NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, INTO OR WITHIN THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND,
SOUTH-AFRICA, HONG KONG, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER
MEASURES

Oslo, 23 October 2023 - Web Holding Limited (the "Offeror") and BW Epic Kosan
Ltd. (the "Company") refer to the announcement ("Offer Announcement") made by
the Offeror on 9 October 2023, in connection with the recommended voluntary
unconditional general offer (the "Offer") to acquire all outstanding issued
ordinary shares ("Shares") in the Company (collectively, the "Offer Shares" and
each, an "Offer Share") and the announcement dated 9 October 2023 issued by the
Company in response to the Offer Announcement and in relation to its appointment
of Pareto Securities AS as the independent financial adviser (the "IFA") to
advise the directors of the Company who are considered independent for the
purposes of the Offer (the "Independent Directors") in relation to the Offer. 

The Offeror and the board of directors of the Company (the "Company Directors"
or the "Board") wish to jointly announce that the Composite Document dated 23
October 2023 has been issued to the shareholders of the Company ("Shareholders")
and that the offer period will commence today.

The Composite Document comprises, amongst other things, the following:
(a) the formal offer document ("Offer Document") issued on the date hereof by
the Offeror in relation to the Offer, together with the acceptance form in
relation to the Offer ("Acceptance Form"); and

(b) the offeree circular ("Offeree Circular") issued on the date hereof by the
Company, which sets out the recommendations of the Independent Directors,
together with the letter dated 5 October 2023 from the IFA to the Independent
Directors containing their fairness opinion in respect of the Offer.

Under the Offer, Shareholders will be offered a cash offer price of NOK 24 per
Share in the Company (the "Cash Consideration"). The cash offer price represents
a premium of 13.2% to the closing price of the Shares on 6 October 2023 (the
last trading day prior to the announcement of the Offer) and a premium of 12.3%
to the average volume weighted share price during the last three months up to
and including 6 October 2023.

The Offer will also include a share alternative, whereby the Shareholders may
elect to receive settlement for their Shares in the Company in the form of
shares in the Offeror on a 1:1 basis (the "Securities Consideration"). The
shares in the Offeror are not, and are not intended to be, listed on any stock
exchange, regulated market or multilateral trading facility and will be subject
to certain transfer restrictions for a private company limited by shares under
Bermuda law and as set out in the Offeror's bye-laws.

The Offer is unanimously recommended by the Independent Directors, on the basis
of a fairness opinion with respect to the Offer by Pareto Securities AS
commissioned by the Independent Directors, which is disclosed as part of the
Composite Document. The Offeror has received pre-acceptance undertakings for
95.1% of the Shares in the Company.

PROCEDURES FOR ACCEPTANCE AND CLOSING DATE 

The complete terms and conditions for the Offer, including a description of the
procedures for accepting the Offer, are set out in Section 4.13, Part 1 (Offer
Document) of the Composite Document. The Offer can only be accepted based on the
Composite Document. Subject to regulatory restrictions in certain jurisdictions,
the Composite Document will be made available at https://sebgroup.com/bwek and
https://bwek.com/investor-relations/press-releases from today, 23 October 2023,
the date for commencement of the offer period, and may be obtained free of
charge during ordinary business hours at the offices of the receiving agent,
Skandinaviska Enskilda Banken AB (publ), Oslo Branch, Filipstad Brygge 1, 0252
Oslo, Norway.

The Offeror and the Company will jointly issue a notification of dissemination
of the Composite Document to the Shareholders (the "Notification"). The
Notification will also be accompanied by the Acceptance Form. The Notification
(including the Acceptance Form) will be printed and sent by post to all
Shareholders.  

The offer period for the Offer will commence at 09:00 hours (CEST) today, 23
October 2023, and expire at 16:30 hours (CET) on 20 November 2023 (the "Closing
Date"). The Offeror does not intend to extend the Offer beyond the Closing Date
and the Offer will not be open for acceptances beyond the Closing Date. The
Offeror does not intend to revise the terms of the Offer. Accordingly, the Offer
will close at the Closing Date and will not be open for acceptances beyond the
Closing Date and the terms of the Offer will not be revised, save that such
notice shall not be capable of being enforced in a competitive situation.

Shareholders who wish to accept the Offer must return the Acceptance Form
properly completed and signed to the Receiving Agent prior to the Closing Date.
The Offeror reserves the right to reject any Acceptance Form that is not
correctly or lawfully completed or that is received after the Closing Date.

INDEPENDENT ADVICE

The Offeror and its advisers do not purport to advise the Shareholders or any
other person. In preparing the Composite Document, the Offeror and its advisers
have not had regard to the general or specific investment objectives, tax
position, risk profiles, financial situation or particular needs and constraints
of any individual Shareholder.

The recommendations of the Independent Directors on the Offer and the fairness
opinion of the IFA to the Independent Directors on the Offer have been made
available by the Company to the Shareholders in the Composite Document.
Shareholders may wish to consider their advice before taking any action in
relation to the Offer.

If any Shareholder is in any doubt about the Offer or the action that he should
take, he should consult his stockbroker, bank manager, solicitor, accountant,
tax adviser or other professional advisers immediately.

DIRECTORS' RESPONSIBILITY STATEMENT

Offeror:
The directors of the Offeror (including those who may have delegated detailed
supervision of this Announcement) have taken all reasonable care to ensure that
the facts stated and all opinions expressed in this Announcement (other than
those relating to the Company) are fair and accurate and that no material facts
have been omitted from this Announcement, the omission of which would make any
statement in this Announcement misleading, and they jointly and severally accept
responsibility accordingly.

Where any information has been extracted or reproduced from published or
otherwise publicly available sources or obtained from the Company, the sole
responsibility of the directors of the Offeror has been to ensure, through
reasonable enquiries, that such information is accurately extracted from such
sources or, as the case may be, reflected or reproduced in this Announcement.

Company: 
The Company Directors (including those who may have delegated detailed
supervision of this Announcement) have taken all reasonable care to ensure that
the facts stated and all opinions expressed in this Announcement (other than
those relating to the Offeror or the Offer) are fair and accurate and that no
material facts have been omitted from this Announcement, the omission of which
would make any statement in this Announcement misleading, and they jointly and
severally accept responsibility accordingly.

Where any information has been extracted or reproduced from published or
otherwise publicly available sources or obtained from the Offeror, the sole
responsibility of the Company Directors has been to ensure, through reasonable
enquiries, that such information is accurately extracted from such sources or,
as the case may be, reflected or reproduced in this Announcement.

ADVISORS:

Skandinaviska Enskilda Banken AB Corporate Finance Unit is acting as financial
advisor to the Offeror and Skandinaviska Enskilda Banken AB (publ) Oslofilialen
is acting as receiving agent in the Offer. Advokatfirmaet Thommessen AS is
acting as legal advisor to the Offeror. Pareto Securities AS is acting as
financial advisor to the Company. Advokatfirmaet Schjødt AS is acting as legal
advisor to the Company.


For further information, please contact: 
SEB Corporate Finance
E-mail: webseb@seb.no

Questions related to acceptance of the Offer shall be directed to:
Skandinaviska Enskilda Banken AB (publ), Oslo Branch
E-mail: acceptance@seb.no
 



IMPORTANT INFORMATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

It may be unlawful to distribute this announcement in certain jurisdictions.
This announcement is not for distribution in Australia, Canada, the Hong Kong
special administrative region of the People's Republic of China, Japan, South
Africa, the United States or to any other jurisdiction where such distribution
would be unlawful. The information in this announcement does not constitute an
offer of securities for sale in such jurisdictions. Persons into whose
possession this release comes should inform themselves about and observe any
such restrictions. Any failure to comply with these restrictions may constitute
a violation of the securities laws of any such jurisdiction.

This announcement does not constitute an offer for sale of, or a solicitation of
an offer to purchase or subscribe for, any securities in the United States. The
Offer or Consideration Shares referred to in this release have not been and will
not be registered under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act"), or any state securities laws and may not be offered
or sold within the United States or to U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an exemption from
such registration is available. The information contained in this announcement
is for informational purposes only and does not purport to be full or complete.
The Offeror does not intend to conduct a public offering in the United States
and is relying on exemptions from registration. The Offer will be made to
shareholders in the United States in compliance with applicable U.S. securities
laws and regulations, including Section 14(e) and Regulation 14E under the U.S.
Securities Exchange Act of 1934, as amended. Copies of this announcement are not
being, and should not be, distributed in or sent into the United States.

In the United Kingdom, this announcement is for distribution only to and is
directed only at persons who (i) have professional experience in matters
relating to investments which fall within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the
"Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a)
to (d) ("high net worth companies, unincorporated associations etc") of the
Financial Promotion Order, or (iii) are persons to whom an invitation or
inducement to engage in investment activity (within the meaning of section 21 of
the Financial Services and Markets Act 2000) in connection with the issue or
sale of any securities may otherwise lawfully be communicated or caused to be
communicated (all such persons together being referred to as "relevant
persons"). This announcement is directed only at relevant persons and must not
be acted on or relied on by persons who are not relevant persons. Any investment
or investment activity to which this announcement relates is available only to
relevant persons and will be engaged in only with relevant persons.

This announcement has been prepared on the basis that any offer of securities in
any Member State of the European Economic Area which has implemented the
Prospectus Regulation (EU) (2017/1129, as amended, the "Prospectus Regulation")
(each, a "Relevant Member State") will be made pursuant to an exemption under
the Prospectus Regulation, as implemented in that Relevant Member State, from
the requirement to publish a prospectus for offers of securities. Accordingly,
any person making or intending to make any offer in that Relevant Member State
of securities, which are the subject of the offering contemplated in this
announcement, may only do so in circumstances in which no obligation arises for
the Offeror to publish a prospectus pursuant to Article 3 of the Prospectus
Regulation or supplement a prospectus pursuant to Article 16 of the Prospectus
Regulation, in each case, in relation to such offer. Neither the Offeror, the
Company nor any of the advisors have authorised, nor do they authorise, the
making of any offer of the securities through any financial intermediary, other
than offers made by the Offeror which constitute the final placement of the
securities contemplated in this announcement. Neither the Offeror, the Company
nor any of the advisors have authorised, nor do they authorise, the making of
any offer of securities in circumstances in which an obligation arises to
publish or supplement a prospectus for such offer.

This release contains certain forward-looking statements within the meaning of
the securities laws and regulations of various international, federal, and state
jurisdictions. All statements, other than statements of historical fact,
included herein, including without limitation, statements regarding the Offer or
the future plans and objectives of the Offeror or the Company are
forward-looking statements that involve risk and uncertainties. There can be no
assurances that such statements will prove to be accurate and actual results
could differ materially from those anticipated in such statements.

Neither the Offeror, the Company nor any of their advisors and/or any of their
affiliates or any of their respective directors, officers, employees, advisers,
agents or any other person(s) accept any responsibility or liability whatsoever
for, or make any representation or warranty, express or implied, as to the
accuracy, completeness or fairness of the information or opinions in this
announcement (or whether any information has been omitted from this
announcement) or any other information relating the Offer, the Offeror or the
Company.

The issue, subscription or purchase of shares in the Offeror is subject to
specific legal or regulatory restrictions in certain jurisdictions. Consent
under the Exchange Control Act 1972 (and its related regulations) is required
from the Bermuda Monetary Authority for the issue and transfer of any shares in
the Offeror to and between non-residents of Bermuda for exchange control
purposes. Neither the Offeror, the Company nor their advisors assume any
responsibility in the event there is a violation by any person of such
restrictions.

The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into United States, Canada, Australia, New Zealand, Hong
Kong, Japan or any other jurisdiction in which the distribution or release would
be unlawful. This release is an announcement issued pursuant to legal
information obligations, and is subject of the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. It is issued for
information purposes only, and does not constitute or form part of any offer to
sell or purchase, or solicitation to purchase or subscribe for any securities,
in the United States or in any other jurisdiction. The securities mentioned
herein have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "US Securities Act"). The securities may
not be offered or sold in the United States except pursuant to an exemption from
the registration requirements of the US Securities Act. The Offeror does not
intend to register any portion of the offering of the securities in the United
States or to conduct a public offering of the securities in the United States.
Copies of this announcement are not being made and may not be distributed or
sent into Australia, Canada, Japan or the United States.

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