Sølyst Park Area (Complaint) - Preliminary Assessment Under Paragraph 48(B) of ESA’S Guidelines on Best Practice for the Conduct of State Aid Control Procedures

Total Page:16

File Type:pdf, Size:1020Kb

Sølyst Park Area (Complaint) - Preliminary Assessment Under Paragraph 48(B) of ESA’S Guidelines on Best Practice for the Conduct of State Aid Control Procedures Case handler: Vilde Hordnes Bergset Brussels, 31 January 2020 Tel: +32 2 286 1836 Case No: 83546 e-mail: [email protected] Document No: 1107229 xxxxxxxxxx xxxxxxxxxxX xxxxxxxx xxxxxx Sent by email only to XXXXXX Subject: Sølyst park area (complaint) - Preliminary assessment under paragraph 48(b) of ESA’s Guidelines on Best Practice for the conduct of state aid control procedures 1 The complaint Reference is made to your complaint to the Competition and State Aid Directorate of the EFTA Surveillance Authority (“ESA”) dated 27 March 2019 regarding alleged state aid to Veidekke Eiendom AS (“Veidekke”). In your complaint, you allege that Stavanger Municipality (“the Municipality”) has granted state aid to Veidekke through the following measures: 1. The exchange agreement. 2. A beneficial rezoning of a public park area sold to Veidekke. 3. The grant of NOK 350 000 from the Ministry of Culture to the art project Find Your Eyes at “Kulturøya Sølyst”. Since receiving your complaint, ESA has gathered information from the Norwegian authorities, and conducted a preliminary examination of these measures. Against this background, ESA is of the preliminary view that Veidekke has not received aid in breach of the EEA state aid rules through any of these measures. According to Article 61(1) of the EEA Agreement, a measure constitutes state aid if the following conditions are cumulatively fulfilled: the measure (i) is granted by the state or through state resources; (ii) confers a selective economic advantage on the beneficiary; and (iii) is liable to affect trade between Contracting Parties and to distort competition. ESA’s preliminary views are set out in further detail in the following. 2 Measure 1: the exchange agreement 2.1 Legal framework With regard to the first measure, ESA notes that in essence, it appears that no economic advantage has been conferred on Veidekke, within the meaning of the state aid rules. An economic advantage, within the meaning of Article 61(1) of the EEA Agreement, is any economic benefit which an undertaking could not have Rue Belliard 35, B-1040 Brussels, tel: +32 2 286 18 11, www.eftasurv.int Page 2 obtained under normal market conditions.1 Economic transactions carried out by public bodies do not confer an advantage on its counterpart, and therefore do not constitute aid, if they are carried out in line with normal market conditions.2 With regard to measure 1, it is ESA’s preliminary opinion that Veidekke has not obtained an economic advantage which it could not have obtained under normal market conditions. 2.2 About the exchange agreement In September 2014, the Municipality and Veidekke concluded an agreement (“the exchange agreement”) by which the Municipality would exchange a recreational area in return for two allotments (parseller) and a payment from the Municipality to Veidekke of NOK 500 000. The basis for the exchange agreement was that the Municipality wanted to create a public recreational area in Sølyst. Due to their size, location and layout the allotments had limited value for the Municipality as a public recreational area. The exchange agreement involved exchanging an area that was of limited value to the public with an area that could be adapted for the public good. Veidekke owned an area bordering on the allotments and could make use of the allotments for a construction project. The Municipality and Veidekke therefore saw a mutual benefit to the exchange of properties. The exchange of the properties was carried out in the second half of 2018 and the first half of 2019, on the basis of the terms agreed in September 2014. In short, this entailed that Veidekke transferred the recreational area, valued at NOK 1 million to the Municipality (see chapter 2.3 below), in return the Municipality transferred its two allotments, valued at NOK 510 400 to Veidekke along with a cash payment, from the Municipality to Veidekke of NOK 500 000 (see chapter 2.4 below). 2.3 The recreational area (transferred from Veidekke to the Municipality) As for establishing the price of the recreational area transferred from Veidekke to the Municipality, the Norwegian authorities have explained that land regulated as public recreational areas could be subject to expropriation according to national law. The principles for expropriation compensation is set out in national legislation and case law. However, rather than actually expropriating, the Municipality will, as a rule, always try to come to an agreement on acquisition with the owner of the land. The Municipality’s agreements on acquisition with landowners are based on the practice set out in expropriation compensation law. Local courts have established a basic price for such areas in Stavanger in 2013 in the range of NOK 20–25 per m2.3 When such an area borders on a building development, it is established through case law that based on the so-called “differential principle” an additional fee is paid beyond the standardised basic 1 See ESA’s Guidelines on the notion of State aid as referred to in Article 61(1) of the EEA Agreement (Notion of aid), (OJ L 342, 21.12.2017, p. 35 and EEA Supplement No 82, 21.12.2017, p. 1), at paragraph 66. 2 Notion of aid, paragraph 74. 3 See for instance LG-2013-114840 where the court states that the normal value for free areas is around NOK 20 per m2. See also LG-2013-46227 where the court states that the normal value for free areas is around NOK 20–25 per m2. Page 3 compensation if the area has special qualities, such as a shoreline, seabed, built- up roads, etc. The differential principle means that one assesses how much less the residential property/development area would be worth without the particular recreational area. The Norwegian authorities have referred to a number of contemporaneous court decisions from the appeals court competent to rule on such real estate transactions in the Municipality. In the decisions, the level varies from NOK 47 per m2 to NOK 454 per m2. - Gulating Court of Appeal — Valuation Appeal of 7 April 2014.4 Compensation was to be determined for Stavanger Municipality’s acquisition of free areas for the implementation of the zoning plan. The purpose was the creation of a walking trail. It emerges from the case that the normal value for free areas is around NOK 20 per m2. This would give a basic compensation of NOK 33 720. However, based on a differential valuation, the compensation for the property with shoreline was set at NOK 800 000 for 1 686 m2 with 21 metres of shoreline. The “free area” price evened out at NOK 474 per m2. The supplement for the qualities, which “disappeared” from the main property, thereby creating a value difference, amounted to NOK 766 280. - Gulating Court of Appeal — Valuation Appeal of 28 April 2014.5 Compensation was to be determined for the Municipality’s acquisition of a recreational area for the implementation of a zoning plan. The purpose was to secure the area as a recreational area for public use associated with recreational activities. The area was 12 752 m2. The basic compensation would have been NOK 260 000, based on a price of approximately NOK 20 per m2. Based on a differential assessment, the compensation was set at NOK 1 000 000. In fact, the free area price evened out at NOK 78.40 per m2. The Court of Appeal considered this to be at the lower level of what the compensation should be. The Court thus set a supplement for the property’s qualities in the amount of NOK 740 000. The qualities consisted in the possibility of horse pasture and the cultivation of fruit trees. - Gulating Court of Appeal — Valuation Appeal of 13 November 2014.6 Compensation was to be determined for the Municipality’s acquisition of “free areas” for the implementation of the zoning plan. The purpose was a general need for land to be used for recreational activities. The area was 38 687 m2 and included 30 m of shoreline. It emerges that the normal value for free areas is around NOK 20–25 per m2. This would have given a price of NOK 967 175. 4 LG-2013-114840. The case was dealt with in Stavanger Valuation Appeals Court for building cases by appraisement of 22 April 2013. 5 LG-2013-147388. The case was processed in Stavanger Valuation Appeals Court for building cases on 11 June 2013. 6 LG-2013-46227. The case was processed in Stavanger Valuation Appeals Court for building cases on 20 December 2012. Page 4 Based on a differential valuation, the compensation was set at NOK 1 650 000. The Court thus stipulated a supplement for the qualities of the property that amounted to NOK 680 000. This gave an average free area price of NOK 42.65 per m2. The qualities consisted of a shoreline, the possibility of horse pasture and the cultivation of fruit trees. - Gulating Court of Appeal — Valuation Appeal of 20 March 2015.7 Compensation was to be established for two “free areas” acquired by the Norwegian Public Road Administration for the development of the European route E39. The area was unregulated, but in the municipal plan it was allocated to an agricultural, natural and recreational area. For one area of land, a standard price was given of NOK 25 per m2. For the second area of land of 3795 m2 a price was given of NOK 1 250 000 based on a differential valuation. That is a supplement of NOK 1 155 125. The price was NOK 329 per m2. The Court of Appeal considered that this land, located near the owner’s house and garden, had a size and qualities that would be an additional factor for a normal purchaser of the residential property.
Recommended publications
  • Annual Report 2015 Contents
    SUPREME COURT OF NORWAY SUPREME COURT ANNUAL REPORT 2015 CONTENTS CONTENTS The Supreme Court in its bicentenary year 2015 Page 4 Summary of Supreme Court cases and procedure Page 6 The Supreme Court’s Bicentenary Page 7 - “HONOURABLE GENTLEMEN!” Page 8 - 200 years in two minutes – It began in a library Page 10 - The Bicentenary Meeting Page 12 Bicentenary celebration at Akershus castle Page 14 Open house in the Supreme Court Page 16 Justice Tjomsland captivates his audience Page 18 “The most difficult thing I have ever done as a researcher” Page 20 A powerful meeting with the lions Page 21 Law Truth Justice Page 22 Supreme Court commemorative stamp Page 23 A selection of cases from 2015 Page 24 The Supreme Court and International Law Page 29 Supreme Court Justices Page 31 Justice Liv Gjølstad looks back Page 33 The Supreme Court's administration Page 36 Rizwana Yedicam informs Page 41 New faces Page 42 County tour 2015 Page 43 Outside the courtroom Page 44 Statistics Page 46 Cover page: The Justice Building in Christiania 1903, which is now the Supreme Court Building. Photo: Unknown photographer Oslo Museum 2 3 Photo: Morten Brakestad SUPREME COURT SUPREME THE SUPREME COURT IN ITS BICENTENARY YEAR Under the Norwegian Constitution of 1814, the entertainment, etc. outside the building. year, judiciary service has carried on as usual, and Supreme Court is one of our three constitutional The event attracted an enthusiastic crowd. You can as such, 2015 has been a busy year with many bodies. However, it took time to establish a read more about the various events in the important cases.
    [Show full text]
  • Annual Report 2010 AF Group Annual Report Company
    Highlights 2010 annual reportAF Group 2010 Record profit The AF Group ended its 2010 anniversary year with the highest annual net profit in the history of the AF Group annual reportAF Group 2010 company. Profit before tax for 2010 was NOK 372 million, corresponding to a profit margin of 6.4 per cent. While the outlook for the five business areas varies, overall the AF Group is well positioned for the future from both an organisational and financial standpoint. Financially sound position At the end of 2010 AF had NOK 580 million in net interest-bearing receivables and an equity ratio of 32.1 per cent. Thanks to the sale of parts of the Environ- mental Base at Vats and profits from operations AF is financially strong and well equipped to meet opportunities and challenges in the time to come. High activity and good performance in Civil Engineering AF’s Civil Engineering business area reported its highest level of activity and earnings ever in 2010. Revenues in 2010 amounted to NOK 2,158 million and profit before tax was NOK 198 million, equivalent to a profit margin of 9.2 per cent. All the Civil Engineering units performed very well during the year. Historically low level of injuries HSE has high priority at AF and is an integral part of management at all levels. In 2010, AF had a historically low level of injuries, with an LTI rate of 1.7 for the Norwegian part of the business. The LTI rate is defined as the number of lost time injuries per million man- hours, and AF includes all sub-contractors in the Annual report 2010 calculation.
    [Show full text]
  • Annual Report 2018 “EVERYTHING WE DO, WE DO to MAKE LIFE in WESTERN NORWAY EVEN BETTER!”
    Annual Report 2018 “EVERYTHING WE DO, WE DO TO MAKE LIFE IN WESTERN NORWAY EVEN BETTER!” When Sparebanken Vest was founded almost 200 years ago, it heralded a new way of thinking about banking. The bank was to be owned by its customers, and its objective was to help the many poor in society. The idea that challenges are best solved together was what made us, and it is still what drives us. Today, we have more than 290,000 owners, and everything we do, we do to make life in Western Norway even better. We aim to make life even better for those growing up and settling down. For those who need to break with tradition and go their own ways. For those who have a dream they want to pursue. For everyone who works hard and for business owners who create jobs in Western Norway. We will achieve this by caring about our customers, helping people where they are, being simple to bank with and by providing important advice along the way. This sense of community gives us a unique strength to deal with major challenges. Challenges that concern us all and that are decisive for our future. We can do it better together. Most of the photos used in the annual report are from the ‘Family Bank’. Sparebanken Vest follows customers through all the important phases of life and big and small events – in short, a friend through thick and thin. Photo: Anne Lise Nordheim. Sparebanken Vest strives for an active and future-oriented focus on the environment, both internally and externally.
    [Show full text]
  • Employer Liability for the Norwegian State Pilots
    Employer liability for the Norwegian State pilots Candidate number: 5058 Submission deadline: November 1, 2014 Number of words: 17 992 Table of contents 1 TOPIC OF THIS DISSERTATION ............................................................................ 1 2 STRUCTURE ................................................................................................................. 4 3 LEGAL SOURCES ........................................................................................................ 6 3.1 Introduction ................................................................................................................... 6 3.2 Laws, regulations and preparatory works ..................................................................... 6 3.3 NCA’s internal instructions .......................................................................................... 7 3.4 Case law ........................................................................................................................ 7 3.5 Legal theory .................................................................................................................. 8 3.6 Other sources ................................................................................................................ 8 4 THE NORWEGIAN PILOT SERVICE - A HISTORICAL REVIEW ................... 9 4.1 Introduction ................................................................................................................... 9 4.2 1274 “The man who gives advice about the path” ......................................................
    [Show full text]
  • Statnett Semi-Annual Report 2016
    Half year report 2016 1. half year report 2016 1 Statnett - 1. half year report 2016 Table of contents 05 Director’s report 15 Statement of comprehensive income 16 Balance sheet 17 Statement of changes in equity 18 Cash flow statement 19 Selected notes 2 Statnett - 1. half year report 2016 In short Statnett is the transmission system operator in the Norwegian power system, and is responsible for socio-economically efficient operations and development of the central transmission grid for power. Statnett’s social mission is to ensure a reliable supply of electricity, contribute to value creation in society and pave the way for better environmental solutions. The power situation in Norway has been good during the first six months of 2016. A good hydrological balance at the beginning of the period meant that reservoir water levels at the end of the first six months were above the median. The operating situation has been satisfactory during the period. Statnett’s suppliers had two fatal accidents in connection with work on Statnett’s projects. This is not acceptable for Statnett, and the organisation have been marked by the development of an action plan in the second quarter. The Statnett Group’s underlying profit after tax amounted to NOK 696 million in the first six months of 2016 (NOK 823 million in the corresponding period in 2015). The reduction in underlying profit is mainly due to lower pension costs first half of 2015 as a result of a non-recurring effect caused by the transition from defined benefit to a defined contribution pension scheme, somewhat offset by higher permitted revenue in 2016, primarily as a result of an increased asset base in the Group.
    [Show full text]
  • Annual Supervision Report 2007
    Annual Supervision Report 2007 49 ANNUAL SUPERVISION REPORT 2007 Contents “We cannot afford more, so this must be good enough” 3 Countrywide supervision Do municipalities ensure provision of adequate respite care and support contact services? 4-5 Municipal health and social services for adults with mental disorders 7-8 Inadequate management in accident and emergency units 9-10 Regular risk analysis is necessary 11 Blood – safe to give, safe to receive 12-13 Coercive fine for the first time 12-13 “Mind the gap” 15-16 Children and adolescents with mental health problems – what do they need and what do they get? 17 Cases of incident-related supervision 19-22 Leadership’s responsibility to establish a system – incident-related supervision cases 22-23 Supervision of municipal welfare services 24-25 Adverse events with medication 27-28 The role of highest authority for complaints regarding rights laid down in health and social legislation 28 A man with a mission 29 The right to essential health care – re-examination of decisions about complaints 30-31 Suicide among patients receiving mental health services 32 Not all municipalities offer client-managed personal assistance 32-33 Problem areas for services for people with alcohol and drug problems 33 Seen through the eyes of the Offices of the County Governors and the Norwegian Board of Health Supervision in the Counties Supervision of physiotherapy institutes 34 Supervision of services provided by the offices of the Norwegian Labour and Welfare Organisation (NAV) 34-35 Services for adolescents with mental disorders or alcohol and drug problems 35 Social security benefits – a safety net or a stepping stone? 36 A national reporting system for adverse events 37 And in the opinion of the Norwegian Board of Health Supervision….
    [Show full text]
  • The Two EEA Courts’ – a Norwegian Perspective 1
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by NORA - Norwegian Open Research Archives ‘The two EEA Courts’ – a Norwegian perspective 1 Dr. Halvard Haukeland Fredriksen, University of Bergen A. Introduction – the notion of ‘EEA Courts’ To most Norwegian lawyers, the term ‘the two EEA Courts’ would probably be understood as a reference to the EFTA Court and the Supreme Court of Norway rather than, as suggested here, to the EFTA Court and ECJ. The understanding of the ECJ as not only an EU but also an EEA Court of Justice has only slowly sunk in to the Norwegian legal community.2 However, not least due to the somewhat troubling prospects to the free movement of capital in the EEA offered by the ECJ’s application of Article 40 EEA in a recent string of cases, 3 appreciation of the ECJ as the gatekeeper for market operators from the EFTA States seeking judicial protec- tion in the EU appears to gain ground: If the ECJ embarks on an interpretation of EEA law which differs from its own interpretation of corresponding provisions of EU law, the result will be gradual undermining of the Agreements overall goal to extend the internal market to include the EFTA States. Thus, the fate of the EEA Agreement at long last hangs on its continued acceptance by the ECJ. Even acknowledging that the ECJ is to be understood as an EEA Court, most Norwegian lawyers would probably argue that this raises the number of EEA Courts to three – the Supreme Court of Norway, the EFTA Court and the ECJ.4 A recent survey of the applica- tion of EEA law in Norwegian courts 1994-2010 has revealed that lower Norwegian courts indeed do appear to see the Supreme Court as an EEA Court proper, taking its decisions into 1 Readers with command of Norwegian should be warned at the outset that this contribution draws heavily upon the more extensive account in the author’s report ‘EU/EØS-rett i norske domstoler’ [EU/EEA law in Norwegian Courts], Report commissioned by the Norwegian EEA Review Committee, Oslo 2011.
    [Show full text]
  • Supreme Court of Norway 2016
    SUPREME COURT OF NORWAY 2016 SUPREME COURT OF NORWAY - Annual Report 2016 1 CONTENTS The Supreme Court in 2016 4 Summary of Supreme Court cases and procedure 6 New Chief Justice 7 Retirement of the Chief Justice 7 Tore Schei - reflections after 30 years at the Supreme Court 8 Toril Marie Øie - her thoughts on taking up appointment as the new Chief Justice 10 Supreme Court procedure 12 From paper to tablet 16 A selection of cases 18 The Appeals Selection Committee - The heart of the Supreme Court 24 The Supreme Court and International Law 25 Supreme Court decisions 26 Justice Ingse Stabel resigns 28 New justice Espen Bergh 30 The Supreme Court's Administration 32 Merete Koren - secretary to the Chief Justice 36 County tour 2016 38 Law clerks on a study tour to Luxembourg 39 Outside the courtroom 40 External activities 41 Statistics 42 From the Supreme Court entrance hall, brass sculpture of a lion modelled by Lars Utne. Photo: Sturlason SUPREME COURT OF NORWAY - ANNUAL REPORT 2016 3 THE SUPREME COURT IN 2016 In 2015, the Supreme Court celebrated its Chief Justice Scheie’s retirement was duly celebrated. The main bicentenary and in 2016, yet another milestone event was the farewell ceremony on 29 February 2016 in the was reached. Tore Schei retired as Chief Justice Supreme Court’s Grand Chamber attended by the King, the President of the Norwegian Storting, the Norwegian Prime on 29 February 2016, after having been a Minister, the Minister of Justice and other invited guests. Supreme Court justice for exactly 30 years - to the Later that day, a reception was held in the Supreme Court day.
    [Show full text]
  • The Rights of the Child 2008
    Report The Rights of the Child Norway’s fourth periodic report to the UN Committee on the Rights of the Child – 2008 Forord THE RIGHTS OF THE CHILD – Norway’s fourth periodic report to the UN Committee on the Rights of the Child 2008 Foreword 1. Norway hereby submits its fourth periodic report to the UN Committee on the Rights of the Child on the follow-up of the Convention on the Rights of the Child, Part 1. Part 2 deals with the follow-up of the Optional Protocol to the Convention on the Rights of the Child on the Sale of Children, Child Prostitution and Child Pornography. Part 3 concerns the follow-up of the Optional Protocol to the Convention on the Rights of the Child on the Involvement of Children in Armed Conflict. Reference is made to concluding observations from the UN Committee on the Rights of the Child, respectively CRC/C/15Add.262 of 3 June 2005, CRC/C/OPSA/CO/3 of 3 June 2005 and CRC/C/OPAC/NOR/CO/1 of 8 June 2007. The concluding observations are also found on the website of the Ministry of Children and Equality: www.regjeringen.no/ nb/dep/bld. 2. The report is organized according to the General Guidelines Regarding the Form and Content of Periodic Reports to be submitted by States Parties, cf. Article 44, paragraph 1 (b) of the Convention (CRC/C/58/Rev.1 of 29 November 2005). Reference is continuously made to Norway’s previous reports and to the concluding observations and recommendations of the UN Committee on the Rights of the Child.
    [Show full text]
  • Environmental Crime »
    Annual report 2007 Økokrim www.okokrim.no « Økokrim combats economic crime and environmental crime » Økokrim’s objectives and values General information about Økokrim 2 The Norwegian National Authority for Investigation and Prosecution of Eco- nomic and Environmental Crime (Økokrim) is a resource centre for the police and the prosecuting authorities in combating these types of crime. Økokrim was established in 1989, and is both a police specialist agency and a public prosecutors’ office with national authority. The formal rules about Økokrim The Director of Økokrim 4 can be found in chapter 35 of the Prosecution Instructions. Vision Norway is a good country to live in and has many important values to protect. Crime presents a threat to these values. By combating crime, Økokrim helps to Økokrim statistics 5 protect important values in Norwegian society. The protection of important values is Økokrim’s vision. Main objective Økokrim’s main objective is to combat economic crime, environmental crime Working methods 7 and laundering of proceeds of crime. Økokrim’s responsibilities • to uncover, investigate, prosecute and bring to trial its own cases Case procedure 8 • to assist the national and international police and prosecuting authorities • to boost the expertise of the police and the prosecuting authorities and to engage in the provision of information Økokrim’s cases in 2007 10 • to engage in criminal intelligence work, dealing in particular with reports of suspicious transactions • to act as an advisory body to the central authorities Økokrim – the specialist agency 25 • to participate in international cooperation Deterrence is one of our main objectives. Through our work on specific crimi- nal cases, we demonstrate to the public that anyone breaking the rules in our National and international cooperation area of jurisdiction will be liable to penalties.
    [Show full text]
  • Report Frafrom Koordineringsenheten the Coordinating Unit for Forvictims Ofre Forof Humanmenneskehandel Trafficking
    RapportReport frafrom Koordineringsenheten the Coordinating Unit for Victimsfor ofre forof Humanmenneskehandel Trafficking 2016 2016 Juli 2017 August 2017 B REPORT BY THE COORDINATING UNIT FOR VICTIMS OF HUMAN TRAFFICKING Table of contents Summary 3 5 The rights of identified presumed victims 44 5.1 What rights do presumed victims have? .................. 44 1 The Coordinating Unit for Victims of Human Trafficking (KOM) 5 5.2 Why do many reject offers of assistance? ............... 44 1.1 A measure to improve coordination ............................. 5 5.3 Legal residence ................................................................. 45 1.2 Collaborating parties ........................................................ 6 5.3.1 Limited residence permits for victims of human 1.3 Mandate up for review ......................................................7 trafficking ........................................................................... 45 1.4 KOM’s situation report .......................................................7 5.3.2 Asylum application decisions where applicants have been identified as presumed victims .............. 47 2 KOM’s activities in 2016 9 5.3.3 Asylum centre residents ................................................ 50 2.1 Network operation and expertise development ..... 9 5.4 Assisted return and re-establishment ...................... 50 2.1.1 Meetings under the auspices of KOM .......................... 9 2.1.2 External meetings and seminars ..................................10 6 Criminal justice responses
    [Show full text]
  • Selvaag Bolig Asa
    PROSPECTUS NOT FOR GENERAL DISTRIBUTION IN THE UNITED STATES SELVAAG BOLIG ASA NOK 500 million to NOK 800 million initial public offering Indicative Price Range from NOK 25 to NOK 32 per Offer Share Listing of the Company’s Shares on Oslo Børs This prospectus (the “Prospectus”) has been prepared in connection with the initial public offering of new ordinary shares, each with a par value of NOK 2.00 (the “Offer Shares” and, together with any Additional Shares (as defined below) and the existing shares issued by the Company, the “Shares”), in Selvaag Bolig ASA (the “Company” or “Selvaag Bolig”) and the listing of the Shares on Oslo Børs (“Oslo Børs”). The global offering (the “Offering”) in an amount of NOK 500 million to NOK 800 million, with an over-allotment option of an additional 10%, through the issuance of up to 34,093,398 Offer Shares (including any Shares issued pursuant to the Greenshoe Option, as defined in Section 5.10) comprises (i) an institutional offering (a) to investors in Norway, (b) to investors outside Norway and the United States subject to applicable exemptions from local prospectus and other filing requirements, and (c) in the United States, to “qualified institutional buyers” “QIBs”( ) as defined in, and in reliance on, Rule 144A “Rule( 144A”) under the United States Securities Act of 1933, as amended (the “Securities Act”); subject to a lower limit per application of NOK 1,000,000 (the “Institutional Offering”), (ii) a retail offering to the public in Norway subject to a lower limit per application of NOK 10,500 and an upper limit per application of NOK 999,999 for each investor (the “Retail Offering”), and (iii) an employee offering, in which the Company’s Eligible Employees, as defined in Section 5.7.1, are offered to apply for Offer Shares subject to a lower limit per application of NOK 10,500 and an upper limit per application of NOK 100,000 for each Eligible Employee, and with a discount of 20% of the final offer price per Offer Share (the “Offer Price”) (the “Employee Offering”).
    [Show full text]