I.M. Skaugen today puts forward an offer to redeem the small
shareholdings in the company held by all shareholders which own 16
shares or less. The offer is in accordance with the new Norwegian Public
Limited Companies Act (§§ 4-24 and 4-25). The offering price is NOK 30
per share, which is the closing price on the Oslo Stock Exchange 13
April, 1999. Average share price the last 20 days was NOK 29.55. If the
shareholder makes no objections, the offer will be regarded as accepted.
The final date for raising objections is 23 June 1999 16.00 hrs
Norwegian time. There is also an offer to increase the shareholding to
17 shares at the same price per share in order to avoid such redemption.
Correctly filled out form must be received by 11 June 1999 16.00
Norwegian time.
For letter to the shareholders, follow the enclosed link.