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BEWi ASA | Private placement of existing shares successfully placed

26 August 2020

Not for distribution or release, directly or indirectly, to U.S. News wire services or for dissemination in or into the United States, Australia, Canada or Japan, or any other jurisdiction in which the distribution or release would be unlawful.

Reference is made to the previous announcement made by BEWiSynbra Group AB (publ) (“BEWiSynbra”) on 19 August 2020 regarding the terms and the commencement of the application period of the private placement of existing shares in BEWi ASA, the newly established parent company of BEWiSynbra, at a price of NOK 19.80 per share (the “Sale”) in connection with a contemplated admission of BEWI ASA’ shares on Merkur Market.

BEWi ASA hereby announces that the Sale has been successfully placed. 

The placement attracted strong interest from Norwegian and international investors and was significant oversubscribed. More than 120 investors participated in the placement. Upon completion of the Sale, Frøya Invest AS (“Frøya”) and Verdane ETF III SPV K/S and Verdane Skuld 1 AS (together “Verdane”) will sell a total of 13,871,550 existing shares in BEWi ASA, at a price of NOK 19.80 per share, equivalent to ~9.6% of the outstanding shares in BEWi ASA. Frøya will sell 11,371,550 shares and Verdane will sell 2,500,000 shares, respectively. The total gross proceeds of the Sale is NOK 274.7 million. 

The number of shareholders in BEWi ASA following completion of the Sale will exceed 140 and the free float is expected to be approximately 25%.

Completion of the Sale is subject to fulfilment of the conditions set out in BEWiSynbra’s announcement on 19 August 2020, including that BEWI ASA’s application for admission to trading on Merkur Market having been approved by Oslo Børs, each of Frøya and Verdane having delivered their respective portion of the Sale shares free and clear of any encumbrances and payment being received from the investors for the Sale shares. The share exchange transaction where the shares in BEWiSynbra were exchanged with a corresponding number of shares in BEWi ASA has now been completed. 

Notification of allotted shares and the corresponding amount to be paid by investors are expected to be communicated to investors today and the settlement is expected to take place on 28 August 2020.

BEWi ASA has applied for admission to trading of its shares on Merkur Market, a multilateral trading facility operated by the Oslo Stock Exchange. The first day of trading is expected on or about 28 August 2020.

Nordea Bank Abp, filial i Norge, and SpareBank 1 Markets AS are acting as Joint Bookrunners in the Sale.

For further information, please contact:

Marie Danielsson, CFO BEWi, tel: +46 70 661 0047
Hanna Laurentz, Director of Communication and IR, BEWiSynbra, tel: +46 70 177 4400
Charlotte Knudsen, Media and IR contact Norway, tel: +47 9756 1959

About BEWi

BEWi is a leading international provider of packaging, components and insulation solutions, and the largest integrated Expandable Polystyrene (EPS) producer in Europe. By targeting growth through organic initiatives and M&A transactions, BEWi has a history of proven buy and-build strategy with around 20 acquisitions since 2014. The commitment to sustainability is integrated throughout the value chain, from the production of raw materials and end goods, to the recycling of used products.  Since the start in the Norwegian archipelago at Frøya in 1980, the company create value for customers by offering sustainable solutions in innovative and efficient ways. With a vision to protect people and goods for a better every day, BEWi is leading the change towards a circular economy.

Important Notice

Neither this announcement nor any copy of it may be made or transmitted into the United States, or distributed, directly or indirectly, in the United States. Neither this announcement nor any copy of it may be taken or transmitted directly or indirectly into Australia, Canada, Japan, Hong Kong, South Africa or the United States or to any persons in any of those jurisdictions, except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of Australian, Canadian, Japanese, Hong Kong, South African or United States securities laws. The distribution of this announcement in other jurisdictions may be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.

This announcement does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in any jurisdiction.

Forward-looking statements:

This release and any materials distributed in connection with this release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect BEWi ASA’s current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.