Since 2009, Schibsted Media Group has had a total return swap agreement with SEB Enskilda AS regarding the financial exposure to 17,751,236 shares, equal to 36.3% of the shares. The agreement expires 30. September 2011, and SEB Enskilda AS has as a consequence of this sold a corresponding number of shares at NOK 24.00 per share.
Norrköpings Tidningars Media AB (NTM) acquires 7.050.000 shares, equaling 14.4% of Polaris Media, Nya Wermlands-Tidningens Aktiebolag acquires 3.525.000 shares, 7.2%, while Helsingborgs Dagblad AB acquires 3.525.000 shares, 7.2%. In addition, an international financial investor, Franklin Enterprises, acquires 3.651.236 shares, 7,5% of Polaris Media.
Schibsted will continue to own 3.471.716 shares, equaling 7.1 per cent of the company.
- We are satisfied with reaching a solution that implies a sale to strategic, long term and very competent media owners. This is a solution we consider as good for all parties – not the least for Polaris Media itself. We look forward to continue as a 7.1 per cent owner of Polaris Media, Trond Berger, CFO of Schibsted says.
- We regard NTM as being a long term strategic owner of Polaris Media, and hope that we as shareholders can contribute to a continued positive development of the company, Göran Lundin, chairman of the board of directors of NTM says.
As a consequence of the total return swap, Schibsted carries the economical interest in the sales price of the shares, and has had a desire to facilitate a best possible price for the shares. A conventional sale in the market is likely to have resulted a lower price than what has now been reached. One reason is the general uncertainty in the financial markets. Another reason are the voting rights restrictions stated in the articles of association in Polaris Media. Because of these uncertainties, Schibsted has agreed with the buyers of the Polaris Media shares that they have the right, but not the obligation, to sell the shares to Schibsted a price between NOK 26 and 27, adjusted for dividends. The shares can be sold to Schibsted within a period of one month from 29 September 2012.
The Norwegian Media Authorities stated that the buyers are independent of Schibsted.
Arctic Securities have acted as financial advisors for Schibsted.
Trond Berger, CFO, mobile +47 916 86 695.