Ezra provides update on sale of shares in EOC LimitedNews // September 24, 2007
The Board of Directors of Ezra Holdings has announced that†it†received orders to buy up to 36,413,500 shares in its subsidiary EOC Limited at a price of NKr 22 per share. The price was determined through a book-building process conducted by Pareto Securities as manager for the transaction.
The settlement and delivery of the shares is conditional upon EOC obtaining the minimum number of shareholders in order to be listed on the Oslo BÝrs ASA (main list).
Ezra will offer additional shares to be placed through a retail offering in the Norwegian market in order for EOC to create the necessary free float and obtaining the number of round lot holders necessary for EOC to fulfil the listing conditions on the Oslo BÝrs ASA. It is anticipated that such retail offering will commence on Monday 24 September and end on Friday 28 September 2007, conditioned upon a prospectus being approved by Oslo BÝrs.
The shares conditionally sold in the Private Placement will be settled and delivered subsequent the offer period for the retail offering. In the event EOC does not obtain the necessary number of round lot holders, no shares will be sold by Ezra.
Ezra will subsequent to the private placement (if completed) own a total of 61,226,462 shares constituting approximately 55.2 per cent of the share capital in EOC. The retail offering will further reduce Ezraís holdings.
EOC expects to list on the Oslo BÝrs on or about 3 October 2007.