Borgestad ASA — Capital/Financing Update 2022

Mar 24, 2022

Borgestad ASA: Godkjent prospekt, notering av aksjer og vilkår og oppstart av tegningsperiode for reparasjonsemisjon

Borgestad ASA: Godkjent prospekt, notering av aksjer og vilkår og oppstart av tegningsperiode for reparasjonsemisjon

NOT FOR DISTRIBUTION, PUBLICATION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION, PUBLICATION OR RELEASE WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Det vises til børsmelding fra Borgestad ASA ("Selskapet") publisert 23. mars 2022 vedrørende generalforsamlingens vedtakelse av kapitalforhøyelser relatert til Selskapets rettede emisjon (den "Rettede Emisjonen"), konvertering av obligasjonsgjeld ("Obligasjonskonverteringen") og etterfølgende reparasjonsemisjon ("Reparasjonsemisjonen").

Godkjent prospekt og tilgjengelighet:

Finanstilsynet har i dag, den 24. mars 2022, godkjent Selskapets prospekt ("Prospektet") som er utarbeidet i forbindelse med Reparasjonsemisjonen og noteringen på Oslo Børs av (i) 75.000.000 nye aksjer i Selskapet i forbindelse med den Rettede Emisjonen og (ii) 25.364.326 nye aksjer i Selskapet i forbindelse med Obligasjonskonverteringen.

Med forbehold for begrensninger i gjeldende lokal verdipapirlovgivning, vil Prospektet, inkludert tegningsblanketten for Reparasjonsemisjonen, være tilgjengelig på nettsiden til Arctic Securities AS (www.arctic.com/secno). Trykket versjon av Prospektet og tegningsblanketten kan bestilles ved å kontakte Arctic Securities AS (telefon +47 21 01 30 40).

Notering av aksjene som utstedes i den Rettede Emisjonen og ved Obligasjonskonverteringen:

Aksjene som utstedes i forbindelse med den Rettede Emisjonen og Obligasjonskonverteringen, vil bli notert på Oslo Børs så snart de respektive kapitalforhøyelsene er registrert i Foretaksregisteret, hvilket forventes å finne sted den 25. mars 2022 for den Rettede Emisjonen og den 28. mars 2022 for Obligasjonskonverteringen.

Reparasjonsemisjonen:

Reparasjonsemisjonen innebærer et tilbud fra Selskapet om å utstede inntil 50.000.000 nye aksjer, hver pålydende NOK 1, ("Tilbudsaksjene") til en tegningskurs på NOK 2 per Tilbudsaksje ("Tegningskursen"), tilsvarende tegningskursen i den Rettede Emisjonen, hvilket gir et brutto emisjonsproveny på NOK 100 millioner dersom alle Tilbudsaksjene blir utstedt.

Tegningsperioden for Reparasjonsemisjonen starter i morgen, 25. mars 2022, kl. 09.00 norsk tid og utløper 8. april 2022 kl. 16.30 norsk tid ("Tegningsperioden"). Tegningsperioden kan ikke bli forkortet, men styret kan forlenge tegningsperioden dersom dette er påkrevd ved lov som følge av offentliggjøring av tillegg til prospekt.

Selskapets eksisterende aksjeeiere per 1. mars 2022 (som registrert i Euronext Securities Oslo (Verdipapirsentralen ASA) ("VPS") den 3. mars 2022), som (i) ikke fikk tildelt aksjer i den Rettede Emisjonen og (ii) som ikke er hjemmehørende i en jurisdiksjon som forhindrer dem fra å motta et slikt tilbud, eller (for andre jurisdiksjoner enn Norge) som krever innsending, registrering eller tilsvarende av et registreringsdokument eller prospekt ("Kvalifiserte Aksjeeiere"), vil motta tegningsretter som vil gi fortrinnsrett til å bli tildelt Tilbudsaksjer.

Hver Kvalifiserte Aksjeeier vil motta 8,72804 ikke-omsettelige tegningsretter for hver aksje registrert på slik Kvalifiserte Aksjeeier i Selskapets aksjeeierregister i VPS per 3. mars 2022. Antallet tegningsretter tildelt hver Kvalifiserte Aksjeeier vil bli rundet ned til nærmeste hele tegningsrett. Hver tegningsrett vil, innenfor rammen av gjeldende verdipapirlovgivning, gi rett til å tegne og bli tildelt én (1) ny Tilbudsaksje til Tegningskursen. Overtegning er tillatt. Tegning uten Tegningsretter er ikke tillatt.

Nærmere opplysninger om Reparasjonsemisjonen og instruksjoner vedrørende tegningsprosedyrer er inntatt i Prospektet.

Tegningsrettene må benyttes til å tegne Tilbudsaksjer før utløpet av Tegningsperioden den 8. april 2022 kl. 16.30 norsk tid. Tegningsretter som ikke er benyttet til å tegne Tilbudsaksjer innen den 8. april 2022 kl. 16.30 norsk tid, vil ikke ha verdi og vil bortfalle uten vederlag til innehaveren.

Tildeling av Tilbudsaksjer forventes å skje 11. april 2022. Betaling for Tilbudsaksjer tildelt en tegner forfaller 13. april 2022.

Forutsatt rettidig betaling av Tilbudsaksjene tegnet i Reparasjonsemisjonen, er det forventet at Tilbudsaksjene vil bli utstedt og levert til VPS-kontoen til tegnerne som har fått tildelt Tilbudsaksjer, på eller rundt 22. april 2022. Tilbudsaksjene som er tildelt i Reparasjonsemisjonen, forventes å kunne omsettes på Oslo Børs fra 21. april 2022.

Arctic Securities AS er engasjert som tilrettelegger for den Rettede Emisjonen og Reparasjonsemisjonen. Advokatfirmaet Thommessen AS er juridisk rådgiver for Selskapet.

For ytterligere informasjon, vennligst kontakt:

Pål Feen Larsen, Konsernsjef i Borgestad ASA

Tel.: +47 48 84 53 33

IMPORTANT NOTICE:

The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. Neither Arctic Securities AS (the "Manager") or any of its affiliates or any of their respective directors, officers, employees, advisors or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to Borgestad ASA (the "Company"), its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith. This announcement has been prepared by and is the sole responsibility of the Company.

Neither this announcement nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into or from the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The publication, distribution or release of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is not an offer for sale of securities in the United States. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any securities referred to herein in the United States or to conduct a public offering of securities in the United States.

This announcement is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "EU Prospectus Regulation") (together with any applicable implementing measures in any Member State). All of the securities referred to in this announcement has been offered by means of a set of subscription materials provided to potential investors, except for the subsequent repair offering which will be made on the basis of a listing and offering prospectus dated 24 March 2022 that will be made available at www.arctic.com/secno prior to the commencement of the subscription period in the subsequent repair offering. Investors should not subscribe for any securities referred to in this announcement except on the basis of the information contained in the aforementioned prospectus.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e. only to investors who can receive the offer without an approved prospectus in such EEA Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are "qualified investors" within the meaning of the EU Prospectus Regulation as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018 and that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

This announcement is made by, and is the responsibility of, the Company. The Manager and its affiliates are acting exclusively for the Company and no-one else in connection with the transactions described in this announcement. They will not regard any other person as their respective clients in relation to the transactions described in this announcement and will not be responsible to anyone other than the Company, for providing the protections afforded to their respective clients, nor for providing advice in relation to the transactions described in this announcement, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the transaction described in this announcement, the Manager and any of its affiliates, acting as investors for their own accounts, may subscribe for or purchase securities and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such securities of the Company or related investments in connection with the transactions described in this announcement or otherwise. Accordingly, references in any subscription materials to the securities being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, the Manager and any of its affiliates acting as investors for their own accounts. The Manager does not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "aim", "expect", "anticipate", "intend", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. The Company, the Manager and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.