Northern Logistic Property: Approval of Merger Plan between Northern Logistic Property ASA and Tribona AB (publ)
Oslo,January 23, 2013
Northern Logistic Property ASA ("NLP") announces that on January 23, 2013 the
board of directors of NLP and its wholly owned subsidiary Tribona AB (publ)
("Tribona") approved a merger plan which, subject to approval by an
Extraordinary General Meeting in NLP, facilitate a transfer of the listing of
NLP's shares from the Oslo Stock Exchange ("OSE") to NASDAQ OMX Stockholm.
Tribona has started the application process for a listing on NASDAQ OMX
Stockholm, under the assumed merger plan. Upon listing in Stockholm the company
will use the name Tribona AB (publ). The intention is to create a new brand and
logo, and to create a new, clearer vision and a clearer customer undertaking in
connection with a transfer to the NASDAQ OMX Stockholm
The merger plan is subject to approval by an Extraordinary General Meeting in
NLP, which will be held on, or about, February 26, 2013. The notice of the
Extraordinary General Meeting in NLP will be distributed according to the
prevailing articles of association.
BACKGROUND AND MOTIVE
NLP is a pure real estate company, specialising in logistics properties. Due to
the fact that NLP's business activity, customer base and assets mainly are
located in Sweden, NLP moved its headquarters to Sweden in 2010. As of 4Q 2011
NLP reports and publish its financial results in the Swedish currency and uses
the Swedish language for financial reporting.
With the ambition to unlock shareholder value and further development of the
company, NLP's board of directors gave the management a mandate to evaluate a
potential listing of NLP's shares on NASDAQ OMX Stockholm and simultaneous
delisting from OSE. The consideration was communicated in a press release on
August 13, 2012. On 22 January 2013 NLP communicated that securing full
refinancing and that all outstanding loans will be amortized in advance of
maturity. The Company has agreed to build a new loan portfolio of binding,
bilateral loans amounting to MSEK 4.087 with a maturity period of three to five
years from Swedbank AB, Aareal Bank AG, Landesbank Hessen-ThÃ¼ringen (Helaba) and
Sparbanken Ã–resund AB.
"A listing in Stockholm will include NLP in a bigger context of listed companies
operating on a larger real estate market and stock market, giving us access to a
broader investor universe. This will likely increase the interest in the
company, not only from an investor's perspective, but also from a commercial
point of view", commented Peter Strand, CEO, Northern Logistic Property.
The Swedish listed real estate sector comprises 15 companies with a total market
capitalization currently exceeding SEK 111 bn.
The merger shall be carried out in accordance with applicable rules concerning
cross-border mergers in the Swedish Companies Act and the Norwegian Public
Limited Companies Act.
Following and subject to completion of the merger the listed entity will be a
Swedish public limited company named Tribona AB (publ). This company is a shelf
company acquired for the sole purpose of assuming NLP.
The merger will be completed upon registration by the Swedish Companies
Registration Office ("Bolagsverket"), which is assumed to take place on, or
about, May 14, 2013 (the "Effective Date"). The Norwegian Register of Business
Enterprises ("Foretaksregisteret") shall register the merger upon receiving
notification from Bolagsverket.
The trading day immediately prior to the Effective Date is assumed to be the
last day of trading on the OSE. The first day of trading on NASDAQ OMX Stockholm
is assumed to be on, or about, May 21, 2013.
The main consequence of the merger is that NLP will become a Swedish company
listed on NASDAQ OMX Stockholm, instead of a Norwegian company listed on the
Subsequent to the merger, the board of directors and management of Tribona will
be identical to the current board of directors and management of NLP. Subsequent
to the merger, the assets in Tribona will be equal to the assets in NLP prior to
Tribona will be described in more detail in a listing prospectus to be approved
by the Financial Supervisory Authority of Sweden. The listing prospectus will be
published before the first day of listing on NASDAQ OMX Stockholm.
The merger will be implemented with accounting and tax continuity, and will have
no significant effects on NLP's tax situation.
The merger will have some effect on taxation of dividends. Shareholders resident
in Norway for tax purposes that hold less than 10 percent of the shares in NLP
or have owned shares in NLP for less than a year, will be charged 15 percent
withholding tax on dividends pursuant to Swedish law.
However, private shareholders (excluding shareholders holding their shares
through a legal entity) resident in Norway for tax purposes must generally pay a
dividend tax of 28 percent in Norway, from which the Swedish withholding tax may
be deducted. Thus, Norwegian private shareholders' tax charge for dividends will
not increase following the merger.
For legal entities tax-resident in Norway, dividends are only taxed at an
effective rate of 0.84 percent in Norway. The Swedish withholding tax may not be
deducted from this tax. The tax charge on dividends will thus increase by 15
percentage points for legal entities tax-resident in Norway.
Please note that this description of tax effects is of a general nature and
shareholders who wish to clarify their personal tax situation should consult
with, and rely upon their own tax advisors.
Pursuant to the merger plan, completion of the merger is subject to inter alia
approval of the merger by the Extraordinary General Meeting in NLP, approval of
Tribona's listing application by NASDAQ OMX Stockholm on terms acceptable to the
board of directors in both NLP and Tribona and that no events having occurred,
or being discovered, that according the board of either company significantly
changes the terms and conditions for the merger.
CONSIDERATION AND VALUATION
The merger consideration to the shareholders of NLP will consist solely of
shares in Tribona. The exchange ratio will be one share in Tribona in exchange
for one share in NLP. No cash payments will be made.
Eligible for consideration, under the preceding paragraph, are all shareholders
holding shares in NLP on the last day of trading on the OSE, as evidenced in the
Company's shareholder register in the VPS (Verdipapirsentralen) T+3 trading days
The Tribona shares received by shareholders as consideration shall entitle to
dividends from, and including, the first record day for payment of dividends
that falls after the Effective Date.
A more detailed description of the procedure that shareholders of NLP have to
follow in order to receive consideration shares will be published in good time
before the Effective Date.
The Company has retained Pangea Property Partners AS as its financial advisor
and Advokatfirmaet SchjÃ¸dt AS and Fredersen AdvokatbyrÃ¥ AB as legal advisors.
H+K Strategies Sweden AB has assisted the company with advice on the Investor
Relations and Financial Communications.
For further information please contact:
Northern Logistic Property ASA
TelÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +46 705 88 1661
EmailÂ Â Â Â Â Â Â Â Â Â Â Â email@example.com
Northern Logistic Property ASA
Tel:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +46 705 45 5997
EmailÂ Â Â Â Â Â Â Â Â Â Â Â firstname.lastname@example.org
This information is subject of the disclosure requirements set out in Section
5-12 of the Norwegian Securities Trading Act.
Northern Logistic Property ASA (NLP) is a Nordic real estate company,
specialising in logistics properties. The portfolio consists of 20 modern and
advanced logistic properties located close to large, strategic logistics flows,
with a total lettable area of 734 000 square meters.
NLP is the only listed company of its sort in the Nordic countries.
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Source: Northern Logistic Property ASA via Thomson Reuters ONE