Reference is made to the previous stock exchange announcements by Norwegian Air
Shuttle ASA (the "Company") regarding conversion of debt to equity. As described
inter alia in the Company's prospectus dated 5 May 2020 and the stock exchange
notices dated 20 May 2020, 17 June 2020, 17 July 2020 and 6 August 2020 the
Company has been working with vendors for conversion of overdue payables into
equity and to reduce the overall claims.
Following bankruptcy of OSM Aviation Sweden AB ("OSM") and Pilot Services Sweden
AB ("PSS"), the Company has through constructive dialogue with the bankruptcy
estates of OSM and PSS reached an agreement whereby a total of SEK 231.3 million
in outstanding payables under certain crew provision agreements will be
converted into 56,314,248 new shares at the conversion price of NOK 4.24919,
with 2/3 of such shares being tradable immediately and 1/3 being released from
lock-up 9 December 2020.
The 56,314,248 new shares to be issued following the conversion are expected to
be issued tomorrow, 23 October 2020, subject to timely registration of the share
capital increases in the Norwegian Register of Business Enterprises (Nw.:
Following the registration of the capital increase, the Company's new share
capital will be NOK 369,602,339.60 divided into 3,696,023,396 shares, each with
a nominal value of NOK 0.10.
The conversion is part of the debt restructuring program to address the
outstanding debt. Norwegian is continuing the work with vendor repayment plans
and possible further conversion of debt to equity.
For further information, please contact:
Tore Østby, EVP Strategic Development, phone: +47 995 464 00
The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into Australia, Canada, Japan or the United States
(including its territories and possessions, any state of the United States and
the District of Columbia) or in any other jurisdiction where such publication or
distribution is 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
or solicitation to purchase or subscribe for 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.
This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.
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