Belships

Belships ASA : Mandatory offer

On 28 February 2019, the Stock Exchange Appeals Committee resolved to repeal the

decision made by the Oslo Stock Exchange that the merger between Belships ASA

and subsidiaries of Kontrari AS and Kontrazi AS (Lighthouse) does not trigger an

obligation to present an offer to acquire all outstanding shares in the company.

Kontrari AS and Kontrazi AS are consequently obliged to present a mandatory

offer to acquire all outstanding shares in Belships ASA. The offer price has

been set to NOK 7 per share.

The Stock Exchange Appeals Committee's decision is surprising in view of the

preceding decisions and statements made by the Oslo Stock Exchange in this

matter, but Kontrari AS and Kontrazi AS have nevertheless decided not to appeal

the decision.

On this basis, Kontrari AS and Kontrazi AS will present an offer in accordance

with the Stock Exchange Appeals Committee's decision. The offer will be made no

later than four weeks after 28 February 2019, which is the date when the

decision was made. At the same time, Kontrari AS and Kontrazi AS would like to

emphasize that the offer will not affect the strategy to maintain and further

develop Belships ASA as a strong and ambitious ship owning company with

continued listing of its shares on the Oslo Stock Exchange.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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