Techstep ASA — M&A Activity 2016

Oct 17, 2016

Techstep ASA: Zono Holding AS ("Zono Holding") launches a mandatory offer to acquire all outstanding shares in Techstep ASA

Techstep ASA: Zono Holding AS ("Zono Holding") launches a mandatory offer to acquire all outstanding shares in Techstep ASA

Reference is made to stock exchange notice from Zono

Holding AS ("Zono Holding") on 19 September 2016 and

stock exchange notice published by Oslo Børs (Oslo

Stock Exchange) today.

Zono Holding has today launched a mandatory offer to

acquire all outstanding shares in

Techstep ASA ("TECH") not already owned by it. The

offer price is NOK 2.20 per share, which is the same

as the subscription price paid in the Zono Transaction

(as described in the stock exchange notice of 19

September 2016), and equal to the highest price paid

or agreed to be paid by Zono Holding or consolidated

parties in the period six months prior to the

triggering of the mandatory offer obligation.

The acceptance period is from 18 October 2016 to 15

November 2016 at 16:30 CET (both dates inclusive).

The terms of the mandatory offer are set out in an

offer document prepared by Zono Holding, which has

been approved by Oslo Børs. The offer document will be

sent to shareholders in TECH in accordance with

applicable regulations, and may be obtained by

contacting:

Zono Holding AS

c/o Tenden Advokatfirma ANS

Tel: (+47) 33 35 46 00

Email: sentralbord@tendenans.no

Zono Holding's purpose with making the mandatory offer

is only to comply with the mandatory offer obligations

in the Norwegian Securities Trading Act, not to

increase its ownership stake in TECH. The intention of

Zono Holding AS is that TECH shall remain a listed

company on Oslo Børs with a large and diversified

shareholder base.

Zono Holding has engaged DNB Markets as Receiving

Agent in connection with the mandatory offer.

Tenden Advokatfirma ANS acts as Zono Holding's legal

advisor in connection with the mandatory offer.

Date: 17 October 2016

This information is subject of the disclosure

requirements pursuant to section 5-12 of the Norwegian

Securities Trading Act.