Authorisation to increase share capital

This article originates from the news archive of Det norske.

20. April 2010

The general meeting granted the Board of directors authorisation to increase the share capital. The authorisation can be utilized for share capital increases in order to strengthen the Company’s equity, convert debt into equity and fund business opportunities.

The authorisation may be utilized in take-over situations. In order to meet the stated purposes of the authorisation the shareholders’ pre-emptive rights may be set aside.

In connection with subscription of new shares, it must be taken into account that the Company’s shares are listed on Oslo Børs, and that the share price will vary in accordance with the general market’s assessments and expectations related to the Company’s development.

The Boards proposal:
”The Company’s board of directors is authorised to increase the share capital in accordance with the Norwegian Public Limited Companies Act section 10-14, on the following conditions:

1. The share capital may, in one or more rounds, be increased by a total of up to NOK 11,111,111.

2. The authorisation can be utilized for share capital increases in order to strengthen the Company’s equity, convert debt into equity and fund business opportunities.

3. The authorisation shall be valid until the ordinary general meeting in 2011, but no later than 30 June 2011.

4. The shareholders’ pre-emptive rights pursuant to the Norwegian Public Limited Companies Act section 10-14 may be set aside.

5. The authorisation encompasses increase of share capital with contribution in kind or the right to incur the Company special obligations in accordance with the Norwegian Public Limited Companies Act section 10-2.

6. The authorisation encompasses decision on merger pursuant to the Norwegian Public Limited Companies Act section 13-5.

7. The authorisation may be used in take-over situations, ref. the Norwegian Securities Trading Act section 6-17.”

Find the protocol from the General Meeting here.
About Det norske:
Det norske oljeselskap ASA has interests in a total of 77 licenses, with 37 operatorships. Det norske is the second-largest operating company on the Norwegian Continental Shelf both considering number of operatotships and exploration activity. I 2009 the company operated nine exploration wells, and the high activity will continue in 2010. Det norske runs its activities in a safe and responsible manner in close cooperation with the authorities.

Det norske currently employs a staff of 180. The company`s registered office is located in Trondheim. The company also has offices in Oslo,Harstad, and Stavanger. Det norske is listed on the Oslo Stock Exchange (DETNOR).