Brief: Storm Real Estate Enters Into Transformative Agreement To Form Combined Entity With KMC Properties

Bevest ASA

17/11/2020 07:36

Nov 17 (Reuters) - Storm Real Estate ASA  STORM.OL :
    * STORM REAL ESTATE ENTERS INTO TRANSFORMATIVE AGREEMENT TO
FORM A
COMBINED
    * TO ACQUIRE 100% OF ISSUED AND OUTSTANDING SHARES IN KMC
PROPERTIES
    * AGREED PURCHASE PRICE OF APPROXIMATELY NOK 1,076 MILLION
    * PURCHASE PRICE WILL BE SETTLED THROUGH ISSUANCE OF CA.
153,678,160 NEW SHARES IN STORM REAL ESTATE AT NOK 7 PER SHARE
    * A NOK 300 MILLION EQUITY PRIVATE PLACEMENT WILL BE CARRIED
OUT
TOWARDS EXISTING SHAREHOLDERS AND NEW INVESTORS
    * NEW COMBINED COMPANY IS CONTEMPLATING TO RAISE NOK 300
MILLION
IN A PRIVATE PLACEMENT AND NOK 1,850 MILLION EQUIVALENT IN BONDS
    * UPON COMPLETION OF TRANSACTION, COMBINED ENTITY IS
EXPECTED TO
HAVE AN INITIAL MARKET CAPITALIZATION OF NOK 1,623 MILLION
    * FOR 9 MONTHS OF 2020, KMC PROPERTIES (INCLUDING PESCA)
GENERATED
REVENUES OF NOK 147 MILLION AND EBITDA OF NOK 128 MILLION
    * TRANSACTION WILL BE SUBJECT TO CUSTOMARY CLOSING
CONDITIONS
BEING FULFILLED NO LATER THAN 31 JANUARY 2020

Source text for Eikon:  ID:nObi5TVm6a 
Further company coverage:  STORM.OL 

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