Entra

M&A Activity • Dec 14, 2020

Strategic interest in Entra - update from the Board of Directors

Strategic interest in Entra - update from the Board of Directors

14.12.2020 11:30:23 CET | Entra ASA | Additional regulated information required

to be disclosed under the laws of a member state

In view of the continued strategic interest around Entra ASA ("Entra" or "the

Company"), the board of directors (the "Board") finds it appropriate to provide

an update.

The Board remains highly confident in the attractiveness of Entra's unique

high-quality office portfolio, promising project portfolio, strong organisation,

and the Company´s future growth potential on a stand-alone basis. The Board has

already communicated that neither the ongoing revaluation in the Norwegian

property market nor Entra's strong project development potential is adequately

reflected in the proposals presented to date as an alternative to the

continuation of Entra as an independent company (please refer to Entra´s

announcement 9 December, which sets out the updated external valuation of the

Company's property portfolio).

Against this backdrop, the Board maintains that it will not recommend the

intended voluntary share exchange and cash offer for the Company's shares as

announced by Castellum AB ("Castellum") on 26 November, as, among other things,

the offer undervalues Entra's assets as well as the Company´s compelling

prospects for long-term value creation. However, the Board remains open-minded

about opportunities to create additional shareholder value and will seek to

establish whether the terms of a potential transaction with Castellum can be

improved to constitute a recommendable proposal.

"Following the initiatives from Castellum and Samhällsbyggnadsbolaget i Norden

AB (SBB) the Board has in addition evaluated other strategic options, and is

continuing to further pursue those that remain relevant. Should a clearly value

creating transaction be identified, with Castellum or another party, the Board

will consider how such transaction should be best structured and executed. This

may involve alternative transaction models to a voluntary offer for Entra´s

shares The objective of the Board remains firmly on enhancing shareholder value

and doing what is in the best common interest of its shareholders and the

Company. The target is to conclude the Board´s view on the best course of action

for Entra by 21 December" says Siri Hatlen, Chair of the Board of Entra.

Shareholders are advised to refrain from taking any action in respect of their

shares in the Company which may be prejudicial to their interests, and to

exercise caution when dealing in the shares of the Company. There can be no

certainty that any offer or transaction will be made or completed.

Where relevant, the Board will in due time provide the statutory recommendation

to the Company's shareholders on whether they should or should not accept any

offer that is made and formally launched.

For further comments, contact:

Siri Hatlen, Chair of the Board of Directors, + 47 91744863,

siri.hatlen@gmail.com

Sonja Horn, CEO, +47 90568456, sh@entra.no

Anders Olstad, CFO, +47 90022559, ao@entra.no

DISCLAIMER

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

ATTACHMENTS

* Download announcement as PDF.pdf

[https://kommunikasjon.ntb.no/ir-files/16126567/209/243/Download%20announceme

nt%20as%20PDF.pdf]