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Important Notice IMPORTANT: You must read the following before continuing. The following applies to the prospectus (the “document”) following this page, and you are therefore advised to read this carefully before reading, accessing or making any other use of the document. In accessing the document, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. THE FOLLOWING DOCUMENT MAY NOT BE FORWARDED OR DISTRIBUTED OTHER THAN AS PROVIDED BELOW AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. THIS DOCUMENT MAY ONLY BE DISTRIBUTED OUTSIDE THE UNITED STATES IN “OFFSHORE TRANSACTIONS” AS DEFINED IN, AND AS PERMITTED BY, REGULATION S UNDER THE U.S SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITHIN THE UNITED STATES TO QUALIFIED INSTITUTIONAL BUYERS (“QIBs”) WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”). ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORIZED. FAILURE TO COMPLY WITH THIS NOTICE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES REFERENCED HEREIN (THE “SECURITIES”) HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION (OTHER THAN SOUTH AFRICA) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) IN TRANSACTIONS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT; OR (2) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. Confirmation of your representation: In order to be eligible to view this document or make an investment decision with respect to the securities, you must be (1) a person that is outside the United States or (2) a QIB that is acquiring the securities for its own account or for the account of another QIB. By accepting the e-mail and accessing this document, you shall be deemed to have represented to us that you are outside the United States or that you are a QIB and that you consent to delivery of such document by electronic transmission. You are reminded that this document has been delivered to you on the basis that you are a person into whose possession this document may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorized to, deliver this document to any other person. The materials relating to the offering do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and the global coordinators, as named in this document, or any affiliate of the global coordinators is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by the global coordinators or such affiliate on behalf of Schibsted ASA (the “Company”) in such jurisdiction. Under no circumstances shall this document constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Recipients of this document who intend to subscribe for and/or purchase the securities are reminded that any subscription or purchase may only be made on the basis of the information contained in the document. This document has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of the Company nor the global coordinators, as named in this document, nor any person who controls the Company or a global coordinator nor any director, officer, employee nor agent of it or affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between the document distributed to you in electronic format and the hard copy version available to you on request from J.P. Morgan Securities Ltd. or Skandinaviska Enskilda Banken AB (publ), Oslo Branch. PROSPECTUS Schibsted ASA (a public limited company organised under the laws of Norway) Rights Offering of 38,753,615 New Shares Subscription Price: NOK 34.00 per New Share Schibsted ASA (“Schibsted” or the “Company” and, together with its consolidated subsidiaries, the “Group”) is issuing new shares (the “New Shares”) with a par value of NOK 1.0 each, at an issue price of 34.00 Norwegian kroner (“NOK”) per New Share (the “Subscription Price”). Subject to applicable securities laws, holders of the Company’s shares as of 11 June 2009 (the “Record Date”) as appearing in the Norwegian Central Securities Depository (“VPS”) on 16 June 2009 (the “Existing Shareholders”) are being granted transferable subscription rights (the “Subscription Rights”) providing preferential rights to subscribe for the New Shares at the Subscription Price (the “Rights Offering”). Each share held on the Record Date will entitle the holder thereof to one Subscription Right. Holders of the Subscription Rights will be granted preferential rights to subscribe for 3 (three) New Shares for every 5 (five) Subscription Rights held, upon payment of the Subscription Price. The subscription period commences on 18 June 2009 and expires at 17:30 hours, Central European Time (“CET”), on 2 July 2009 (the “Subscription Period”). Trading in the Subscription Rights on Oslo Børs (the “Oslo Stock Exchange”) is expected to commence on 18 June 2009 and is expected to continue until 17:30 hours CET on 2 July 2009. Subscription Rights not exercised within the Subscription Period will expire and become void without compensation to the holder. Holders of Subscription Rights may submit applications to subscribe for New Shares in excess of their pro rata entitlement, and investors who do not hold Subscription Rights may apply to subscribe for any non-exercised New Shares. Blommenholm Industrier AS (“Blommenholm”) and the Norwegian Government Pension Fund (“Folketrygdfondet”), who in the aggregate held 34.8% of our issued ordinary shares as of 15 May 2009, the date of the announcement of the Rights Offering, have agreed to subscribe for 13,486,257 New Shares. In addition, the Company has entered into an underwriting agreement dated 11 June 2009 (the “Underwriting Agreement”) with J.P. Morgan Securities Ltd. (“J.P. Morgan”) and Skandinaviska Enskilda Banken AB (publ), Oslo Branch (“SEB” and, together with J.P. Morgan, the “Underwriters”), pursuant to which the Underwriters have severally agreed, subject to certain conditions, to underwrite the remaining 65.2% of the New Shares being offered by the Company in the Rights Offering. In the event there are unsubscribed New Shares that the Underwriters are required to purchase (the “Rump Shares”), such Rump Shares will be offered by the Underwriters in an international private placement to institutional investors, or failing which, will be subscribed for by the Underwriters themselves (the “Rump Offering”). This Prospectus has been prepared to comply with the Norwegian Securities Trading Act of 29 June 2007 no. 75 (the “Securities Trading Act”) and related secondary legislation, including EC Commission Regulation EC/809/2004. The Oslo Stock Exchange has reviewed and approved this Prospectus in accordance with the Securities Trading Act section 7-7. The Oslo Stock Exchange has, in accordance with Article 18 in the Prospectus Directive, provided the Swedish Financial Supervisory Authority (in Swedish: Finansinspektionen), as competent authority in Sweden, with a certificate of approval attesting that this Prospectus has been drawn up in accordance with the Prospectus Directive. We are not taking any action to permit a public offering of the Subscription Rights or of the New Shares in any jurisdiction outside of Norway and Sweden. The Subscription Rights and the New Shares are being offered only in those jurisdictions in which, and only to those persons to whom, offers and sales of the Subscription Rights and the New Shares (pursuant to the exercise of the Subscription Rights or otherwise) may lawfully be made. The Subscription Rights and the New Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States of America and may not be offered or sold within the United States of America, except in transactions exempt from registration under the U.S. Securities Act. The Subscription Rights and the New Shares are being offered and sold outside the United States of America in compliance with Regulation S under the U.S. Securities Act (“Regulation S”). In the United States of America, persons that are qualified institutional buyers (as defined in Rule 144A (“Rule 144A”) under the U.S. Securities Act (“QIBs”)) may exercise Subscription Rights and acquire New Shares pursuant to exemptions from the registration requirements of the U.S. Securities Act. Prospective purchasers are hereby notified that the sellers of the New Shares may be relying on the exemption from section 5 of the U.S. Securities Act provided by Rule 144A. See Section 20 “Selling and Transfer Restrictions”. Investing in the New Shares and trading in the Subscription Rights involves certain risks.