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Norwegian Finans plans Q2 IPO, launches private placement of shares

said April 5 that it aims to list on the Oslo Stock Exchange in the secondquarter.

Thecompany said it also engaged Arctic Securities AS and SpareBank 1 Markets AS toassist in a contemplated private placement of new shares for a totalconsideration of 300 million Norwegian kroner.

Theprivate placement comprises an offering toward Norwegian Finans shareholderswith more than 300,000 shares as of April 4; the company's management and themembers of the board; and selected external investors.

Theprivate placement will be subject to final resolutions by the company's board;shareholder approval at the annual general meeting, expected to be held April27; and approval of the corresponding share capital increase by Norway's FSA.

Theboard will propose to the AGM that shareholders' pre-emptive rights tosubscribe the new shares are set aside. The subscription price in the privateplacement will be set through an accelerated bookbuilding process conducted bythe managers, Arctic Securities and SpareBank 1 Markets. The application periodwill commence at 6 p.m. CET April 5 and close 8 a.m. CET April 6.

NorwegianFinans said it will announce the result of the private placement, the number ofshares allocated and the final subscription price before opening of trading onthe OTC exchange April 6.

Thenew shares will be registered with the Norwegian Register of BusinessEnterprises and the Norwegian Central Securities Depository as soon aspracticable following the AGM and approval from the FSA.

Subjectto completion of the private placement and the prevailing market price of theshares following the private placement, the company intends to carry out asubsequent repair offering of new shares directed toward shareholders who werenot given an opportunity to participate in the private placement.

AdvokatfirmaetSimonsen Vogt Wiig AS was retained as Norwegian Finans' legal counsel inconnection with the private placement.

Thecompany noted that unit BankNorwegian AS will pursue further growth in Norway, Sweden, Denmark and Finland.

As of April 5, US$1was equivalent to 8.36 Norwegian kroner.