1. INTRODUCTION The board of directors (the "Board" ) ofBW Epic Kosan Ltd. (the "Company") wishes to inform the shareholders of the Company (the "Shareholders") thatWeb Holding Limited (the "Offeror"), has on9 October 2023 issued an announcement (the "Offer Announcement") stating, inter alia, that the Offeror intends to make a voluntary and unconditional general offer (the "Offer") for all the issued and paid-up outstanding shares (the "Shares") in the capital of the Company.Web Holding Limited is a company incorporated under the laws ofBermuda by the Company's shareholders J. Lauritzen A/S, Cavenham Public Growth, LocalResources Ltd. ,Lytra Holdings S.A. and Nicholas Lykiardopulo for the purpose of making the Offer. The Board has resolved to settle all outstanding share options prior to the Offer. The option holders will receive a cash amount equal to the difference between the exercise price for their various options and the cash consideration under the Offer ofNOK 24 per Share. A copy of the Offer Announcement is attached to this announcement. Shareholders are advised to refer to the full text of the Offer Announcement for, inter alia, the principal terms of the Offer. For the avoidance of doubt, the Company and the Board assume no responsibility for the accuracy and correctness of the contents of the Offer Announcement. 2. OFFER DOCUMENT According to the Offer Announcement, the offer period for the Offer will commence following the publication of an offer document to be prepared byWeb Holding Limited (the "Offer Document"), and is estimated to commence on or about 09:00 (CEST) on23 October 2023 and end at 16:30 (CET) on20 November 2023 . Settlement of the Offer is expected to take place within29 November 2023 . The Offer Document will set out the terms and conditions of the Offer and enclose the appropriate form(s) of acceptance. 3. INDEPENDENT FINANCIAL ADVISER/LETTER TO SHAREHOLDERS The directors who are considered independent of the Offer (the "Independent Directors") have appointed an independent financial adviser ("IFA "),Pareto Securities AS , to advise the Independent Directors for the purpose of making a recommendation to Shareholders in respect of the Offer. The Independent Directors have inter alia based on advice from theIFA concluded to recommend the Offer. A letter to Shareholders from the Company containing, inter alia, the advice of theIFA and the full recommendation of the Independent Directors in respect of the Offer will be annexed to the Offer Document. In the meantime, Shareholders are advised to exercise caution when dealing in their Shares of the Company and to refrain from taking any action in respect of their Shares in the Company which may be prejudicial to their interests, until they or their professional advisers have considered the information and the recommendation of the Independent Directors as well as the advice of theIFA set out in the Offeree Circular to be issued by the Offeror in due course. Shareholders who are in doubt as to the action they should take should consult their stockbroker, bank manager, solicitor or other professional advisers. 4. DIRECTORS' RESPONSIBILITY STATEMENT The Directors (including those who have delegated detailed supervision of this announcement) have taken all reasonable care to ensure that the facts stated and all opinions expressed in this announcement are fair and accurate and no material facts have been omitted from this announcement, and they jointly and severally accept responsibility accordingly. Where any information has been extracted or reproduced from published or otherwise publicly available sources (including, without limitation, the Offer Announcement), the sole responsibility of the Directors of the Company has been to ensure, through reasonable enquiries, that such information is accurately and correctly extracted from such sources or, as the case may be, accurately reflected or reproduced in this announcement. BY ORDER OF THE BOARDAndreas Sohmen Pao Chairman9 October 2023
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