Completion of spin-off demerger of Magnora's legacy business

Source: www.gulfoilandgas.com 6/14/2024, Location: Europe

Reference is made to previous stock exchange announcements published by Magnora ASA ("Magnora" or the "Company") regarding a spin-off demerger relating to a subsequent listing on the Oslo Stock Exchange of Magnora's legacy business (the "Listing").

The second demerger has today been registered as completed in the Norwegian Register of Business Enterprises and 70% of the shares in Western Isles Holding AS has been tranferred to Hermana Holding ASA ("Hermana") (the "Spin-Off Demerger"). As a result of the Spin-Off Demerger, the share capital of the Company was reduced by NOK 6,676,928.63. The new share capital of the Company is now NOK 26,198,983.87. Upon registration of the Spin-Off Demerger in Euronext Securities Oslo, shareholders in Magnora ASA will receive the same number of shares as they held in Magnora in Hermana. The shares in Hermana are expected to be tradeable on or about 18 June 2024, i.e. the first day of trading in Hermana on the Oslo Stock Exchange.

Magnora's remaining 30% shareholding in Western Isles Holding AS will be contributed as a contribution in-kind to Hermana today, and registered with the Register of Business Enterprises as soon as possible. Following the contribution in-kind, Magnora will be the owner of 30% of the shares in Hermana which in turn is the owner of 100% of the shares in Western Isles Holding AS (being the owner of the license busines).


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