Transcript
MANDATORY OFFER DOCUMENT AND NOTIFICATION OF COMPULSORY ACQUSITION Mandatory Offer to acquire all outstanding Shares in
CellCura ASA not already owned by
Dag Dvergsten AS
Offer Price: NOK 0.20 per Share with settlement in cash Offer Period: From and including 20 January 2015 to and including 17 February 2015 at 16:30 (CET) Compulsory Acquisition (in accordance with section 4-25 of the Norwegian Public Limited Companies Act) Redemption amount: NOK 0.20 per Share with settlement in cash Objection Deadline: Up to and including 27 March 2015
Financial Advisor and Receiving Agent:
20 January 2015
Legal Advisor:
TABLE OF CONTENTS DEFINITIONS AND GLOSSARY OF TERMS ................................................................................................................ 3 RESPONSIBILITY STATEMENT .................................................................................................................................. 5 IMPORTANT INFORMATION.................................................................................................................................... 6 OFFER RESTRICTIONS .............................................................................................................................................. 6 FORWARD-LOOKING STATEMENTS ......................................................................................................................... 7 1.
THE OFFER ..................................................................................................................................................... 9
2.
INFORMATION ABOUT CELLCURA ............................................................................................................... 19
3.
INFORMATION ABOUT DAG DVERGSTEN AS ............................................................................................... 22
4.
TAX CONSEQUENCES ................................................................................................................................... 23
5.
NORSK SAMMENDRAG (NORWEGIAN SUMMARY) ..................................................................................... 25
APPENDICES Appendix I: Appendix II: Appendix III: Appendix IV:
Articles of Association of CellCura Bank Guarantee Acceptance Form (English version) Acceptance Form (Norwegian version)
DEFINITIONS AND GLOSSARY OF TERMS Acceptance: ................................................... Acceptance of this Offer by a Shareholder Acceptance Form: .......................................... The form of Acceptance to be used by Shareholders when accepting this Offer set out as Appendix 3 (English version) and Appendix 4 (Norwegian version) to this Offer Document Acceptant:...................................................... A Shareholder who accepts this Offer Announcement Date: .................................... 20 January 2015, the date on which the Offeror publicly announced the Offer CET: ................................................................ Central European Time Close Associates: ........................................... Has the meaning as defined in section 2-5 of the Norwegian Securities Trading Act Company or CellCura: .................................... CellCura ASA, a public limited liability company incorporated and existing under the laws of Norway, having its registered office at Unionsgata 18, N-3732 Skien, Norway, with company registration no. 980040461 Compulsory Acquisition: ............................... The compulsory acquisition by the Offeror pursuant to section 4-25 of the Norwegian Public Limited Companies Act of the remaining Shares in CellCura not already owned by the Offeror at the date of the Offer, as a result of the Offeror being owner of Shares representing more than 90 per cent of the total issued Shares and voting rights outstanding Financial Advisor and Receiving Agent: ........ Norne Securities AS Mandatory Offer: .......................................... A mandatory offer (in Norwegian: "Pliktig tilbud") pursuant to chapter 6 of the Norwegian Securities Trading Act NOK: ............................................................... Norwegian Kroner, the currency of the Kingdom of Norway Norwegian Business Days: ............................ Any day other than a Saturday or Sunday or a Norwegian public holiday and consisting of the time period from 00:01 through 00:00 midnight CET Norwegian Public Limited Companies Act: ... The Norwegian Act relating to Public Limited Liability Companies of 13 June 1997 no. 45 (as amended) (in Norwegian: "Allmennaksjeloven") Norwegian Register of Business Enterprises: .................................................... The Norwegian Register of Business Enterprises at Brønnøysund, Norway (in Norwegian: "Foretaksregisteret")
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Norwegian Securities Trading Act: ................ The Norwegian Securities Trading Act of 29 June 2007 no. 75 (as amended) (in Norwegian: "Verdipapirhandelloven") Objection Deadline: ....................................... 27 March 2015 Offer: ............................................................. The Mandatory Offer by the Offeror to purchase all of the outstanding Shares that are not already owned by the Offeror, as described in this Offer Document Offer Document:............................................ This Offer Document, including the appendices Offer Period: .................................................. The period when Shareholders may accept the Offer, running from and including 20 January 2015 to and including 17 February 2015 at 16:30 hours (CET) Offer Price: ..................................................... NOK 0.20 per Share payable on the terms and conditions of this Offer Offeror: ......................................................... Dag Dvergsten AS, a private limited company incorporated and existing under the laws of Norway, having its registered office at Munkedamsveien 45 Entrance A, N-0250 Oslo, Norway, with company registration no. 987018062 Oslo Stock Exchange ...................................... Oslo Stock Exchange (Oslo Stock Exchange ASA) Redemption Amount: .................................... NOK 0.20, which is the consideration per Share offered by the Offeror under the Compulsory Acquisition Settlement Date: ........................................... The date on which settlement of the Offer Price takes place in accordance with section 1.9 below Shareholders:................................................. Owners of Shares, including beneficial owners of nominee registered Shares Shares: ........................................................... Shares in the Company, listed on Oslo Axess with ticker code "Cell", and registered in VPS with ISIN NO 0010386253 VPS: ................................................................ The Norwegian Central Securities Depository (in Norwegian: "Verdipapirsentralen ASA")
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RESPONSIBILITY STATEMENT This Offer Document has been prepared in accordance with section 6-13 of the Norwegian Securities Trading Act in order to provide the Shareholders with a basis for evaluating the Offer. The Offer Document has also been prepared in accordance with section 4-25 of the Norwegian Public Limited Companies Act, cf. section 6-22 of the Norwegian Securities Trading Act, in order to meet the requirements for an offer of redemption price under the Compulsory Acquisition of all Shares not already owned by the Offeror. The Offer Document has been filed with and approved by Oslo Stock Exchange in accordance with the Norwegian Securities Trading Act. The information about the Company included in this Offer Document is based exclusively on the Company’s public financial statements and other information in the public domain as at the date hereof. The Offeror has not independently verified the information regarding the Company which is included in this Offer Document. The Offeror does not assume any responsibility for the accuracy or completeness of, or any responsibility to update, the information regarding the Company included in this Offer Document. As of 20 January 2015, the Offeror including Close Associates owns 48,673,359 Shares in the Company, representing 90.10 per cent of the share capital and voting rights of the Company.
20 January 2015 Dag Dvergsten AS
___________________________ Dag Dvergsten Chairman
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IMPORTANT INFORMATION Please refer to page 3-4 for definitions, which also applies to preceding pages. This Offer Document has been prepared in connection with the Offer submitted by Dag Dvergsten AS, which is a Mandatory Offer to acquire all outstanding Shares of CellCura pursuant to chapter 6 of the Norwegian Securities Trading Act. This Offer Document also serves as an offer of redemption price under the Compulsory Acquisition pursuant to section 4-25 of the Norwegian Public Limited Companies Act. The Offer and this Offer Document has been approved by Oslo Stock Exchange in accordance with the Norwegian Securities Trading Act. Shareholders must rely upon their own examination of the Offer and should study this Offer Document carefully and, if necessary, seek independent advice concerning the Offer and this Offer Document. The Offeror does not undertake any obligation to update the Offer Document for any facts or circumstances occurring after the date of this Offer Document unless required by applicable law. With the exception of the Offeror, no person is entitled or authorised to provide any information or make any representations in connection with the Offer. If such information or representation is provided or made by any other person than the Offeror, such information or representation, as the case may be, should not be relied upon as having been provided or made by or on behalf of the Offeror. This Offer Document and the Offer is governed by Norwegian law. The Offer is directed to all Shareholders who may legally receive this Offer Document and accept the Offer. In this respect further reference is made to the restrictions for the Offer set out under the section "Offer Restrictions" below. Copies of this Offer Document will be distributed to the Shareholders registered in the shareholders register in VPS as at the date of this Offer Document, except for Shareholders in jurisdictions where this Offer Document may not be lawfully distributed, and are available free of charge at the office of the Financial Adviser and Receiving Agent. This Offer Document has been prepared in the English language only, except for the summary in Norwegian in section 5. In the event of any inconsistencies between the English and the Norwegian text, the English version shall prevail.
OFFER RESTRICTIONS The distribution of this Offer Document and the making of the Offer may in certain jurisdictions (including, but not limited to, United States of America, Canada, Australia, New Zealand, Japan and South Africa), be restricted by law. Therefore, persons obtaining this Offer Document or into whose possession this Offer Document otherwise comes, are required to, and should inform themselves of and observe, all such restrictions. The Offeror and the Financial Adviser and Receiving Agent do not accept or assume any responsibility or liability for any violation by any person whomsoever of any such restriction. Shareholders in such jurisdictions, if any, will receive a separate notification regarding the Compulsory Acquisition. This Offer Document is not directed to persons whose participation in the Offer requires that further offer documents are issued or that registration or other measures are taken, other than those required under Norwegian law. No document or materials relating to the Offer may be distributed in or into any jurisdiction where such distribution or offering requires any of the aforementioned measures to be taken or would be in
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conflict with any law or regulation of such a jurisdiction. In the event of such distribution or offering still being made, an Acceptance Form sent from such a country may be disregarded. This Offer Document does not represent an offer to acquire or obtain securities other than the Shares. The Offer is not open to any Shareholder in any jurisdiction in which it is unlawful for any person to receive or accept the Offer. No action has been taken to permit the distribution of the Offer in any jurisdiction where action would be required for such purposes (except Norway). The Offer is not being made and will not be made, directly or indirectly, in or into United States of America, Canada, Australia, New Zealand, Japan or South Africa. This Offer Document, and any and all materials related thereto, should not be sent or otherwise distributed in or into United States of America, Canada, Australia, New Zealand, Japan or South Africa, whether by use of United States of American, Canadian, Australian, New Zealand, Japanese or South African (including, but without limitation, the mail, facsimile transmission, telex, telephone or Internet) or any facility of a United States of American, Canadian, Australian, New Zealand, Japanese or South African national securities exchange, and the Offer cannot be accepted by any such use, means or instrumentality, in or from within United States of America, Canada, Australia, New Zealand, Japan or South Africa. Accordingly, copies of this Offer Document and any related materials are not being, and must not be, sent or otherwise distributed in or into or from United States of America, Canada, Australia, New Zealand, Japan or South Africa or, in their capacities as such, to custodians, trustees or nominees holding Shares of the Company for United States of American, Canadian, Australian, New Zealand, Japanese or South African persons, and persons receiving any such documents (including custodians, nominees and trustees) must not distribute or send them in, into or from United States of America, Canada, Australia, New Zealand, Japan or South Africa. Any purported acceptance of the Offer resulting directly or indirectly from a violation of these restrictions will be invalid. No Shares are being solicited from a resident of United States of America, Canada, Australia, New Zealand, Japan or South Africa and, if sent in response by a resident of United States of America, Canada, Australia, New Zealand, Japan or South Africa, will not be accepted. Each person delivering an Acceptance Form in connection with the Offer will be required to certify that: (1) such person has not received this Offer Document, the Acceptance Form or any other document relating to the Offer in United States of America, Canada, Australia, New Zealand, Japan or South Africa, nor has such person mailed, transmitted or otherwise distributed any such document in or into United States of America, Canada, Australia, New Zealand, Japan or South Africa; (2) such person has not utilized, directly or indirectly, the mails, or any means or instrumentality of commerce, or the facilities of any national securities exchange, of United States of America, Canada, Australia, New Zealand, Japan or South Africa in connection with the Offer; (3) such person is not and was not located in United States of America, Canada, Australia, New Zealand, Japan or South Africa at the time such person accepted the terms of the Offer or at the time such person returned the Acceptance Form; and (4) if such person is acting in a fiduciary, agency or other capacity as an intermediary, then either (a) such person has full investment discretion with respect to the securities covered by the Acceptance Form or (b) the person on whose behalf such person is acting was located outside United States of America, Canada, Australia, New Zealand, Japan or South Africa at the time he or she instructed such person to accept the Offer.
FORWARD-LOOKING STATEMENTS This document contains certain statements about the Company and Offeror that are or may be forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as "may", "will", "seek", "continue", "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe" or other words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to, Norwegian domestic and global economic and business conditions, the effects of volatility in credit markets, market-related risks such as
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changes in interest rates and exchange rates, effects of changes in valuation of credit market exposures, changes in valuation of issued notes, the policies and actions of governmental and regulatory authorities, changes in legislation, the further development of standards and interpretations under International Financial Reporting Standards (IFRS) applicable to past, current and future periods, evolving practices with regard to the interpretation and application of standards under IFRS, the outcome of pending and future litigations, the success of future acquisitions and other strategic transactions and the impact of competition – a number of such factors being beyond the Company's and Offeror's control. As a result, actual future results may differ materially from the plans, goals, and expectations set forth in these forward-looking statements. Any forward-looking statements made herein speak only as of the date they are made. The Offeror disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in Offeror’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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1.
THE OFFER
1.1. Introduction Dag Dvergsten AS (the "Offeror") hereby makes a Mandatory Offer to acquire all Shares in CellCura which are outstanding as of the date of this Offer Document. The Offer is made to all Shareholders who can legally receive this Offer Document and accept the Offer. For further details, see "Important information and Offer restrictions" above. The Offer Price is NOK 0.20 per Share, which will be settled in cash. For further details, see section 1.5 "The Offer Price" and section 1.9 "Settlement". The Offer Period is from and including 20 January 2015 to 17 February 2015 at 16:30 (CET). CellCura has over time worked intensely to establish a viable long-term financing for the Company. This process has not been successful due to, inter alia, insufficient interest amongst the Company's shareholders to initiate an equity placement or provide other types of financing to the Company. The qualified members of the board of directors of CellCura negotiated a convertible loan agreement with its largest shareholder, the Offeror, in order to give CellCura some time to establish sustainable financing. The convertible loan agreement has been approved by the general meeting of CellCura. CellCura has not been able to establish required financing and the Offeror resolved on 19 December 2014 to convert part the loan into Shares. Following the conversion, the Offeror owns 48,670,379 Shares in the Company corresponding to 90.10 per cent of the total number of Shares and voting rights. As the Offeror is the owner of Shares representing more than 90 per cent of the total share capital and voting rights in the Company, the board of directors of the Offeror has resolved to implement a Compulsory Acquisition in accordance with section 4-25 of the Norwegian Public Limited Companies Act in connection with the Offer. The implementation of the Compulsory Acquisition takes effect on the first day of the Offer Period. This Offer Document therefore serves the following two purposes: (i) As an Offer Document issued in accordance with the Norwegian Securities Trading Act; and (ii)
As an offer of the Redemption Amount under the Compulsory Acquisition in accordance with section 4-25 of the Norwegian Public Limited Companies Act.
The completion of the Offer is not subject to any conditions in respect of Shares for which valid Acceptances are received. 1.2. The Offeror The Offeror is a private limited company incorporated and existing under the laws of Norway, having its registered office at Munkedamsveien 45 Entrance A, 0250 Oslo, Norway. For further details on the Offeror, see section 3 "Information about Dag Dvergsten AS". The Offeror's only close associate is Hasselhaugen AS, a private company owned and controlled by Dag Dvergsten and his wife and their children. Hasselhaugen AS owns 2,980 shares in CellCura. As of the date of this Offer Document, the Offeror and its Close Associate Hasselhaugen AS owns 48,673,359 Shares, representing 90.10 per cent of the total number of issued Shares in the capital of the Company. Subject to the Offeror holding the remaining part of the convertible loan issued by the general meeting of Cellcura on 21 November 2014 entitling the Offeror to subscribe up to 16,454,512 new Shares, neither the Offeror, nor any
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Close Associates of the Offeror, are currently party to any agreements with the remaining Shareholders of the Company or have any options, convertible loans or similar rights to acquire additional Shares. 1.3. CellCura ASA The target company is CellCura ASA, Unionsgata 18, N-3732 Skien, Norway. CellCura is a Norwegian public limited liability company (in Norwegian: "allmennaksjeselskap") incorporated under the laws of Norway. The Company is registered with the Norwegian Register of Business Enterprises under the registration no. 980040461. The Shares are listed on Oslo Axess under the ticker code "Cell" and are registered in the VPS under the International Securities Identification Number ("ISIN") NO 0010386253. For further details on CellCura, please refer to Section 2 "Information about CellCura". 1.4. Background for the Offer and plans for the future business of CellCura The Offeror is required to make the Offer in accordance with chapter 6 of the Norwegian Securities Trading Act as the Offeror has acquired more than 1/3 of the Shares through converting part of the outstanding principal under the convertible loan issued by CellCura. The Offeror has been a majority shareholder and principal stakeholder in the Company for several years. From late 2013 to-date the Offeror has remained the only recurring source of new financing for the Company, the absence of which likely would have rendered the Company insolvent. The rationale for making such funding available is based on a strong belief in the long-term viability of the Company's products and the markets in which it operates. CellCura appears to have entered a slightly vicious circle with insufficient access to capital limiting the Company's ability to reach its strategic objectives, in turn acting as an encumbrance on attracting new funding. During the course of 2013 CellCura was unsuccessful in attracting sufficient new funding and at the end of the year it found itself close to insolvency. The Offeror made available capital to save the Company and has continued to lend necessary capital to the Company upon request from management. This "funding line" has enabled the Company to continue its business and significantly reduce its accounts payable during the course of 2014. Management has during this period tried to attract capital from other shareholders, both existing and new, but have remained unsuccessful in its efforts. The Offeror appreciates the Company's need to focus its business activities and reduce the overall spending on general and administrative expenses ("G&A"), something which has remained a focal point for management over the last year. For a company of CellCura's size a listing on the stock exchange does not provide sufficient access to capital to justify the additional G&A and reporting requirements as well as the additional time spent on related administrative tasks. Furthermore the Offeror is of the perception that the Company has a greater chance of overcoming the challenges that lies ahead if operated as a privately held company with a concentrated ownership structure, enabling dynamic and quick decisions at both strategic and operative levels. Following a successful completion of the Offer, the Offeror intends to make full use of the business of the Company as permitted by applicable law, and aims to work closely with the Company to focus on the strategic and operational opportunities ahead. The Offeror plans to build on the strengths of the Company and carefully retain the entrepreneurial drive and spirit of the Company. As of the date of this Offer Document, the Offeror does not have adequate information to determine whether or to what extent any changes to legal structure the Company is necessary or advisable. 1.5. The Offer Price Shareholders accepting the Offer will receive the consideration of NOK 0.20 per Share in cash in accordance with the terms of this Offer, which is equal to the conversion price per Share under the convertible loan 10
agreement. When determining the Offer Price, the Offeror has considered inter alia the Company's official financial information, the Offeror’s knowledge of the sector, views on growth potential, views on the financial and strategic strengths and weaknesses of the Company (including the significant level of debt outstanding and the likely funding requirement to get the Company to a profitable state), the interest shown in the Company (or lack thereof) by existing and potential new investors through the last years, views of the Company’s position in the market in which it operates and other information provided to-date to which the Offeror has applied traditional valuation methods. The Offeror has also considered the performance of the share price over the course of 2013 to-date. The Offer Price represents an accumulated purchase price of all Shares not currently controlled by the Offeror of approximately NOK 1.1 million. The Offer Price values all outstanding Shares at approximately NOK 10.8 million, including the Shares controlled by the Offeror as of the date of this Offer Document. Interest compensation will not be paid to Acceptants in the period from the date of Acceptance until the Settlement Date. 1.6. Offer Period The Offer Period is from and including 20 January 2015 to and including 17 February 2015 at 16:30 (CET). Subject to applicable equal treatment requirements, the Offeror expressly reserves the right to approve Acceptances that are received after the expiry of the Offer Period. 1.7. Acceptance of this Offer In order for a Shareholder to accept the Offer, an Acceptance Form must be correctly filled out, signed and delivered to, and received by, the Financial Adviser and Receiving Agent prior to the end of the Offer Period. On the Acceptance Forms sent to the Shareholders, information on shareholdings and certain other matters relating to the relevant Shareholder have already been filled in. The Acceptance Form also contains information regarding the settlement. The Acceptance Form is enclosed as Appendix 3 (English version) and Appendix 4 (Norwegian version) to this Offer Document. Acceptance Forms must be received by the Financial Adviser and Receiving Agent at the address below by means of post, delivery or email: Norne Securities AS P. O. Box 622 Sentrum N-5087 Bergen Norway E-mail:
[email protected] Please note that Acceptance Forms may be delivered by email. If the Acceptance Form is signed by a person acting on behalf of the Shareholder, evidence of the authority of such person to sign the Acceptance Form, e.g. a power of attorney and/or a certificate of registration, must be delivered together with the Acceptance Form in order for the Acceptance to be valid. All Shares to be acquired under the Offer must be transferred free of any encumbrances or other third-party rights whatsoever and with all shareholder rights attached to them. Any third party with registered encumbrances or other third-party rights over the relevant VPS account(s) must sign the Acceptance Form and 11
thereby waive their rights to the Shares and approve the transfer of Shares to the Offeror free of any encumbrances. The Offeror reserves the right to reject any acceptance of the Offer which is not in proper form, or which may be unlawful. Subject to applicable equal treatment requirements, the Offeror also reserves the right, but shall in no event be obliged, to accept any Acceptance Form which is delivered after the expiry of the Offer period and to treat an acceptance of the Offer as valid although the Acceptance Form has not been properly completed or is not accompanied by the required evidence of authority or is received at a place other than as set out above. Shareholders whose Shares are split between several VPS accounts will receive a separate Acceptance Form for each account and are required to submit a separate Acceptance Form for each account. Any Shareholder whose Shares are registered in the name of a broker, dealer, commercial bank, trust company or other nominee must contact such person if such Shareholder desires to accept the Offer for such Shares. The Acceptance is irrevocable and cannot be withdrawn after receipt by the Financial Adviser and Receiving Agent. An Acceptance may comprise all or only some of the Acceptant's Shares. Unless otherwise indicated by the Acceptant in the Acceptance Form, an Acceptance will be deemed to comprise all of the Acceptant's Shares on the VPS account covered by the Acceptance. However, with respect to Shares registered on VPS accounts in the name of a broker, dealer, commercial bank, trust company or other nominee, the Acceptance will solely comprise the designated Shares on such VPS account that the Offer in fact have been accepted for by a Shareholder, and not other Shares registered on the same VPS account not accepting the Offer. The Acceptance also includes any Shares which are acquired or will be acquired and which are credited to the above VPS account at the time of the implementation of the Compulsory Acquisition, except for Shares on VPS accounts in the name of a broker, dealer commercial bank, trust company or other nominee not accepting the Offer. 1.8. Shareholder Rights The rights conferred by the Shares will not be affected by the Offer in itself. However, the Offeror will assume all shareholders’ rights upon execution of the Compulsory Acquisition. Execution of the Compulsory Acquisition will not deprive the Shareholders of the ability to accept the Offer. 1.9. Settlement Settlement of the Offer is expected to be on or about 23 February 2015, and in no event later than 14 calendar days after the expiry of the Offer Period. Accordingly, the latest date on which settlement under the Offer can be made will be 3 March 2015. Upon settlement, the Offeror will transfer the aggregate Offer Price for the Shares in respect of which valid Acceptances has been received, to a client account with the Financial Adviser and Receiving Agent. The Financial Adviser and Receiving Agent will then immediately, and within the deadline referred to above, make payments to the Acceptants. The Shares tendered will, as for all the Shares not held by the Offeror, be transferred to the Offeror upon execution of the Compulsory Acquisition. The relevant settlement amount to each Acceptant will be transferred to the bank account that at the time of Acceptance was registered in VPS as the account for payment of dividends to the relevant Shareholder. If the Shareholders have a Norwegian address and no such bank account is registered, settlement will be made by issuing a bank giro (a settlement system used in Norway, similar to a Norwegian currency banker's draft). If the 12
Shareholders have an address outside of Norway and there are no records of such bank account, settlement will be made by issuing a cheque. Interest compensation will not be paid the period from the date of Acceptance until the Settlement Date. The cash settlement will be made in NOK. Due to the implementation of the Compulsory Acquisition as described in section 1.16, all Shares that are not owned by the Offeror will be blocked and transferred from each Shareholder's VPS account to the Offeror's VPS account. Such blocking and transferral of Shares will not deprive the Shareholders of the ability to object the Redemption Amount in the Compulsory Acquisition in accordance with the Norwegian Public Limited Companies Act Section 4-25 second subsection. If a Shareholder accepts the Offer, the Shareholder loses its right to object to the Redemption Amount in the Compulsory Acquisition. 1.10. Financing of this Offer and Compulsory Acquisition The Offeror will finance the Offer and the Compulsory Acquisition through available credit facilities. 1.11. Bank Guarantee The Offeror has in accordance with section 6-10 (7) of the Norwegian Securities Trading Act provided a Mandatory Offer Guarantee, issued by DNB, covering the Offeror's obligation to pay for the Shares to be purchased pursuant to the Offer. The text of the Mandatory Offer Guarantee is set out in Appendix 2. 1.12. Costs related to the Offer The Offeror will pay costs directly related to the VPS transactions in connection with the Acceptance of the Offer and completion of the transfer of the Shares to the Offeror under both the Offer and the Compulsory Acquisition. Accordingly, Acceptants will not incur any brokerage fees or other costs directly related to the VPS transactions in connection with the Offer and the Compulsory Acquisition. Any tax consequences or costs incurred by Shareholders for financial or legal advice, as well as any other costs in connection with the Offer or the Compulsory Acquisition, are the responsibility of each individual Shareholder and will not be reimbursed or paid by the Offeror. 1.13. Tax Each Shareholder accepting the Offer is responsible for any tax liability arising as a result of the settlement and any related advisory costs. The Offeror assumes no responsibility for any tax liability resulting from the acceptance of the Offer or from the Compulsory Acquisition. A general description of the tax implications of the Offer is included in section 4 "Tax Consequences". 1.14. Announcements in connection with the Offer Announcements issued by or on behalf of the Offeror regarding the Offer and/or the Offer Document will be deemed to have been made once they have been received by Oslo Stock Exchange and distributed through its electronic information system. In this respect, the Offeror will have no obligation to publish, advertise or otherwise communicate any such announcement other than by making such release to Oslo Stock Exchange. 1.15. Acquisition of Shares outside the Offer As of 20 January 2015, the Shares will be suspended from trading and transferred to the Offeror upon execution of the Compulsory Acquisition. 1.16. Compulsory Acquisition The Offeror is the owner of Shares representing more than 90 per cent of the share capital and voting rights. The Board of Directors of the Offeror has resolved to implement the Compulsory Acquisition in accordance with section 4-25 of the Norwegian Public Limited Companies Act in connection with the presentation of the Offer. The implementation of the Compulsory Acquisition takes effect on the first day of the Offer Period.
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Below is a translated extract of the resolution dated 19 December 2014 (in case of discrepancy between the Norwegian original text and the translation below, the Norwegian text shall prevail): "The Board of Directors resolved to execute a compulsory acquisition of all shares in CellCura ASA not already owned by Dag Dvergsten AS pursuant to the Norwegian Public Limited Companies Act section 4-25. The resolution to execute the compulsory acquisition is subject to Oslo Stock Exchange' approval of the offer document, launch of the mandatory offer and that a sum equal to the redemption amount is transferred to a separate bank account. The shareholders of CellCura ASA shall be informed of the compulsory acquisition by way of including a description of the compulsory acquisition in the offer document. The compulsory acquisition shall be executed automatically once the mandatory offer is launched, and on the terms and conditions contained in the offer document. The management of Dag Dvergsten AS is authorised to accept non-material changes to the terms and conditions of the compulsory acquisition of shares in CellCura ASA, as well as complete and sign any other documents which are required or necessary in connection with the compulsory acquisition of shares in CellCura ASA." The implementation of the Compulsory Acquisition means that title to the Shares held by the Shareholders other than the Offeror and CellCura will be transferred to the Offeror. Each Shareholder retains a claim for consideration for its Shares against the Offeror. Settlement of the consideration can be chosen from the alternatives described in the section "Alternative courses of action available to the Shareholders" set forth in section 1.21 below. As a consequence of the decision to implement the Compulsory Acquisition, all Shares which are not owned by the Offeror or CellCura will be blocked and transferred from each shareholders' VPS account to a VPS account established on behalf of the Offeror. Upon the transfer of such Shares to the Offeror's VPS account, the Offeror will be entered as owner of all of the transferred Shares in the Company’s shareholder register. From such time, the former owners of the Shares will not be shareholders in CellCura. The aforementioned blocking and transfer of Shares will not deprive the Shareholders of the ability to accept the Offer. If a Shareholder accepts the Offer, the Shareholder loses its right to object to the Redemption Amount in the Compulsory Acquisition. The Compulsory Acquisition will also comprise Shares held by Shareholders, if any, in jurisdictions in which the Offer is not made due to legal restrictions (see "Offer Restrictions"). Such Shareholders will receive a separate notification regarding the Compulsory Acquisition. 1.17. Redemption Amount under the Compulsory Acquisition The Redemption Amount per Share in connection with the Compulsory Acquisition is NOK 0.20, which is the same as the Offer Price, and will be paid in cash. 1.18. Objection Period and acceptance of the Redemption Amount The deadline for raising objections against, or rejecting the offer of, the Redemption Amount under the Compulsory Acquisition pursuant to section 4-25 of the Norwegian Public Limited Companies Act is 27 March 2015 (the "Objection Deadline"). Shareholders who have not accepted the Offer, and who have not raised objections or rejected the offered Redemption Amount in writing within 27 March 2015, will be deemed to have accepted the offered Redemption Amount as full settlement for the Shares acquired through the Compulsory Acquisition in accordance with section 4-25 of the Norwegian Public Limited Companies Act. 14
1.19. Settlement of the Compulsory Acquisition Settlement of the Redemption Amount to those Shareholders who have not accepted the Offer and not raised objections to or rejected the offered Redemption Amount within the expiry of the Objection Deadline, will be made as soon as possible and within 14 days after the expiry of the Objection Deadline (i.e. within 10 April 2015). The Redemption Amount due to each accepting Shareholder will be transferred to the bank account which the Shareholder has registered with the VPS for dividend payments. If the Shareholders have a Norwegian address and no such bank account is registered, settlement will be made by issuing a bank giro (a settlement system used in Norway, similar to a Norwegian currency banker’s draft). If the Shareholders have an address outside of Norway and there are no records of such bank account, settlement will be made by issuing a cheque. The aggregate Redemption Amount has, in accordance with section 4-25 of the Norwegian Public Companies Act, been deposited in a designated bank account. The deposited amount will be reduced as each settlement takes place either to Shareholders accepting the Offer or as settlement in accordance with the Compulsory Acquisition. 1.20. Rights of Shareholders in connection with the Compulsory Acquisition Each Shareholder not accepting the Offer has the right, in accordance with section 4-25 of the Norwegian Public Limited Companies Act, to reject or raise objections with regard to the offered Redemption Amount. The redemption amount may in such a case be set through an assessment by the Norwegian courts, subject to special procedural rules. Both the size of the redemption amount and the payment date will be determined as part of the assessment process. The Offeror will as a main rule be obliged to cover the costs related to the assessment process, but exceptions from this rule may apply. The assessment tribunal is not bound by the Redemption Amount offered by the Offeror, and the assessment tribunal may accordingly determine that the redemption amount shall be higher or lower than the offered Redemption Amount. The assessment process must be expected to take time, and no payment for the Shares will be made until the assessment process has been finalized, until which the Redemption Amount offered for such Shares will be held at the separate bank account established in connection with the Compulsory Acquisition. Shareholders who wish to raise objections or to reject the offered Redemption Amount must give notice of this by the Objection Deadline to: Kvale Advokatfirma DA Attention: Attorney-at-law Tony Støkkebo P.O. Box 1752 Vika N-0122 Oslo Norway Shareholders who do not raise objections or reject the offered Redemption Amount within the Objection Deadline will be regarded as having accepted the offered Redemption Amount. 1.21. Alternative courses of action available to the Shareholders The Shareholders' rights in relation to the Offer and Compulsory Acquisition of the Shares may be summarized as follows: (i)
The Shareholder may accept the Offer prior to the expiry of the Offer Period, which is 17 February 2015 at 16:30 (CET). Settlement is expected to be on or about 23 February 2015, however at the latest 14 days after the expiration of the Offer Period. Shareholders who may not legally accept this Offer (as further described in section 1.29) cannot accept the Offer and will have their Shares acquired through the Compulsory Acquisition.
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(ii)
The Shareholder may remain passive and take no action to accept or reject the Offer or the Redemption Amount offered in connection with the Compulsory Acquisition. Upon the expiry of the Objection Deadline for the Compulsory Acquisition, such Shareholder will, in accordance with section 4-25 of the Norwegian Public Limited Companies Act, be deemed to have accepted the Redemption Amount as full settlement for the Shares acquired through the Compulsory Acquisition. Settlement will then take place as soon as possible and within 14 days after the expiry of the Objection Deadline (i.e. within 10 April 2015).
(iii)
The Shareholder may reject or raise objections to the offered Redemption Amount under the Compulsory Acquisition within the Objection Deadline (i.e. at the latest on 27 March 2015). Each of the Offeror and the rejecting or objecting Shareholder will in such case, in accordance with section 425 of the Norwegian Public Limited Companies Act, have the right to require that the consideration for such Shareholder's Shares shall be determined by an assessment by the Norwegian courts. The settlement date for the Shares under this alternative is unknown.
Shareholders who wish to accept the Offer are requested to complete and return the attached Acceptance Form prepared for this purpose. For further information on how to accept the Offer, see section 1.7. Shareholders who wish to raise objections or to reject the offered Redemption Amount must give notice as set out in section 1.20 above. 1.22. Benefits to Board and Management/Key employees of CellCura No payments or other benefits of any kind will be made or have been held in prospect by the Offeror or any of its affiliates to the directors or members of the board of directors and executive management of the Company in connection with the Offer other than payment of the Offer Price in respect of Shares sold under the Offer. 1.23. Consequences for the Company's employees, Board of Directors and Management The completion of the Offer and the Compulsory Acquisition will not in itself have any legal, economic or other work-related consequences for the Company's employees. The Offeror's intention is not to reduce the staff. But the Offeror might consider transferring certain corporate functions to the Offeror, which might lead to some reduction in the Company's workforce. Employees of the CellCura group that would be transferred or integrated in the Offeror by other means will maintain the same rights as they had in CellCura. Any reduction of the workforce will be carried out in accordance with applicable law and any applicable collective agreements, including consultations with employee representatives as early as possible. There are currently no immediate plans for changes that may have legal, economic or other work-related consequences for the Company's employees. 1.24. Legal Consequences of the Offer The Offer and the Compulsory Acquisition will result in the Offeror becoming the owner of all the Shares in the Company. The Offeror is not aware of any consents or approvals required from governmental or regulatory authorities for the completion of the Offer. The Offeror intends to apply for a delisting of CellCura, as further described in section 1.27 below "Delisting of the Shares". 1.25. Contact with the Company prior to announcement of the Offer As described in section 1.1 above, the Offeror entered into a convertible loan agreement following negotiations with the board of directors and a resolution by the shareholders meeting in CellCura. The Chairman of CellCura Dag Dvergsten did not participate in this process as he is the owner of the Offeror.
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There has been contact between the Offeror and the Company from the period immediately prior to the Offeror's conversion of the loan and up to the announcement of this Offer in order to discuss actions required for the preparation of this Offer. 1.26. Statement from the Board of Directors of the Company and independent expert statement The Board of Directors of CellCura has a duty under section 6-16 of the Norwegian Securities Trading Act to issue a statement on its assessment of the Offer's consequences in respect of the interest of the Company, including the effect, if any, of strategic plans by the Offeror noted in the Offer Document on the employees and the location of the Company's business as well as other factors of significance for assessing whether the Offer should be accepted by the Shareholders. Under section 6-16 of the Norwegian Securities Trading Act, such statement must be made public no later than one week prior to the expiry of the Offer Period. However, according to section 6-16 (4) of the Norwegian Securities Trading Act, Oslo Stock Exchange may require that the formal statement pursuant to section 6-16 of the Norwegian Securities Trading Act is issued by an independent third party on behalf of the Company when an offer is made in agreement with the board of directors of the target company. The statement will be made public no later than one week prior to the expiry of the Offer Period, in accordance with section 6-16 of the Norwegian Securities Trading Act. 1.27. Delisting of the Shares The Offeror intends to propose for the general meeting in CellCura to apply for a delisting of the Company. After the Compulsory Acquisition is implemented on 20 January 2015, the Offeror will be the sole Shareholder of CellCura and consequently there will be no more trading of the Shares on Oslo Stock Exchange from that date. 1.28. Legal Venue and Choice of Law The Offer is subject to Norwegian law. Any dispute arising out of or in connection with this Offer shall be subject to the exclusive jurisdiction of the Norwegian courts with Oslo District Court as legal venue. 1.29. Non-Norwegian Shareholders The Offer and this Offer Document is not to be regarded as an offer, whether directly or indirectly, in jurisdictions where such offer pursuant to legislation and regulations in such relevant jurisdictions would be prohibited by applicable law. Shareholders not resident in Norway wanting to accept the Offer must make inquiries on relevant and applicable legislation, including but not limited to whether public consent is required and possible tax consequences. The Offer is not made, neither directly nor indirectly, and sale will not be accepted from or on behalf of, Shareholders in any jurisdiction where presenting the Offer or acceptance thereof would be a contravention of the laws of such jurisdictions. This Offer Document and related Acceptance Forms may not be distributed, forwarded or transmitted into or from any jurisdiction where prohibited by applicable law. Any purported acceptance of the Offer in breach of these requirements will not be valid. 1.30. Miscellaneous Confirmation of receipt of Acceptance Forms or other documents will not be issued by or on behalf of the Offeror. No notification will be issued in the event of a rejection of an Acceptance Form that is incorrectly completed or received after the end of the Offer Period. This Offer Document will be sent to all Shareholders registered in the shareholders register in the VPS on 20 January 2015 to the addresses registered at their respective VPS accounts, except for Shareholders in jurisdictions where this Offer Document may not be lawfully distributed.
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The Receiving Agent will treat the delivery of the Acceptance Form as an execution only instruction from the Shareholder to sell his/her Shares under the Offer and will not determine whether the acceptance and selling of the Shares is appropriate or not for the Shareholder. The Shareholder will therefore not benefit from the protection of the relevant conduct of business rules in accordance with the Norwegian Securities Trading Act. Further information on the Offer may be obtained from: Norne Securities AS Haakon VIIs gt. 9 0161 Oslo Telephone: +47 24 04 66 62 or +47 24 04 66 63 E-mail:
[email protected] or
[email protected]
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2.
INFORMATION ABOUT CELLCURA
2.1. Introduction The following section contains a brief presentation of CellCura and its operations. The information on CellCura is based on the Company's public accounts and other material in the public domain. The Offeror and its representatives disclaim any responsibility and liability for the accuracy or completeness of the Offer Document in terms of the information of CellCura. For a more detailed description of the Company, please refer to CellCura's website: www.cellcura.com. Information may also be obtained through the annual reports or quarterly reports of CellCura, or through other public information. 2.2. Company Description CellCura is a Norwegian public limited liability company (in Norwegian: "allmennaksjeselskap") incorporated and existing under the laws of Norway. The Company is registered with the Register of Business Enterprises under the registration no. 980040461. CellCura was incorporated on 27 August 1998 under the company name Senter of Industriell Logistikk AS. In 2006, following an acquisition, Dag Dvergsten, Dr. Jarl Kahn, Prof. Arne Sunde and Lesley Hutchins founded CellCura with support from a seed funding company. The Company was listed on Oslo Axess in 2010. The Company's core business is related to development, production and sale of novel equipment and products for use in assisted reproductive technology (ART) and stem cell research throughout the world. The core technologies have been created through 15 years of research, and products from CellCura is aiming to improve safety and efficiency in both clinical and research environments. CellCura is the ultimate parent company of the group. The Company has three wholly owned subsidiaries, CellCura Inc. in the United States of America, CellCura Software Solution A/S in Denmark and CellCura PFM AS in Norway. 2.3. Shares and Share Capital As at the date of this Offer Document, the Company has a registered share capital of NOK 10 804 100 divided into 54 020 500 Shares, each with a par value of NOK 0.20. The Company has one class of Shares which are freely transferable and listed on Oslo Axess with the ticker "CELL". Upon execution of the Compulsory Acquisition, all the Shares not currently owned by the Offeror will be blocked and transferred to the Offeror. Consequently, the Shares will no longer be traded as of 20 January 2015. 2.4. Selected Financial Information The following tables below provide a summary of the profit and loss account and balance sheet for CellCura for the years ended 2011, 2012 and 2013, as well as YTD Q3 2014. The financial information has been prepared in accordance with IFRS. The consolidated historical financial data as of and for each of the financial years 2011, 2012 and 2013 is derived from the Company’s audited financial statements for 2011, 2012 and 2013, while the figures for 2014 are extracted from unaudited consolidated quarterly reports. The information and data in this section is only a summary and should be read in conjunction with, and is qualified in its entirety by, reference to the Company’s audited consolidated financial statements available at www.cellcura.com.
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2.4.1.
Consolidated Income Statement
In NOK thousands
2013 (audited) 4,356 (2,366) (4,964) (7,123) (12,677) (22,775) (2,579) (25,353) 630 (24,723)
2012 (audited) 2,855 (2,076) (7,883) (7,112) (17,622) (31,838) (424) (32,262) 706 (31,556)
Q3 2014 (unaudited)
2013 (audited)
2012 (audited)
2011 (audited)
339 2,706 6,693 18 9,756
344 2,788 11,977 2 15,111
116 2,441 18,520 31 21,108
122 2,588 25,940 64 28,713
570 1,109 2,372 240 4,292 14,048
654 958 3,182 190 4,985 20,096
530 1,851 6,660 334 9,376 30,484
461 1,935 6,384 4,727 13,507 42,220
13,041 87,632 (123,997) 699 (22,625)
13,041 87,632 (111,379) 794 (9,912)
4,745 75,745 (86,656) (419) (6,586)
3,624 71,196 (55,100) 63 19,782
Borrowings Deferred tax liability Total non-current liabilities
13,155 298 13,453
9,990 697 10,687
12,400 1,017 13,417
3,851 1,811 5,662
Current portion of non-current borrowings Shareholder loans Trade payables Other short term liabilities Total current liabilities Total liabilities
1,504 12,978 5,284 3,454 23,220 36,673
4,956 4,229 8,001 2,134 19,321 30,008
2,227 9,239 3,760 15,226 26,643
5,950 4,844 4,046 1,937 16,776 22,438
Total equity and liabilities
14,048
20,096
30,484
42,220
Revenue Cost of sales Personnel expenses Depreciation Other operating expenses Operating profit/loss Net financial income/expenses Profit/loss before income tax Income tax Profit/loss for the period
2.4.2.
Q3 2014 (unaudited) 412 (64) (693) (1,745) (1,271) (3,361) (1,059) (4,420) 101 (4,319)
2011 (audited) 1,024 (553) (8,379) (7,223) (16,867) (31,998) (2,754) (34,752) 536 (34,216)
Consolidated statement of financial position
In NOK thousands ASSETS Deferred tax asset Goodwill Intangible assets Property, plant and equipment Total non-current assets Trade receivables Other short term assets Inventory Cash and cash equivalents Total current assets Total assets EQUITY AND LIABILITIES Issued capital Additional paid in capital Retained earnings Currency translation adjustments Total equity
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2.5. Share Capital and Shareholders As of 8 January 2015, the Company's 20 largest Shareholders registered in the VPS were as set out in the table below: Shareholder DAG DVERGSTEN AS SCORPIO KAPITAL AS C/O PROCURATOR A/S BUSKERUD TELEMARK VE INVESTERINGSFOND AS STOKKE INDUSTRI SING MP PENSJON PK UBS AG A/C OMNIBUS-DISCLOSE SUNDE FRANK ROBERT NORDNET BANK AB MØLLERHAUG EIVIND BJØRGE NORDNET PENSJONSFORS HANSSEN BERNT KRISTIAN SYLTE EIENDOM KAPITA LOHNE ØYVIND TEIR MAGED ELABD SOLIMAN FLATI EDVIN BJØRN NORLIE AS THALBERG SVERRE GUNNAR CLEARSTREAM BANKING BJAARSTAD ESPEN ANDREASSEN VIDAR Total top 20 Other Total
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Number of Shares 48 670 379 848 667 373 730 332 961 279 434 267 500 154 995 151 919 121 868 121 064 108 000 107 849 100 000 100 000 95 000 83 200 80 000 74 036 51 524 50 000 52 172 126 1 848 374 54020500
% of Shares 90,10 1,57 0,69 0,62 0,52 0,50 0,29 0,28 0,23 0,22 0,20 0,20 0,19 0,19 0,18 0,15 0,15 0,14 0,10 0,09 96,58 3,42 100,00
2.6. Board and Management At the Announcement Date, the Board of Directors of the Company consists of the following directors:
Dag Dvergsten (Chairman of CellCura; Chairman of CellCura Inc.) Cornelia Horn (Board member) Pål Eivind Vegard (Board member)
The Management of CellCura consists of the following persons:
Tore Viana-Rønningen (Chief Executive Officer; Chairman of CellCura Solution A/S) Bent Nordbø (Chief Operating Officer; Non-Executive Director of CellCura Solution A/S) Gerd Straume (Head of Sales & Marketing) Morten Raaschou-Jensen (Chief Executive Officer of CellCura Solution A/S)
As of 31 December 2014, the CellCura Group has six employees.
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3.
INFORMATION ABOUT DAG DVERGSTEN AS
3.1. Introduction Dag Dvergsten AS (The Offeror) is a private limited company incorporated and existing under the laws of Norway, having its registered office at Munkedamsveien 45 Entrance A, N-0250 Oslo, Norway. The Offeror's company registration no. is 987018062. The Offeror also has premises in Wisconsin, USA and Singapore. 3.2. Description The Offeror is an investment and business development company specializing in strategic and entrepreneurial activities in various lines of industry. Over the last few years the Offeror has founded several companies within three distinct sectors; life science, natural resources and the maritime industry. The Offeror brings broad industrial experience, a unique business network and hands-on involvement into the portfolio companies. To meet the full spectrum of the portfolio companies’ financial needs the Offeror provides flexibility and willingness to hold large positions and the ability to offer sponsors and management teams increased certainty of execution. The Offeror has broad experience in developing business ideas from a nascent research stage through proof of concept to become fully commercial businesses.
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4.
TAX CONSEQUENCES
4.1. Introduction The following is a summary of certain Norwegian tax considerations relevant to the disposal of Shares pursuant to the Offer. This summary does not purport to be a comprehensive description of all the tax considerations that may be relevant to the Shareholders and does not address foreign tax laws. The summary does not discuss Shareholders which are partnerships or similar entities. The summary is based on applicable Norwegian laws, rules and regulations, as they exist as of the date of this Offer Document. Such laws, rules and regulations are subject to change, possibly on a retroactive basis. The summary is solely intended to provide general guidelines and does not address all aspects that may be relevant. The tax treatment of each Shareholder may depend on the individual Shareholder's specific situation and each Shareholder should consult his or her own tax advisor to determine the particular tax consequences for him or her and the applicability and effect of any Norwegian or foreign tax laws and possible changes in such laws. Any reference to a "Norwegian shareholder" or a "foreign shareholder" in the summary below refers to the tax residency and not the nationality of such shareholder. The tax consequences set out below apply regardless of whether the Shares are transferred subject to accept of the Offer or by redemption. 4.2. Tax Consequences for Norwegian Shareholders Accepting the Offer – Realisation of Shares 4.2.1. Corporate Entities that are Shareholders For shareholders who are limited liability companies, mutual funds, savings banks, mutual insurance companies or similar entities resident in Norway for tax purposes (Norwegian Corporate Shareholders) sale, redemption or other types of disposal of shares is considered realisation for Norwegian tax purposes. Capital gains derived from the realisation of shares qualifying for the participation exemption method are exempt from taxation. Losses incurred upon realization of such shares are not deductible. 4.2.2. Private Individuals who are Shareholders Sale, redemption or other disposal of shares is considered a realisation for Norwegian tax purposes. A capital gain or loss generated by shareholders who are individuals resident in Norway for tax purposes (Norwegian Personal Shareholders) through a realisation of shares is taxable or tax deductible in Norway. Such capital gain or loss is included in or deducted from the shareholder’s ordinary income in the year of realisation. Ordinary income is taxable at a rate of 27 per cent. The gain is subject to tax and the loss is tax-deductible irrespective of the duration of the ownership and the number of shares disposed of. The taxable gain/deductible loss is calculated per share, as the difference between the consideration for the share and the Norwegian Personal Shareholder’s cost price of the share, including any costs incurred in relation to the acquisition or realisation of the share. From this capital gain, Norwegian Personal Shareholders are entitled to deduct a calculated allowance, provided that such allowance has not already been used to reduce taxable dividend income. The allowance is calculated on a share-by-share basis, and the allowance for each share is equal to the cost price of the share, multiplied by a risk-free interest rate. The allowance is calculated for each calendar year, and is allocated solely to Norwegian individual Shareholders holding shares as of 31 December of the relevant calendar year. The allowance may only be deducted in order to reduce a taxable gain, and cannot increase or produce a deductible loss, i.e. any unused allowance exceeding the capital gain upon the realisation of a share will be annulled.
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If the Norwegian Personal Shareholder owns shares acquired at different points in time, the shares that were acquired first will be regarded as the first to be disposed of, on a first-in first-out basis. Special rules apply for Norwegian Personal Shareholders who cease to be tax-resident in Norway. 4.3. Tax Consequences for Foreign Shareholders Accepting the Offer – Realisation of Shares This section summarizes Norwegian tax rules relevant to foreign Shareholders. The extent of the tax liabilities of foreign Shareholders in their country of residence or other countries will depend on the tax rules applicable in such jurisdictions. Capital gains upon the realisation of Shares by foreign corporate Shareholders are not subject to taxation in Norway, unless the Shares are held in connection with the conduct of business activities in Norway, in which case the gains could be taxable at a rate of 27 per cent. The gains are in any event exempt from taxation in Norway if the foreign corporate Shareholder is considered to be "equivalent" to a Norwegian corporate entity. Capital gains upon the realisation of Shares by foreign individual Shareholders will not be subject to taxation in Norway unless (I) the Shares are held in connection with the conduct of business activities in Norway, or (ii) the Shareholder has been a resident of Norway for tax purposes within the five calendar years prior to the sale. Any applicable tax treaty may, depending on the treaty, further restrict the taxation in Norway. Non-resident Shareholders are urged to seek advice from own tax advisors to clarify the tax consequences of accepting the Offer.
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5.
NORSK SAMMENDRAG (NORWEGIAN SUMMARY)
This section provides a summary in Norwegian of certain parts of the information included in this Offer Document. The summary does not include all the information contained in the English text. The English version is the legally binding version, and in case of discrepancies between the Norwegian summary and the English text, the English text shall prevail. Dette kapittelet inneholder et norsk sammendrag av enkelte deler av informasjonen i dette tilbudsdokumentet ("Tilbudsdokumentet"), Sammendraget inneholder ikke all den informasjon som er inntatt i den engelske teksten. Den engelske versjonen er den juridisk bindende, og ved eventuelle avvik mellom det norske sammendraget og den engelske teksten vil sistnevnte gjelde. 5.1. Tilbudet Dag Dvergsten AS ("Tilbyder") fremsetter med dette et pliktig tilbud (det "Pliktige Tilbudet" eller "Tilbudet") om å kjøpe alle utestående aksjer i CellCura ASA ("CellCura" eller "Selskapet") som ikke eies av Tilbyder, på de vilkår som er beskrevet i dette tilbudsdokumentet ("Tilbudsdokumentet"). Tilbudsprisen i det Pliktige Tilbudet er NOK 0,20 per aksje i kontanter ("Tilbudsprisen"). Ettersom Tilbyder eier mer enn 90 % av aksjene og stemmene på generalforsamlingen i CellCura har styret i Tilbyderen vedtatt å gjennomføre en tvungen overføring av aksjene i Selskapet i henhold til allmennaksjeloven § 4-25 i tilknytning til Tilbudet. Gjennomføring av den tvungne overføringen trer i kraft på første dag i Tilbudsperioden (definert nedenfor). Dette Tilbudsdokumentet tjener derfor følgende to formål: (i)
Tilbudsdokument som er forberedt i henhold til verdipapirhandelloven § 6-1, og
(ii)
Tilbud om løsningssum ved tvungen overføring av aksjer i henhold til allmennaksjeloven § 4-25.
5.2. Tilbyderen Tilbudet er fremsatt av Dag Dvergsten AS, et norsk privat eiet aksjeselskap med organisasjonsnummer 987018062 og registrert forretningsadresse Munkedamsveien 45 oppg. A, 0250 Oslo. Selskapet har også virksomhet i Wisconsin, USA og Singapore. Tilbyder eier per dato for dette Tilbudsdokumentet 48 670 379 aksjer i CellCura, tilsvarende 90,10% av Selskapets aksjekapital og stemmer. I tillegg eier Hasselhaugen AS 2 980 aksjer i CellCura. Hasselhaugen AS eies av Dag Dvergsten, hans kone og deres barn. Tilbyder og det nærstående selskapet Hasselhaugen AS eier til sammen 48 673 359 aksjer i CellCura. Tilbyder arbeider med innovasjon, forretningsutvikling og finansiering innenfor tre hovedområder; helse, ressurs og offshore. Tilbyder har flere års erfaring med oppstartsselskaper, samt restrukturering av eksisterende virksomheter. Utifra behovene i porteføljeselskapene arbeider Tilbyder frem løsninger for, eierskap, finansiering, drift og ledelse, samt markedsmessig tilnærming som gir porteføljeselskapene en fleksibilitet som tar hensyn til hvilken fase selskapene befinner seg i, herunder forskning og utvikling, «proof of concept» samt full kommersialisering. Ytterligere informasjon om Tilbyder er tilgjengelig på www.dvergsten.com.
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5.3. CellCura Målselskapet er CellCura, et norsk allmennaksjeselskap med organisasjonsnummer 980040461 og registrert forretningsadresse Unionsgata 18, N-3732 Skien. Aksjene i CellCura er notert på Oslo Axess med tickerkode "Cell", og er registrert i VPS ISIN NO 0010386253. Vennligst se www.cellcura.com for mer informasjon. 5.4. Tilbudsprisen Aksjonærer som aksepterer det Pliktige Tilbudet vil motta et vederlag på NOK 0,20 kontant per aksje ("Tilbudsprisen") som vil bli utbetalt i overensstemmelse med de vilkår og betingelser som fremgår av dette Tilbudsdokumentet. 5.5. Tilbudsperioden Tilbudsperioden er fra og med 20. januar 2015 til 17. februar 2015 kl. kl 16.30 (CET) ("Tilbudsperioden"). 5.6. Aksept av Tilbudet For at en aksjonær i CellCura skal anses å ha akseptert det Pliktige Tilbudet, må et korrekt utfylt og undertegnet akseptformular (eller en kopi av dette) leveres til Norne Securities ("Oppgjørsagenten") før utløpet av Tilbudsperioden. Akseptformular er vedlagt som Vedlegg 3 (engelsk) og Vedlegg 4 (norsk) til Tilbudsdokumentet. Kun ved å overholde fremgangsmåten beskrevet ovenfor og nedenfor, vil en aksjonær i CellCura motta oppgjør som beskrevet under avsnitt 5.8 i dette Tilbudsdokumentet. Det påligger den som aksepterer det Pliktige Tilbudet å sørge for korrekt og fullstendig utfylling av akseptformularet, og levering av akseptformularet til Oppgjørsagenten innen utløpet av Tilbudsperioden for at aksept av det Pliktige Tilbudet skal kunne anses å foreligge. Akseptformularet må være undertegnet av aksjonæren selv eller dennes fullmektig og være mottatt av Oppgjørsagenten på nedenstående adresse, enten ved post, levering eller epost: Norne Securities AS Postboks 622 Sentrum 5087 Bergen E-mail:
[email protected] Akseptformularet kan leveres per epost. Aksept av det Pliktige Tilbudet er ugjenkallelig, og kan ikke trekkes tilbake etter at Oppgjørsagenten har mottatt aksepten. Ved å returnere akseptformularet til Oppgjørsagenten bindes aksjonæren til å akseptere overføring av CellCura-aksjer mot betaling av Tilbudsprisen på de vilkår og betingelser som fremgår av Tilbudsdokumentet og akseptformularet, fra og med det tidspunktet Oppgjørsagenten har mottatt akseptformularet. Aksjonærer i CellCura som har aksjer i Selskapet registrert på mer enn én VPS-konto, vil motta separate akseptformularer for hver enkelt VPS-konto og må innlevere ett akseptformular per konto. Aksjonærer i CellCura som har sine registrerte aksjer i Selskapet hos en megler, forhandler, forretningsbank, investeringsselskap eller en annen fullmektig, må kontakte denne personen dersom aksjonæren ønsker å akseptere det Pliktige Tilbudet for disse CellCura-aksjene.
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Aksept av det Pliktige Tilbudet kan omfatte alle, eller bare noen av, aksjonærens aksjer registrert på den VPSkonto som omfattes av aksepten. Hvis det ikke er krysset av for noe annet i Akseptformularet vil aksepten bli ansett å omfatte samtlige aksjer på VPSkontoen. Dersom aksjer er registrert på VPS-konti i navn av megler, bank, stiftelse eller annen nominee, vil aksepten kun omfatte spesifikt angitte antall aksjer på slike VPS-konti som faktisk omfattes av aksjonærens aksept. Aksjer på samme konto som ikke er angitt i aksjonærens aksept omfattes ikke. Aksepten omfatter også enhver aksje som er ervervet eller vil bli ervervet som er kreditert aksjonærens VPS-konto på tidspunktet for gjennomføringen av den tvungne overføringen, med unntak av aksjer på VPS-konti i navn av megler, bank, stiftelse eller annen nominee som ikke spesifikt er angitt som omfattet av aksjonærens aksept. Samtlige aksjer i CellCura som blir ervervet under det Pliktige Tilbudet må overføres fri for enhver heftelse og tredjeparts rettigheter, og med alle aksjonærrettigheter i behold. Dersom heftelser er registrert på den relevante VPS-kontoen, må rettighetshaveren signere akseptformularet for på den måten å gi sin godkjennelse til at heftelsen slettes, og at aksjene overdras til Tilbyder fri for heftelser. Innenfor rammen av gjeldende likebehandlingsregler forbeholder Tilbyder seg retten til å akseptere uriktig utfylte eller for sent innkomne akseptformularer. Ved å returnere akseptformularet til Oppgjørsagenten aksepterer aksjonæren i CellCura Tilbudet på de vilkår som fremgår av dette Tilbudsdokumentet. Det vil ikke bli gitt noen bekreftelse på mottak av aksepter eller andre dokumenter fra Tilbyder eller på dennes vegne. 5.7. Kunngjøringer i forbindelse med det Pliktige Tilbudet Kunngjøringer fra eller på vegne av Tilbyder i tilknytning til det Pliktige Tilbudet og/eller Tilbudsdokumentet vil anses foretatt når de er distribuert gjennom det elektroniske informasjonssystemet til Oslo Børs. I forbindelse med dette har Tilbyder ingen forpliktelse til å publisere, avertere eller på annen måte kommunisere slike kunngjøringer ut over at de publiseres på Oslo Børs. 5.8. Oppgjør For de av CellCuras aksjonærer som gyldig har akseptert Tilbudet antas kontant oppgjør å finne sted på eller rundt 23. februar 2015, og vil uansett finne sted innen 14 dager etter utløpet av Tilbudsperioden (følgelig senest 3. mars 2015). På grunn av gjennomføringen av den tvungne overføringen av aksjer som beskrevet i avsnitt 5.11, vil alle aksjer i CellCura som ikke eies av Tilbyder bli sperret 20. januar 2015 og overført fra hver aksjonærs VPS-konto til Tilbyders VPS-konto. 5.9. Finansiering av det Pliktige Tilbudet og tvungen overføring Tilbudet og den tvungne overføringen finansieres gjennom tilgjengelige bankfasiliteter. 5.10. Garanti Fullstendig og korrekt oppgjør for Tilbudet har blitt garantert av DNB Bank ASA, som har utstedt en bankgaranti med slik ordlyd som inntatt som Vedlegg 2. 5.11. Tvungen overføring Ettersom Tilbyder eier mer enn 90 % av aksjene og stemmene på generalforsamlingen i CellCura har styret i Tilbyderen vedtatt å gjennomføre en tvungen overføring av alle aksjer i Selskapet som ikke allerede eies av Tilbyder i henhold til allmennaksjeloven § 4-25 i tilknytning til Tilbudet. 27
Gjennomføringen av den tvungne overføringen trer i kraft på første dag av Tilbudsperioden. Nedenfor er et utdrag fra styrets vedtak datert 19. desember 2014: "Styret vedtok å gjennomføre en tvungen overføring av aksjene i CellCura ASA som ikke allerede eies av Dag Dvergsten AS, i henhold til allmennaksjelovens § 4-25. Vedtaket om å gjennomføre den tvungne overføringen er betinget av godkjenning av Tilbudsdokumentet av Oslo Børs, fremsettelse av det pliktige tilbudet, og at en sum tilsvarende løsningssummen overføres til en særskilt bankkonto. Den tvungne overføringen av aksjer i CellCura ASA skal varsles til aksjeeierne i CellCura ASA ved at varselet inntas i Tilbudsdokumentet. Gjennomføringen av overføringen av aksjer skal skje automatisk når det pliktige tilbudet er fremsatt, og på de vilkår som følger av Tilbudsdokumentet. Dag Dvergsten AS' administrasjon gis fullmakt til å akseptere ikke vesentlige endringer i vilkårene for den tvungne overføringen av aksjer i CellCura ASA, samt å utferdige og signere øvrige dokumenter som er pålagt eller nødvendige i forbindelse med den tvungne overføringen av aksjer I CellCura ASA.” Gjennomføringen av den tvungne overføringen innebærer at aksjene i CellCura som ikke allerede eies av Tilbyder eller CellCura, blir overført til Tilbyder. Hver aksjonær i CellCura har et krav på vederlag for aksjene mot Tilbyder. Som en konsekvens av beslutningen om å gjennomføre tvungen overføring av aksjer, vil alle aksjer i CellCura som ikke allerede eies av Tilbyder eller CellCura, bli sperret og overført fra hver aksjonærs VPSkonto til en VPS-konto som er etablert på vegne av Tilbyder. Ved denne overføringen vil Tilbyder bli registrert som eier av alle aksjene i CellCura i Selskapets aksjeeierregister (unntatt CellCuras egne aksjer). Fra dette tidspunkt vil tidligere eiere ikke lenger være aksjonærer i CellCura. Den tvungne overføringen vil også omfatte aksjer eid av aksjonærer (om noen) i land hvor Tilbudet ikke kan fremsettes av rettslige årsaker (se avsnittet "Offer Restrictions"). Slike aksjonærer vil motta et separat varsel om den tvungne overføringen. 5.12. Innløsningspris Innløsningsprisen ved den tvungne overføringen av aksjer er NOK 0,20 per aksje i CellCura med oppgjør i kontanter, hvilket er samme pris som Tilbudsprisen. 5.13. Frist for innsigelser og aksept av innløsningsprisen Frist for å komme med innsigelser mot eller avslå innløsningsprisen i henhold til allmennaksjeloven § 4-25 er 27. mars 2015. Aksjonærer som ikke aksepterer Tilbudet, og som ikke har kommet med innsigelser mot eller avslått innløsningsprisen skriftlig innen 27. mars 2015, vil bli ansett for å ha akseptert tilbudt innløsningspris i henhold til allmennaksjeloven § 4-25. 5.14. Oppgjør av tvangsinnløsningen Oppgjør av innløsningsprisen til de aksjonærene som ikke har akseptert Tilbudet og ikke har kommet med innsigelser eller avslått innløsningsprisen innen fristen for dette, vil bli foretatt så snart som mulig og innen 14 dager etter utløpet av fristen for å komme med innsigelser mot tvangsinnløsningen (altså innen 10. april 2015). Det aktuelle beløpet som skal betales til hver aksjonær vil bli overført til den bankkonto som aksjonæren har registrert med Verdipapirsentralen for utbytteutbetaling. Dersom aksjonæren ikke har registerert en bankkonto for utbyttebetaling, men aksjonæren har en adresse i Norge, vil oppgjør finne sted ved utstedelse av bankgiro. Dersom aksjonæren har adresse utenfor Norge og det ikke er registret noen bankkonto for utbyttebetaling vil oppgjør finne sted ved utstedelse av en sjekk.
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Det samlede innløsningsbeløpet har i henhold til allmennaksjeloven § 4-25 blitt innbetalt på særskilt bankkonto. Beløpet vil bli redusert ettersom oppgjør finner sted enten til aksjonærer som aksepterer Tilbudet eller ved oppgjør av tvangsinnløsningen. 5.15. Aksjonærenes rettigheter i tilknytning til tvangsinnløsningen Hver aksjonær som ikke aksepterer Tilbudet har i henhold til allmennakseloven § 4-25 rett til å avslå eller komme med innsigelser mot tilbudt innløsningspris. Innløsningsprisen kan i så tilfelle bli fastsatt ved skjønn av norske domstoler, i henhold til særligeprosessuelle bestemmelser. Både størrelsen på innløsningsprisen og oppgjørsdato vil bli bestemt i tilknytning til en slik skjønnsprosess. Tilbyder vil som hovedregel under § 4-25 være forpliktet til å betale kostnadene ved skjønnsprosessen, men i enkelte tilfeller kan det bli gjort unntak fra denne hovedregelen. Skjønnsretten er ikke bundet av innløsningsprisen tilbudt av Tilbyder, og skjønnsretten kan følgelig bestemme at innløsningsprisen skal være høyere eller lavere enn denne. Gjennomføring av skjønnsprosessen kan ventes å ta tid, og innløsningsprisen vil ikke bli utbetalt før skjønnsprosessen er avsluttet. Innløsningsprisen som er tilbudt for aksjene vil inntil dette tidspunktet bli stående på den særskilte bankkontoen som er etablert i forbindelse med den tvungne overføringen. Aksjonærer som ønsker å komme med innsigelser mot eller avslå tilbudt innløsningspris må gi varsel om dette innen den fastsatte frist til: Kvale Advokatfirma DA v/advokat Tony Støkkebo Postboks 1752 Vika N-0122 Oslo Aksjonærer som ikke kommer med innsigelser mot eller avslår tilbudt innløsningspris innen den fastsatte frist vil bli ansett for å ha akseptert den tilbudte innløsningspris. 5.16. Skatt og kostnader Aksjonærer i CellCura som aksepterer det Pliktige Tilbudet er selv ansvarlig for det skatteansvar som måtte oppstå som følge av salget av aksjene. Tilbyder påtar seg ikke noe ansvar for skatteforpliktelser som kan pådras ved aksept av Tilbudet eller som følge av den tvungne overføringen. En generell beskrivelse av skatteimplikasjoner følger av punkt 4. Tilbyder vil betale kostnader direkte knyttet til VPS-transaksjoner i forbindelse med aksept av det Pliktige Tilbudet og overdragelsen av CellCura-aksjene til Tilbyder gjennom den tvungne overføringen av aksjer. Det vil ikke påløpe kurtasje eller andre kostnader relatert direkte til VPS-overføringene for aksjonærer som aksepterer det Pliktige Tilbudet eller i forbindelse med den tvungne overføringen av aksjer. 5.17. Strykning fra Oslo Axess Tilbyder har til hensikt å foreslå for CellCuras generalforsamling at det inngis en søknad til Oslo Børs om å stryke aksjene i Selskapet fra notering på Oslo Axess. Etter gjennomføringen av den tvungne overføringen av aksjer vil Tilbyder være den eneste aksjonæren i CellCura og det vil således ikke være noen handler i aksjen på Oslo Axess etter at tvangsinnløsningen er gjennomført. 5.18. Kontakt med CellCura i forkant av det Pliktige Tilbudet Tilbyder inngikk en konvertibel låneavtale den 21. november 2014 etter forhandlinger med Selskapets styre, og godkjent av Selskapets generalforsamling. Det har vært kontakt mellom Tilbyder og CellCura i forbindelse med den delvise utøvelsen av det konvertible lånet.
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5.19. Betydning for ansatte, styremedlemmer og ledelse i CellCura Gjennomføringen av Tilbudet vil i seg selv ikke få noen konsekvenser av juridisk eller økonomisk art eller konsekvenser for ansettelsesforholdene til Selskapets ansatte. Ansatte i CellCura vil kunne bli integrert i Tilbyder, men vil ha like rettigheter etter en eventuell overføring. Enhver reduksjon av ansatte vil bli gjennomført i henhold til norsk lov og i samsvar med eventuelle tariffavtaler Selskapet er bundet av, herunder gjennomføring av drøftelser med representanter for de ansatte så tidlig som mulig. Det foreligger ikke andre planer som tilsier juridiske, økonomiske eller andre arbeidsrelaterte konsekvenser ved gjennomføring av Tilbudet eller tvangsinnløsningen. 5.20. Lovvalg og verneting Det Pliktige Tilbudet er underlagt norsk rett. Eventuelle tvister i tilknytning til det Pliktige Tilbudet må fremmes for norske domstoler, med Oslo tingrett som avtalt verneting. 5.21. Diverse Tilbudet fremsettes ikke i jurisdiksjoner der fremsettelse av Tilbudet eller aksept av Tilbudet strider mot slik jurisdiksjons lovgivning. Aksjonærer som ikke er bosatt i Norge oppfordres til å lese punktet som heter "Offer Restrictions" på side 6 i Tilbudsdokumentet. Tilbudsdokumentet sendes til alle aksjonærer i CellCura som er registrert i aksjeeierregisteret i VPS per 20. januar 2015 til de adresser som er registrert i VPS, bortsett fra til aksjonærer i jurisdiksjoner hvor Tilbudsdokumentet ikke lovlig kan fremsettes. Det vil ikke sendes ut bekreftelse på mottatt Akseptformular. Norne Securities vil kun behandle leveringen av akseptformularet som en utførelsesinstruksjon fra aksjonæren om å selge hans/hennes aksjer under tilbudet og vil ikke vurdere hvorvidt aksepten og salget av aksjene er hensiktsmessig eller ikke for aksjonæren. Bestilleren vil med dette ikke ha fordel av de relevante bestemmelsene knyttet til verdipapirforetaks virksomhet i verdipapirhandelloven. Ytterligere informasjon om det Pliktige Tilbudet er tilgjengelig hos: Norne Securities AS Haakon VIIs gt. 9 0161 Oslo Telefon: +47 24 04 66 62 eller +47 24 04 66 63 Epost:
[email protected] eller
[email protected]
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APPENDIX I:
ARTICLES OF ASSOCIATION OF CELLCURA ASA
(English translation of prevailing Norwegian version as of 23 December 2014) ARTICLES OF ASSOCIATION FOR CELLCURA ASA §1
The name of the company is CellCura ASA. The company is a public limited liability company.
§2
The company has its business address in Skien. General meetings may also be held in Oslo.
§3
The object of the company is to develop and provide services and products related to biotechnology and health care.
§4
The company's share capital is NOK 10,804,100 divided on 54,020,500 shares, each with a nominal value of NOK 0.20.
§5
The board of directors shall have from 3 to 7 members pursuant to the general meeting's decision. Two board members acting jointly are entitled to sign on behalf of the company.
§6
The company shall have an election committee consisting of 3 members, who shall be elected by the general meeting. Members of the election committee shall, at the time of election, be shareholders of the company or appointed by shareholders of the company. The election committee shall put forward suggestions on new board members and deputy board members to the general meeting and also suggest the remuneration to the board members. The members of the election committee shall be elected for a period of two years. The board members elected by the general meeting shall prepare recommendations and instructions for the election committee.
§7
The general meeting shall address the following matters: -
Approval of the company's annual accounts and the annual report, including distribution of dividend All other matters that by law shall be considered by the general meeting
§8
General meetings may, pursuant to decision by the board of directors, be held in Skien or Oslo.
§9
If all relevant documents regarding matters that are to be addressed by the general meeting is made available to the shareholders on the company's websites, the company is not obliged to send such documents to each of the shareholders by mail or otherwise. Upon demand of a shareholder, the company shall, however, send such documents to the shareholder free of charge.
§10
Shareholders that plan to attend a General meeting have to give notice to the company within 5 days of the general meeting. Shareholders who have not given such notice within 5 days of the general meeting may be denied entrance to the general meeting. ***
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APPENDIX II: BANK GUARANTEE Bank guarantee issued in connection with the mandatory offer to purchase all remaining shares in CellCura ASA by Dag Dvergsten AS (the "Offeror"). In connection with the mandatory offer by Dag Dvergsten AS, for the acquisition of all outstanding shares of CellCura ASA (the "Shares"), in accordance with the Norwegian Securities Trading Act 2007 No 75, section 6-1 (the "Offer"), and based on the offering document for the Offer dated 20 January 2015 (the "Offer Document"), and at the request of and for the account of the Offeror we, DnB Bank ASA, unconditionally guarantee as for our own debt (in Norwegian: "selvskyldnergaranti") the payment of NOK 0.20 per Share to shareholders of CellCura ASA who have accepted the Offer in accordance with the terms of the Offer Document. Our liability under this guarantee is limited to the Principal Guarantee Amount (as defined below) plus statutory default interests (currently 8.5 per cent interest per annum) for late payment for a period of up to four weeks (the "Guarantee Period"), calculated from the due date of the settlement of the Offer. To the extent that any decision to change the Norwegian default interest is adopted within the Guarantee Period, such changed default interest is comprised by this guarantee. No other claims will be covered by the guarantee. As used herein, the term "Principal Guarantee Amount" means: NOK 1,070,024 which is equal to the maximum amount payable by the Offeror pursuant to the offer price of NOK 0.20 per share of CellCura ASA multiplied with all 5,350,121 Shares of CellCura ASA not already owned by the Offeror. Pursuant to Section 6-10 in regulation of 29 June 2007 no. 876 on claims under guarantees for mandatory offer, the Principal Guarantee Amount may be reduced by the amount which is proportional to the number of Shares for which final settlement has been completed by Dag Dvergsten AS for acquisitions made during the period of the Offer under or outside the Offer, as well as Shares for which no acceptance exist during the said period. Such regulation will require approval by Oslo Stock Exchange. The Principal Guarantee Amount will be reduced as soon as Oslo Stock Exchange has approved and communicated such reduction in guarantee amount to DNB Bank ASA and the guarantee will be reduced accordingly. Claims under this guarantee may be made only after the date of due payment in accordance with the terms of the Offer and must be received by us before 16:30 hours Norwegian time, on 1 April 2015, after which time this guarantee lapses, and shall be returned to DNB Bank ASA. Claims under this guarantee shall be made in writing to: DNB Bank ASA, P.O. Box 1600 Sentrum, NO-0021 Oslo, Norway Claims under this guarantee shall be accompanied by: (a) Evidence that the claimant was, immediately prior to the execution of the Compulsory Acquisition, the owner of the shares relating to the acceptance; (b) A statement by the claimant that no payment has been received for the shares relating to the acceptance; and (c) A copy of the duly completed acceptance form. This guarantee shall be governed by and construed in accordance with Norwegian law. 20 January 2015 DNB Bank ASA
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APPENDIX III:
ACCEPTANCE FORM (ENGLISH VERSION) ACCEPTANCE FORM
For use in accepting the Mandatory Offer by Dag Dvergsten AS (the "Offeror") described in the Offer Document dated 20 January 2015 to purchase all issued and outstanding Shares in CellCura ASA ("CellCura" or the "Company") that are not already owned by the Offeror. Capitalised terms used in this Acceptance Form shall have the same meaning as set out in, and be deemed to be construed in accordance with, the Offer Document. The terms of the Offer is set forth in the Offer Document, see section 1 ("The Offer") and in particular section 1.7 ("Acceptance of the Offer") of the Offer Document. Offer Price: NOK 0.20 per Share Offer Period: From and including 08:00 (CET) on 20 January 2015 to 16:30 (CET) on 17 February 2015 Return to: Norne Securities AS Haakon VIIs gt. 9 N-0161 Oslo, Norway Email:
[email protected] Shareholdings registered with the VPS: The shareholder register of the Company maintained in the VPS as of 20 January 2015 shows: VPS Account:
Number of Shares:
Rights holder registered:
Acceptance of all Shares in above VPS account Partial acceptance of Shares in above VPS account. I/we accept for ………………………………………………… Shares Guidance: Shareholders should read the Offer Document carefully, and note in particular the information and restrictions described in the section headed "Statements and Important Information". Shareholders whose Shares are held in more than one VPS accounts will receive one Acceptance Form for each such account. Unless the Acceptance has been limited to a specific number of Shares by ticking the "Partial acceptance" box above and inserting a number of Shares, this Acceptance will be deemed to encompass the Shares stipulated in the box "Number of Shares" under "Shareholdings registered with the VPS" above as well as any other Shares which have been or will be acquired and which will be credited to the VPS account set out above. Settlement of the Offer Price will be made in accordance with the procedures set forth in section 1.9 ("Settlement") of the Offer Document. This acceptance will be treated as valid only if any rights holder (marked with a "Yes" under "Right holder registered" in the right box under "Shareholdings registered in the VPS" above) has consented to the sale and transfer of the Shares free of encumbrances or other third party rights to the Offeror by signing this Acceptance Form under "Rights holder" below. Acceptance: By executing and delivering this Acceptance Form I/we represent and warrant that I/we have received the Offer Document, and accept the Offer for all of my/our Shares in the Company in accordance with the terms of the Offer as set forth in the Offer Document. Signature: __________________ Place
_______________ Date
___________________________ Signature*
_____________________ Telephone daytime
* If signed by power of attorney, the power of attorney (and with respect to companies, Certificate of Registration or similar documentation) shall be enclosed. If signed by a person with signatory right, Certificate of Registration or similar documentation shall be enclosed.
If relevant, fill inn bank account for cash settlement: Payment to Shareholders who do not have a Norwegian bank account connected to their VPS account **: Fill in here:___________________________________________________ and ________________________________________ Bank account number/IBAN-number SWIFT/BIC-code ** The Financial Adviser and Receiving Agent should be contacted in respect of shareholders who do not hold a bank account with a Norwegian bank. Rights holder: As rights holder, the undersigned consents to the transfer of the Shares to the Offeror free of encumbrances or other third-party rights. __________________ Place
_______________ Date
___________________________ Rights holder’s signature***
*** If signed by power of attorney, the power of attorney (and with respect to companies, Certificate of Registration or similar documentation) shall be enclosed. If signed by a person with signatory right, Certificate of Registration or similar documentation shall be enclosed. If more than one rights holder is registered, each rights holder must sign.
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APPENDIX IV:
AKSEPTBLANKETT (NORSK VERSJON) AKSEPTBLANKETT
Til bruk ved aksept av det Pliktige tilbudet fra Dag Dvergsten AS ("Tilbyder") beskrevet i Tilbudsdokumentet datert 20. januar 2015 om kjøp av alle utestående aksjer i CellCura ASA ("CellCura" eller "Selskapet") som er og vil bli utstedt som ikke allerede er eid av Tilbyder. Uttrykk med stor forbokstav i denne Akseptblanketten, skal ha samme innhold, og tolkes på samme måte, som i Tilbudsdokumentet. Vilkårene for Tilbudet er inntatt i Tilbudsdokumentet, se punkt 1 ("The Offer") og særlig punkt 1.7 ("Acceptance of the Offer") i Tilbudsdokumentet. Tilbudspris: NOK 0,20 per Aksje Tilbudsperiode: Fra og med 08:00 (CET) 20. januar 2015 til kl. 16:30 (CET) 17. februar 2015 Returneres til: Norne Securities AS Haakon VIIs gt. 9 N-0161 Oslo, Norge Epost:
[email protected] Aksjebeholdning registrert i VPS: Selskapets aksjonærregister i VPS viser per 20. januar 2015: VPS-konto:
Antall aksjer:
Registrerte rettighetshavere:
Aksept av alle Aksjer på ovennevnte VPS-konto Delvis aksept av Aksjene på ovennevnte VPS-konto. Jeg/vi aksepterer Tilbudet for …………………… Aksjer Veiledning: Aksjonærer bør lese Tilbudsdokumentet grundig og merke seg spesielt informasjonen og begrensningene inntatt i punktet med overskriften "Statements and Important Information". Aksjonærer som har aksjer fordelt på mer enn én VPS-kontoer vil motta én Akseptblankett for hver av kontoene. Med mindre aksepten begrenses til å gjelde et bestemt antall aksjer ved å krysse av i "Delvis aksept" boksen ovenfor og angi et bestemt antall Aksjer, anses denne aksepten å omfatte alle Aksjene angitt i boksen "Antall aksjer" under "Aksjebeholdning registrert i VPS" ovenfor samt alle Aksjer som har blitt eller blir ervervet og som vil bli kreditert til VPS-kontoen indikert ovenfor. Oppgjøret av Tilbudsprisen vil gjennomføres som beskrevet i punkt 1.9 ("Settlement") i Tilbudsdokumentet. Aksepten er bare gyldig dersom samtlige rettighetshavere (markert med et "Ja" under "Registrerte rettighetshavere" i boksen til høyre under "Aksjebeholdning registrert i VPS" ovenfor) har samtykket til at Aksjene selges og overføres til Tilbyder fri for heftelser eller andre tredjepartsrettigheter ved å underskrive denne Akseptblanketten under "Rettighetshaver" nedenfor. Aksept: Ved å fylle ut og sende inn denne Akseptblanketten, bekrefter jeg/vi at jeg/vi har mottatt Tilbudsdokumentet, og aksepterer Tilbudet for alle mine/våre Aksjer i Selskapet på de vilkår for Tilbudet som fremgår av Tilbudsdokumentet. Signatur:
__________________ Sted
_______________ Dato
___________________________ Signatur*
_____________________ Telefon dagtid
* Hvis underskrevet i henhold til fullmakt, skal fullmakt (og for selskaper, firmaattest eller tilsvarende dokumentasjon) følge vedlagt. Hvis underskrevet av en person med signaturrett, skal firmaattest eller tilsvarende dokumentasjon vedlegges..
Fyll inn bankkonto for kontantoppgjør, hvis relevant: Betaling til Aksjonærer som ikke har en norsk bankkonto knyttet til deres VPS-konto**:
Fyll ut:___________________________________________________ og ________________________________________ Bankkontonummer/IBAN-nummer SWIFT/BIC-code ** Aksjonærer som ikke har en bankkonto i en norsk bank bør kontakte Financial Adviser and Receiving Agent. Rettighetshaver: Som rettighetshaver, samtykker undertegnede til at Aksjene overføres til Tilbyder fri for heftelser eller andre tredjepartsrettigheter.
__________________ Sted
_______________ Dato
___________________________ Rettighetshavers signatur ***
*** Hvis signert i henhold til fullmakt skal fullmakt (og for selskaper, firmaattest eller tilsvarende dokumentasjon) følge vedlagt. Hvis signert av en person med signaturrett, skal firmaattest eller tilsvarende dokumentasjon vedlegges. Hvis det er registrert flere enn én rettighetshaver, må hver enkelt rettighetshaver signere.
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CELLCURA ASA Unionsgata 18 N-3732 Skien Norway
DAG DVERGSTEN AS Munkedamsveien 45, Entrance A N-0250 Oslo Norway
Norne Securities AS Haakon VIIs gt. 9 N-0161 Oslo, Norway
Kvale Advokatfirma DA P.O. Box 1752 Vika N-0122 Oslo Norway
