Norwegian Air Shuttle ASA
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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, INTO OR IN AUSTRALIA, CANADA, HONG KONG, THE UNITED STATES OR SWITZERLAND Norwegian Air Shuttle ASA (Incorporated in Norway as a public limited liability company) (Business registration number: 965 920 358) Prospectus in connection with The listing on Oslo Børs of 5,436,134 Tranche 2 Shares, issued in the Private Placement, and offering and listing of up to 1,290,323 Offer Shares, each with a nominal value of NOK 0.10, at a subscription price of NOK 155 per Offer Share, in the Subsequent Offering. Subscription Period for the Subsequent Offering: From and including 12 June 2018 to 16:30 (CET) at 25 June 2018 THE OFFER SHARES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. EACH U.S. SHAREHOLDER ON THE RECORD DATE WISHING TO SUBSCRIBE FOR OFFER SHARES MUST PROVIDE A LETTER ATTACHED HERETO PROVIDING CERTIFICATION THAT IT IS EITHER (A) A "QUALIFIED INSTITUTIONAL BUYER" (A "QIB") AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT, OR (B) AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(A) UNDER THE U.S. SECURITIES ACT, IN EACH CASE ACQUIRING THE OFFER SHARES FOR INVESTMENT PURPOSES FOR ITS OWN ACCOUNT. ONLY U.S. SHAREHOLDERS ON THE RECORD DATE WHO HAVE COMPLETED AND RETURNED THE CERTIFICATION ARE AUTHORIZED TO PARTICIPATE IN THE SUBSEQUENT OFFERING. THE OFFER SHARES WILL NOT BE TRANSFERABLE EXCEPT IN ACCORDANCE WITH THE RESTRICTIONS DESCRIBED UNDER SECTION 5.11 "SELLING AND TRANSFER RESTRICTIONS". BY ACCEPTING THIS PROSPECTUS, YOU AGREE TO BE BOUND BY THE FOREGOING INSTRUCTIONS. THE DISTRIBUTION OF THIS PROSPECTUS IN OTHER JURISDICTIONS MAY BE RESTRICTED BY LAW, AND PERSONS INTO WHOSE POSSESSION THIS PROSPECTUS COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY SUCH RESTRICTIONS. BY ACCEPTING THIS PROSPECTUS, YOU AGREE TO BE BOUND BY THE FOREGOING INSTRUCTIONS. SEE "RISK FACTORS" IN SECTION 2 FOR A DISCUSSION OF CERTAIN MATTERS THAT SHOULD BE CONSIDERED IN CONNECTION WITH AN INVESTMENT IN THE OFFER SHARES. Managers Arctic Securities AS, Carnegie AS, Danske Bank A/S, Norwegian branch and Pareto Securities AS 11 June 2018 Important information This prospectus (the "Prospectus") has been prepared in order to provide information about Norwegian Air Shuttle ASA ("NAS" or the "Company") and its business in connection with (i) the listing on Oslo Børs of 5,436,134 new Shares in the Company, each with a par value of NOK 0.10 (the "Tranche 2 Shares"), for gross proceeds in the amount of NOK 842,600,770 ("Tranche 2"), issued as part of a private placement directed towards existing shareholders and other Norwegian and international investors (the "Private Placement"), of which only the Tranche 2 requires a listing prospectus, and (ii) a subsequent offering (the "Subsequent Offering") and listing of up to 1,290,323 new Shares in the Company (the "Offer Shares"), with subscription rights (the "Subscription Rights") issuable to shareholders as of end of trading 20 March 2018 as registered with VPS on 22 March 2018 (the "Record Date"), except for shareholders who (a) were allocated Shares in the Private Placement, or (b) are restricted from participating due to laws and regulations in their home country jurisdiction (collectively, the "Eligible Shareholders") as described herein. The Private Placement and the Subsequent Offering are hereinafter jointly referred to as the "Offering" and the listing of the Tranche 2 Shares and the Offer Shares is hereinafter referred to as the "Listing". For the definitions of terms used throughout this Prospectus, see Section 17 "Definitions and glossary". The Company has furnished the information in this Prospectus. Arctic Securities AS ("Arctic"), Carnegie AS ("Carnegie"), Danske Bank A/S, Norwegian branch ("Danske Bank") and Pareto Securities AS ("Pareto Securities") (together the "Managers") make no representation or warranty, expressed or implied, as to the accuracy or completeness of such information, and nothing contained in this Prospectus is, nor shall be relied upon as, a promise or representation by the Managers. This Prospectus has been prepared to comply with the Securities Trading Act of 29 June 2007 no. 75 ("verdipapirhandelloven") (the "Norwegian Securities Trading Act") and the Norwegian Regulation on Contents of Prospectuses, which implements the Prospectus Directive (EC/2003/71), including the Commission Regulation EC/809/2004 as amended, in Norwegian law. The Financial Supervisory Authority of Norway (the "Norwegian FSA", No.: Finanstilsynet) has reviewed and approved (approval date: 11 June 2018) this Prospectus in accordance with the Norwegian Securities Trading Act sections 7-7 and 7-8. The Norwegian FSA has not made any form of control or approval relating to corporate matters described in or otherwise covered by this Prospectus. This Prospectus has been published in an English version only and is valid for twelve (12) months from the date of approval. All inquiries relating to this Prospectus should be directed to the Company or the Managers. No other person has been authorized to give any information about, or make any representation on behalf of, the Company in connection with Tranche 2 and the Subsequent Offering, and, if given or made, such other information or representation must not be relied upon as having been authorized by the Company or the Managers. The information contained herein is as of the date hereof and subject to change, completion or amendment without notice. There may have been changes affecting the Company subsequent to the date of this Prospectus. Any new material information and any material inaccuracy that might have an effect on the assessment of the Subsequent Offering or Offer Shares arising after the publication of this Prospectus and before the end of the Subscription Period will be published as a supplement to this Prospectus in accordance with section 7-15 of the Norwegian Securities Trading Act. Neither the delivery of this Prospectus nor the completion of the Subsequent Offering at any time after the date hereof will, under any circumstances, create any implication that there has been no change in the Company's affairs since the date hereof or that the information set forth in this Prospectus is correct as of any time since its date. The contents of this Prospectus shall not be construed as legal, business or tax advice. Each reader of this Prospectus should consult its own legal, business or tax advisor as to legal, business or tax advice. If in any doubt about the contents of this Prospectus, readers should consult their stockbroker, bank manager, lawyer, accountant or other professional adviser. In the ordinary course of their respective businesses, the Managers and certain of their affiliates have engaged, and may continue to engage, in investment and commercial banking transactions with the Group. Without limiting the manner in which the Company may choose to make any public announcements, and subject to the Company's obligations under applicable law, announcements relating to the matters described in this Prospectus will be considered to have been made once they have been received by Oslo Børs ASA ("Oslo Børs" or the "Oslo Stock Exchange") and distributed through its information system. Unless otherwise indicated or the context otherwise requires, all references in this Prospectus to the "Group" are to the Company together with its consolidated subsidiaries. 2 Investing in the Shares of the Company involves risks. See Section 2 "Risk factors" of this Prospectus. The distribution of this Prospectus may be restricted by law in certain jurisdictions. This Prospectus may not be used for the purpose of, and does not constitute, an offer to sell or issue, or a solicitation of an offer to buy or subscribe for, any securities in any jurisdictions in any circumstances in which such offer or solicitation is not lawful or authorized. The Company and the Managers require that persons in possession of this Prospectus inform themselves about and to observe such restrictions. The Subscription Rights and the Offer Shares are being offered only in those jurisdictions in which, and only to those person to whom, offers and sales of the Offer Shares (pursuant to the exercise of Subscription Rights or otherwise) may lawfully be made. The Subscription Rights and the Offer Shares have not been and will not be registered under the U.S. Securities Act, or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable securities law of any state or other jurisdiction of the United States. 3 TABLE OF CONTENTS 1. SUMMARY ......................................................................................................................................................... 7 2. RISK FACTORS ................................................................................................................................................ 25 2.1 RISKS RELATING TO