Fjord1 AS: Conditional purchase order completed

Havila

Reference is made to notice dated 9 December 2019, concerning the receipt by Fearnley Securities AS of a conditional purchase order from a subsidiary of Havila Holding AS, the indirect majority owner of Fjord1 ASA, to acquire a minimum of 11,650,000 shares in Fjord1.

Based on sales orders received, Havila has agreed to acquire, through its wholly owned subsidiary Havilafjord Holding AS, 15 million shares in Fjord1. The shares are acquired at a price per share of NOK 45. Together with Fjord1 shares already owned through Havilafjord AS, Havila will now control 66.5 million shares of Fjord1, representing 66.5% of the share capital. As previously reported, completion of the order will not trigger any mandatory offer obligations.

Havila has secured funding for the acquisition from a fund managed by Vision Ridge Partners, and following completion of the acquisition (to be settled on a standard T+2 basis) they will together and on an acting in concert basis hold 70.35 million shares, representing 70.35% of the outstanding shares and share capital of Fjord1. The intention of the parties is to cooperate as partners in developing Fjord1 into an integrated transportation and tourism company, hereunder through a potential consolidation with Havila Kystruten AS, with their combined holding being jointly owned and controlled by the parties.

Havila is currently represented on the board of directors of Fjord1 through Per Sævik and Vegard Sævik.

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