On 28 February 2019, the Stock Exchange Appeals Committee resolved to repeal the decision made by the Oslo Stock Exchange that the merger between Belships ASA and subsidiaries of Kontrari AS and Kontrazi AS (Lighthouse) does not trigger an obligation to present an offer to acquire all outstanding shares in the company. Kontrari AS and Kontrazi AS are consequently obliged to present a mandatory offer to acquire all outstanding shares in Belships ASA. The offer price has been set to NOK 7 per share.
The Stock Exchange Appeals Committee's decision is surprising in view of the preceding decisions and statements made by the Oslo Stock Exchange in this matter, but Kontrari AS and Kontrazi AS have nevertheless decided not to appeal the decision.
On this basis, Kontrari AS and Kontrazi AS will present an offer in accordance with the Stock Exchange Appeals Committee's decision. The offer will be made no later than four weeks after 28 February 2019, which is the date when the decision was made. At the same time, Kontrari AS and Kontrazi AS would like to emphasize that the offer will not affect the strategy to maintain and further develop Belships ASA as a strong and ambitious ship owning company with continued listing of its shares on the Oslo Stock Exchange.