News

Oslo, Wednesday, April 25, 2012
Stock Exchange Notification
EXTRAORDINARY GENERAL MEETNG HELD

Reference is made to Stock Exchange Announcement dated 3. April 2012, where an Extraordinary General Meeting was called to vote for resolution to strengthen the Company’s capital structure and to stock exchange notification dated 24. April 2012 related to the bondholders meeting held the same day.

Blom ASA held its Extraordinary General Meeting 25. April 2011. The minutes of the meeting is uploaded here.

Resolutions were made in accordance with the call for Extraordinary General Meeting, dated 3. April 2012, which primarily are:

- NOK 311 512 536 of the 2009 Bond Issue are converted into shares. The conversion will be carried out at a conversion price of NOK 10 per share, subject to a consolidation of Blom’s shares, whereby 100 existing shares of par value NOK 0.10 will be consolidated into one new share of par value NOK 10.

- In connection with the combination of shares 100:1 primary insider Hirsti Invest AS, close associate to Chairman of the Board, subscribed for one new share at NOK 0.10. Hirsti Invest AS holds one share in Blom ASA after the transaction. This to make the total number of outstanding shares in Blom dividable with 100.

- The Company's share capital was reduced by NOK 24,191,484 from NOK 25,464,720 to NOK 1,273,236 by a reduction of the nominal value of the Company's shares from NOK 10 to NOK 0.50.

- NOK 34,612,504 of the 2009 Bond Issue exchanged their bonds in the 2009 Bond Issue for bonds in a new convertible bond issue. For every 2009 Bond tendered into the exchange offer the tendering bondholders receive 0.31 convertible bonds. The new convertible bond will have a 5 year term and an interest rate of 2.0% p.a. The bonds in the convertible bond issue are convertible into shares during the first two years of the loan at a subscription price equal to 120% of the volume weighted average price the two trading days post the EGM.

- Certain amendments are made to the terms of the 2011 Bond Issue, including (i) change of maturity from 4 June 2012 to 30 April 2015, (ii) change of margin from 11.0% p.a. to 5.5% p.a. and (iii) amendment of the share pledges and guarantees provided under the 2009 Bond Issue to secure the 2011 Bond Issue.

This information is subject to the disclosure requirements according to Section 5-12 of the Securities Trading Act.

For further information please contact CEO Dirk Blaauw, on tel. +47 22 13 19 20 or CFO Lars Bakklund, tel. +47 22 13 19 34.

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