COMPLETION OF COMPULSORY ACQUISITION OF FAROESource: RNS
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FOR IMMEDIATE RELEASE
21 March 2019
COMPLETION OF THE COMPULSORY ACQUISITION OF FAROE SHARES UNDER THE RECOMMENDED CASH OFFER BY DNO ASA FOR FAROE PETROLEUM PLC
Oslo, 21 March 2019 - DNO ASA ("DNO"), the Norwegian oil and gas operator, has now completed the compulsory acquisition procedure for the remaining shares in Faroe Petroleum plc ("Faroe") that was announced on 4 February 2019. The procedure was carried out pursuant to sections 974-991 of the Companies Act 2006. Following completion of the procedure, DNO has acquired the entire issued share capital of Faroe (subject to stamping and registration).
The compulsory acquisition procedure was initiated after DNO had acquired or received acceptances for over 90 percent of Faroe shares under its final cash offer for the entire issued and to be issued share capital of Faroe at a price of 160 pence per share (the "Final Offer"). Following completion of the procedure, all Faroe shares held by shareholders who had not previously accepted the Final Offer have been acquired by DNO on the same terms as those of the Final Offer. The offer procedure has now closed, and DNO owns 100 percent of the entire issued share capital of Faroe (subject to stamping and registration).
The consideration due to former Faroe shareholders who did not accept the Final Offer will be held by Faroe as trustee on their behalf. The consideration due will be transferred to those former Faroe shareholders who write to request to receive such consideration to Equiniti Limited ("Equiniti"), using the details set out below, and present satisfactory evidence of their entitlement to such consideration. What constitutes satisfactory evidence depends on whether the shares were held in certificated or uncertificated form. Any such requests should also include information on where the consideration due should be sent.
Equiniti will provide further detailed information on the evidence required and may be reached by telephone on 0371 384 2030 or +44 121 415 7047 (if calling from outside the UK), or in writing at Equiniti, Corporate Actions, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA. Telephone lines are open from 8.30 a.m. to 5.30 p.m. (London time) Monday to Friday (excluding English and Welsh public holidays). Calls from outside the UK will be charged at applicable international rates. Different charges may apply to calls from mobile telephones and calls may be recorded and randomly monitored for security and training purposes. Please note that Equiniti cannot provide advice on the merits of the Final Offer nor give financial, tax, investment or legal advice.
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