | 62% | ||
| Total Supply eksl. Norskan | 1,8 | 2,7 | 68% | 0,3 | 6,8x |
| Norskan 5) | 5,4 | 5,0 | 110% | 0,4 | 12,7x |
| Total | 19,2 | 23,6 | 81% | 3,1 | 6,1x |
| Kontantbeholdning 6) | 2,0 | ||||
| Netto Gjeld | 17,2 |
1) Ekskludert ROV forpliktelser
2) Megleranslag per 31 Mars 2022
Ny finansiering frem til 2026(7) . De økonomiske vilkårene er bedre enn i eksisterende finansiering
1) A comprehensive financial restructuring in accordance with an agreement (the "Restructuring Agreement"), the execution of which was announced on 22 June 2022
2) As of Jun-22; and updated with agreed FX rates of USD / NOK 10.4127 (20 business day average as of 7-Oct-22)
▪ Keeping the DOF Group as one group to protect the values
▪ Ensuring sufficient runway for the Group to focus on operations and improve the market position
▪ Equal treatment of all shareholders in DOF ASA
1) Updated with agreed FX Rates: USD / NOK 10.4127 (average as of 7-Oct-22)
2) Excludes NOK 0.2bn cash and non-cash settlements and excluding ROV liabilities
| Post-Transaction1) | Post-Transaction Debt (NOKbn) |
Value2) Q2-22 Broker (NOKbn) |
LTV | Q2-22 LTM EBITDA (NOKm) |
Implied EBITDA3) / Debt |
|---|---|---|---|---|---|
| DOF Subsea Secured Debt |
7.1 | 9.3 | 76% | ||
| Bonds4) DOF Subsea |
0.7 | - | |||
| DOF Subsea ex DOFCON |
7.8 | 9.3 | 83% | 1.4 | 5.7x |
| DOFCON JV |
4.2 | 6.6 | 63% | 1.1 | 3.9x |
| Total DOF Subsea |
12.0 | 16.0 | 75% | 2.4 | 4.9x |
| DOF Rederi |
1.5 | 2.3 | 69% | 0.3 | 5.8x |
| DOF ASA |
0.3 | 0.4 | 62% | ||
| Supply Total ex Norskan |
1.8 | 2.7 | 68% | 0.3 | 6.8x |
| Norskan5) | 5.4 | 5.0 | 110% | 0.4 | 12.7x |
| Total | 19.2 | 23.6 | 81% | 3.1 | 6.1x |
| Balance6) Cash |
2.0 | ||||
| Net Debt |
17.2 |
1) Excluding ROV liabilities
New financing applicable until 2026(7). The associated soft economic terms are more favourable than the current financing
▪ The Board and management of the DOF Group firmly believe that the shareholders will obtain the best recovery by supporting the Restructuring at the Extraordinary General Meeting
▪ 1) for further information please see press release on 13 October 2022
§ 1
Selskapets navn er DOF ASA. Selskapet er et allmennaksjeselskap.
§ 2
Selskapets formål er å drive handels- og sjøfartsvirksomhet, og annen offshorerelatert virksomhet, herunder deltagelse i andre selskaper med samme eller lignende formål. Selskapets aksjer skal registreres i Verdipapirsentralen.
§ 3
Selskapet har sitt forretningskontor i Austevoll kommune.
Selskapets aksjekapital er NOK [395 595 247,5], fordelt på [31 655 619] Ordinære Aksjer og [126 582 480] B-Aksjer, hver pålydende NOK [2,50] [Kommentar: Tall reflekterer at aksjespleis også er gjennomført].
B-Aksjene vil ha de samme rettighetene som de Ordinære Aksjene, herunder stemmerett, bortsett fra at B-Aksjene (med mindre annet er bestemt nedenfor) ikke kan omsettes, selges, pantsettes eller på annen måte avhendes annet enn (i) som en del av et strukturert salg av Baksjer i annenhåndsmarkedet organisert og koordinert av de(n) strategiske kapitalmarkedsrådgiveren(e) utnevnt av selskapet for dette formålet (et "Strukturert Salg") eller (ii) som en del av et påfølgende salg fra innehavere av B-Aksjer som ikke var invitert til å delta i et Strukturert Salg, hvor påfølgende salg arrangeres av de(n) strategiske kapitalmarkedsrådgiveren(e) for å sørge for at aksjeeierne som ikke var invitert til å delta i det Strukturerte Salget får mulighet til å selge sin pro rata andel av B-Aksjene som selges i det Strukturerte Salget til selgerne i et slikt Strukturert Salg. Et Strukturert Salg av B-aksjer skal ikke tillates med mindre hver innehaver av B-Aksjer tilbys å selge et antall av sine B-aksjer tilsvarende deres pro rata andel av B-aksjene solgt i det Strukturerte Salget (til samme pris som avtalt i salget), enten direkte i det Strukturerte Salget eller i et påfølgende salg (til innehaverne av B-aksjer som deltok i det Strukturerte Salget) som skal finne sted senest 2 uker etter det Strukturerte Salget.
B-Aksjene skal konverteres til Ordinære Aksjer som følger:
B-Aksjer som selges som en del av et Strukturert Salg skal automatisk konverteres til Ordinære Aksjer basert på et 1:1 bytteforhold på det seneste tidspunktet av (i) datoen for gjennomføring av det Strukturerte Salget (dvs. oppgjørsdato for aksjesalget) eller (ii) dersom nødvendig, publiseringen av noteringsprospektet for notering av de relevante nye Ordinære Aksjene på Oslo Børs.
Selskapets aksjer skal være registrert i et verdipapirregister (Verdipapirsentralen (VPS)).
§ 5
Selskapets styre består av 4 – 7 medlemmer etter generalforsamlingens nærmere beslutning. Styrets formann velges av generalforsamlingen.
Styrets formann alene eller to styremedlemmer i fellesskap skal ha selskapets signatur. Styret kan ansette forretningsfører og meddele prokura.
Selskapet skal ha en valgkomite som avgir innstilling i forbindelse med valg av styremedlemmer. Valgkomiteen skal bestå av 3 medlemmer som velges av generalforsamlingen med en tjenestetid på to år.
§ 6
Den ordinære generalforsamling skal behandle og avgjøre følgende saker:
§ 7
Aksjonær som ønsker å delta i generalforsamling i selskapet, skal melde seg, skriftlig eller muntlig, hos selskapet innen den frist som fastsettes i innkallingen, og som ikke skal utløpe tidligere enn 5 dager før generalforsamlingen. Har aksjonær ikke meldt seg i rett tid, kan han nektes adgang. Innkalling til generalforsamling skal utsendes senest to uker før generalforsamlingens avholdelse.
§ 8
Forøvrig henvises til enhver tid gjeldende lovgivning for allmennaksjeselskaper.
§ 9
Elektronisk publisering av dokumenter.
Dokumenter som gjelder saker som skal behandles på generalforsamlingen, behøver ikke sendes til aksjeeierne dersom dokumentene er tilgjengelig på selskapets internettside. Dette gjelder også dokumenter som etter lov skal inntas i eller vedlegges innkallingen til generalforsamling. En aksjeeier kan likevel kreve å få tilsendt dokumenter som gjelder saker som skal behandles på generalforsamlingen.
* * *
Last revision [] 2022
The company's name is DOF ASA. The company is a public limited liability company.
The object of the company is to engage in trading and shipping business and other offshore related activity, including participation in other companies with the same or similar objects.
The company's shares shall be registered in the Norwegian Central Securities Depository.
The company's registered office is in the municipality of Austevoll.
The company's share capital is NOK [395,595,247.5], divided into [31,655,619] Ordinary Shares and [126,582,480] B Shares, each with a nominal value of [NOK 2.50]. [Comment: The numbers reflect that also the share conversion has been completed.]
The B Shares shall have the same rights as the Ordinary Shares, including voting rights, except that the B Shares unless otherwise provided for below may not be traded, sold, pledged or otherwise disposed of other than (i) as part of a structured secondary sale of B Shares organized and coordinated by the strategic capital markets advisor(s) appointed by the company for this purpose (a "Structured Sale") or (ii) as part of a subsequent sale by holders of B Shares not invited to participate in a Structured Sale, which subsequent sale is arranged by the strategic capital market advisor(s) in order to ensure that the shareholders not invited to participate in the Structured Sale are enabled to sell their pro rata portion of the B shares sold in the Structured Sale to the sellers in such Structured Sale. No Structured Sale of B Shares shall be permitted unless each holder of B Shares is offered to sell a number of its B Shares equal to its pro rata portion of the B Shares sold in the Structured sale (at the same price as agreed therein), either directly in the Structured Sale or in a subsequent sale (to the holders of B Shares that participated in the Structured Sale) taking place no later than two weeks after the Structured Sale.
B Shares shall be converted into Ordinary Shares as follows:
The company's shares shall be registered in a securities register (the Norwegian Central Securities Depository (VPS)).
Article 5
The company's board of directors consists of 4 –7 members, the precise number to be decided by the general meeting. The chairman of the board of directors is elected by the general meeting.
The chairman of the board of directors alone or two directors jointly may sign for the company. The board of directors may appoint a general manager and grant him/her power of procuration.
The Company shall have an Election Committee which shall make proposals for election of Board Members to the General Meeting of Shareholders. The Election Committee shall consist of 3 members, who shall be elected by the General Meeting of Shareholders with a service period of 2 years.
The following is the business of the ordinary general meeting:
Shareholders who wish to attend the company's general meeting shall notify the company in writing or verbally within the deadline stipulated in the notice of meeting, which deadline may not expire earlier than 5 days prior to the general meeting. If a shareholder has not given notice of attendance within the deadline, he/she may be denied access to the meeting. Notice of the general meeting must be sent at the latest two weeks prior to the general meeting being held.
The legislation concerning public limited liability companies in force from time to time shall otherwise be applicable.
Electronic publication of documents.
It is not necessary to send documents which apply to items to be discussed by the general meeting by post to the shareholders provided the documents are made available on the company's web site. The same applies to documents which legally are to be included in or enclosed with the notice of the general meeting. However, shareholders have the right to demand receipt by post of documents relating to issues to be discussed during the general meeting.
*****
| Navn på tegner / Subscriber name | Adresse / Subscriber address |
|---|---|
| ABN AMRO Effecten Compagnie B.V. | Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands |
| BNP Paribas | 9 rue du Débarcadère, 93500 Pantin, France |
| Cross Ocean AGG II S.à r.l. (acting for and on behalf of its Compartment 12) |
c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
| Cross Ocean ESS III S.À R.L. | c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
| Cross Ocean ESS IV S.à r.l. | c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
| Cross Ocean GCDF I S.À R.L. | c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
| Cross Ocean Global SIF (A) S.à r.l. | c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
| Cross Ocean Global SIF (H) S.à r.l. | c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
| Cross Ocean GSS LUX Holdings S.à r.l. | c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
| Deutsche Bank AG | Taunusanlage 12, 60325 Frankfurt am Main, Germany |
| DNB Bank ASA | Dronning Eufemias gate 30, 0191 Oslo, Norway |
| Eksportfinansiering Norge | Støperigata 1, 0250 Oslo, Norway |
| SpareBank 1 SR-Bank ASA | Christen Tranes Gate 35, 4007 Stavanger, Norway |
| Sparebanken Vest | Jonsvollsgaten 2, 5011 Bergen, Norway |
To the General Meeting of DOF ASA
At the request of the Board of Directors we, as independent experts, issue this statement in compliance with The Public Limited Liability Companies Act section 10-2, refer section 2-6.
The increase in capital is a part of and a step in the ongoing restructuring of the DOF ASA group ("the Restructuring"). The restructuring is further agreed in the Restructuring Agreement for the DOF Group dated 22 June 2022 ("the Restructuring Agreement") between DOF ASA ("the Company"), its subsidiaries, Iceman AS, the senior finance parties and restricted bondholders ("the Parties").
The Board of Directors' responsibility for the statement
The Board of Directors is responsible for the valuations that form the basis for the consideration.
Our responsibility is to prepare a statement relating to the General Meeting's decision to allow specific creditors to convert debt against consideration in DOF shares, and express an opinion that the value of the debt to be converted, is at least equivalent to the agreed consideration. Our statement also relates to the increase in share capital with a consideration in other than cash by the investors against consideration in DOF ASA shares, and express an opinion that the value of the assets the Company shall take over as the increase in share capital is at least equivalent to the agreed consideration.
The statement consists of two parts. The first part is a presentation of information in compliance with the requirements in The Public Limited Liability Companies Act section 10-2, refer section 2-6 first subsection No 1- 4, and a description of the debt to be converted and the receivables to be taken over. The second part is our opinion regarding whether the debt to be converted and the receivables the Company shall take over have a value which is at least equivalent to the agreed consideration.
The debt to be converted and the receivables the Company shall take over in connection with the increase in share capital, are disclosed in the proposal from the Board of Directors to the General Meeting regarding the increase in share capital dated 19 October 2022. The debt and receivables have occurred through the group's shipping business and are mainly related to financing the acquisition and operation of ships, and administration, and include the following:
Part of the group's debt is to be settled through creditors receiving new shares in the Company as consideration. This applies to both the debt of the Company, where the increase in share capital will occur by conversion of debt ("the Debt"), and for the group entities' debt, that will be settled through issuance of new shares in the Company by transferring the applicable receivables ("the Receivables") to the Company as a contribution in kind. This statement relates to both the conversion of the Company's debt and the contribution in kind.
PricewaterhouseCoopers AS, Sandviksbodene 2A, Postboks 3984 - Sandviken, NO-5835 Bergen T: 02316, org. no.: 987 009 713 MVA, www.pwc.no Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
At the date of this statement the Debt amounts to NOK 804 066 714, of which NOK 407 966 820 is calculated from debt, nominal value USD 39 179 659. The nominal value of the Receivables is NOK 5 372 803 636, of which NOK 1 816 369 997 is calculated from debt, nominal value USD 174 437 611. The calculation has been performed using an agreed-upon exchange-rate between the Parties of 10,41. The agreed-upon exchange-rate has been derived as an average of daily exchange-rates from The Central Bank of Norway (Norges Bank) in the period from 8 September 2022 to and including 6 October 2022. The total nominal value of the Debt and the Receivables is NOK 6 176 870 350.
Legally, two instances of increase in share capital are performed by directed share issuances against specific creditors, first through the conversion of these creditors' receivables on the Company (the Debt) to shares, followed by the creditors' contribution of receivables (the Receivables) on entities in the DOF-Group ("the Group entities") as a contribution in kind in the parent company.
The statement assumes that the General Meeting, ahead of the decision on the increase in capital, has decided to perform a decrease in capital by reducing the nominal value of the shares from NOK 1 to NOK 0.05. Hence, at the date of the decision on the increase in capital, the Company's share capital will amount to NOK 15 822 808.35, consisting of 316 456 167 shares, at a nominal value of NOK 0.05 per share.
The Debt is effectively converted, and the Receivables are effectively transferred to the Company from the applicable creditors, from the date of the issuance of the shares as consideration.
For the conversion of debt, and contribution of receivables, the Board of Directors proposes the total issuance of 7 595 448 783 new shares in the Company. For each issued share related to the conversion of debt, the share price is ca. NOK 1.0930, and for each issued share related to receivables contributed in kind, the share price is ca. NOK 0.4641, of which NOK 0.05 is share capital and the remainder is share premium. The proposed increase in capital shall be NOK 3 987 692 534, consisting of share capital of NOK 379 772 439.15 and share premium of NOK 3 607 920 095, which does not exceed the assessed value of the Debt and Receivables, according to the valuation principles as described below.
The Restructuring Agreement, which is a commercial agreement entered into by independent parties, and which is based on negotiations between the parties, determines the right to issue a total of 7 595 448 783 new shares in the Company. This entails that approximately NOK 0.81 of debt is converted to one share. Following the issuance of the new shares, today's shareholders will be diluted and have a residual owner share of 4.0 %. The Restructuring Agreement also determines how the new shares are to be allocated between the main creditors and the owners of the bonds. The debt items are valued relatively to one-another. According to the Restructuring Agreement the Company will issue a new class of shares to their creditors in relation to the Restructuring. The new share class is denoted as Bshares and will constitute 80 % of the total number of shares in the Company post completion of the increase in share capital. 16.67 % of the newly issued shares will be ordinary shares. The B-shares will be subject to lock-up as described in the notice of extraordinary general meeting in DOF ASA, dated 21 October 2022.
The stock market value on today's shares in advance of the Restructuring is, in all material respects, not taken into account. Without the Restructuring, it is the belief of the Board of Directors that the Company would be insolvent, and hence, that the shares would be worthless. It is the opinion of the Board of Directors that today's stock market value on the shares is not an appropriate basis for a valuation of the Company and the Company's underlying values.
The valuation of the contribution, which consists of debt and receivables, each with a total nominal value of NOK 804 066 714 and NOK 5 372 803 636, is determined as follows:
The Board of Directors' assessment of the Debt is that it has a fair value which is equivalent to its nominal value as the Company, by conversion of the Debt, is rid of an obligation equivalent to the debt's nominal value. The conversion of debt entails an issuance of 735 682 131 new shares at a share price of ca. NOK 1.093.
The Board of Directors' assessment of the Receivables agrees to the Restructuring Agreement, where the allocation of the new shares is determined. The Restructuring Agreement and the allocation of the shares between the parties of the agreement, have been subject to negotiation between the parties in the Restructuring Agreement. The relative value of the Receivables measured against each other, is considered, by the parties, to reflect the fair value in today's situation. The consideration to be issued by the Company for the Receivables to be contributed, reflects this valuation of the Receivables.
The Board of Directors have also assessed the value of the Receivables against the value of the bond loans that are to be converted, and this transaction's implicit share price. The bond-owners of DOF Subsea AS will receive shares equivalent to an owner-share of 53.33 % of the shares in the Company after the capital increases. The bond loans also have the highest conversion rate, measured as the share of debt converted relative to the number of shares received. At the same time, relatively recent market transactions on the DOF Subsea bonds between independent parties are available. Using these recent known transactions of the bond debt in the market from and including August until today's date, the Board of Directors has estimated a volume weighted average of 74 % of the nominal value. The estimate is based on the agreed-upon exchange-rate and indicates an implicit value of the bonds of NOK 2 633 333 623. The Restructuring Agreement is based on the assumption that a new bond loan with a nominal value of NOK 675 000 000 is to be issued. The new bond loan is valued at 100 % of its nominal value. Adjusted for this assumption, the implicit value of the bond loan to be converted to shares is NOK 1 958 333 623. The value of the bond debt and the agreed allocation between the parties, give the bond-owners 4 219 152 287 new shares in the Company – equivalent to 53.33% of outstanding shares in the Company upon the completed Restructuring. This gives an implicit share price of ca. NOK 0.4641.
By using this implicit share price and the total number of shares, of 6 859 766 652, which is planned issued to the owner of the Receivables, the Board of Directors calculates that the value of the Receivables is NOK 3 183 625 820.
We have performed procedures and issue our opinion in accordance with the Norwegian standard NSAE 3802 "The auditor's assurance reports and statements required by Norwegian Company
legislation[1]" issued by the Norwegian Institute of Public Accountants. This standard requires that we plan and perform procedures to obtain reasonable assurance about whether the value of the Debt to be converted and the Receivables to be contributed is at least equivalent to the agreed consideration. Our procedures include an assessment of the reality of the debt, that the description of the debt is appropriate and adequate as a basis for an evaluation of whether the debt can be converted to cover the value of the new shares issued, and an assessment of the valuation of the contribution of the Receivables, including valuation principles. We have also assessed the valuation methods that have been used and the assumptions that form the basis for the valuation.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In our opinion the value of the debt to be converted and the receivables the company shall take over as consideration for the increase in share capital, have been valued in compliance with the described principles and a value at 21 October 2022 that, in the case that it is decided to issue 7 595 448 783 new shares, is at least equivalent to the agreed consideration in DOF ASA shares, nominal value NOK 379 772 439,15, and share premium NOK 3 607 920 095.
Bergen, 21 October 2022 PricewaterhouseCoopers AS
Marius Kaland Olsen State Authorised Public Accountant
Note: This translation from Norwegian has been prepared for information purposes only.
[1] Norwegian name of standard: SA 3802-1 Revisors uttalelser og redegjørelser etter aksjelovgivningen
Aksjetegner / Share subscribers
| Navn på tegner / Subscriber name | Adressse/ Subscriber address | ||
|---|---|---|---|
| ABN AMRO Effecten Compagnie B.V. | Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands | ||
| BNP Paribas | 9 rue du Débarcadère, 93500 Pantin, France | ||
| Cross Ocean AGG II S.à r.l. (acting for and on behalf of its Compartment 12) |
c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
||
| Cross Ocean ESS III S.À R.L. | c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
||
| Cross Ocean ESS IV S.à r.l. | c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
||
| Cross Ocean GCDF I S.À R.L. | c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
||
| Cross Ocean Global SIF (A) S.à r.l. | c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
||
| Cross Ocean Global SIF (H) S.à r.l. | c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
||
| Cross Ocean GSS LUX Holdings S.à r.l. | c/o Cross Ocean Partners, 11 Charles II Street, London SQ1Y 4QU, London, United Kingdom |
||
| Deutsche Bank AG | Taunusanlage 12, 60325 Frankfurt am Main, Germany | ||
| DNB Bank ASA | Dronning Eufemias gate 30, 0191 Oslo, Norway | ||
| Eksportfinansiering Norge | Støperigata 1, 0250 Oslo, Norway | ||
| Nordic Trustee AS | Kronprinsesse Märthas plass 1 | ||
| (in its capacity as trustee for the bond issues listed above) | 0160 OSLO | ||
| SpareBank 1 SR-Bank ASA | Christen Tranes Gate 35, 4007 Stavanger, Norway | ||
| Sparebanken Vest | Jonsvollsgaten 2, 5011 Bergen, Norway |
Vedlegg 8 / Appendix 8 – Bekreftelse på dekning for bundet egenkapital etter kapitalnedsettelsen / Confirmation of coverage of restricted equity after the capital decrease
Alfabygget | 5392 Storebø | Tlf: +47 56 18 10 00 | E-post: [email protected] | Org. nr. 935 349 230
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