Instabank — M&A Activity 2022

Aug 4, 2022

UPDATE ON THE ACQUISITION OF INSTABANK BY LUNAR

UPDATE ON THE ACQUISITION OF INSTABANK BY LUNAR

Reference is made to Instabank ASA's ("Instabank") announcement on 29 June 2022 where Instabank gave an update on Lunar's acquisition of Instabank. In that announcement, Instabank concluded that it was uncertain whether the offer made by Lunar to Instabank's shareholders in the offer document dated 28 March 2022 would be completed by Lunar on the terms and conditions set out therein.

Lunar has now informed Instabank that Lunar's management deems it unlikely that Lunar will be able to raise the required capital and complete the regulatory approval process before the long-stop date for the offer of 30 September 2022. As earlier communicated, Instabank notes that there are no conditions in Lunar's offer relating to Lunar's capitalization or any capital raise by Lunar.

Instabank will continue to assess the situation and any steps to be taken by Instabank to protect the interests of Instabank and its shareholders.