Bankaktiebolaget JP Nordiska to be a new member of Oslo Børs
The Board of Oslo Børs resolved to admit Bankaktiebolaget JP Nordiska as a new member of Oslo Børs with the right to participate in trading and price quotation for equity instruments, fixed income instruments and derivatives. The Board has authorised the management of Oslo Børs to agree the starting date and make the necessary practical arrangements for membership, including entering into the agreements required.
The addition of Bankaktiebolaget JP Nordiska as a member brings the number of new members so far this year to five.
Request to consolidate shareholders in Frontier Drilling ASA
The Board of Oslo Børs has considered whether there are grounds to consolidate two major shareholders in Frontier Drilling ASA (FDR) on the basis that they have agreed to act in concert as shareholders. Such a consolidation would mean that the shareholders in question would be required under the terms of the Securities Trading Act to make an offer for the remaining shares in the company. Consolidation is applied when it must be assumed that there is a binding agreement between shareholders to act in concert in the exercise of their rights as shareholders in a company. The Board of Oslo Børs has decided, on the basis of the information available and the investigations carried out by Oslo Børs, that there is not a sufficient balance of certainty to assume that the shareholders in question collaborate in a manner which gives grounds for consolidation.
Credit Suisse First Boston Private Equity together with related companies/funds (CSFB) and Carlyle/Riverstone together with related companies/funds (Riverstone) first invested in FDR in July 2001. Following this they each held 25% of the company´s share capital. Following a share issue approved by a general meeting of FDR on 5 December 2001, CSFB and Riverstone each increased their shareholding to 39.9%.
The Board of Oslo Børs has considered whether CSFB and Riverstone should be consolidated as shareholders on the basis of a binding collaboration between them on the grounds of their actions in connection with their investment in the company, the decision to purchase the floating drilling vessel Seillan and their role in connection with the decision of the company´s general meeting on 5 December 2001 to carry out a share issue, as well as the circumstances of the matter in general.
Whilst it may be presumed that the parties did collaborate in respect of the decision to increase the company´s share capital approved by the general meeting held on 5 December 2001, the Board of Oslo Børs is of the view that on balance this collaboration cannot be assumed to be a binding collaboration to act in concert in the terms of Section 1-4, No. 5, of the Securities Trading Act. Accordingly the shareholdings of CSFB and Riverstone are not consolidated pursuant to Section 4-5 of the Securities Trading Act in respect of the obligation to make a mandatory offer, cf. Section 4-1 of the Securities Trading Act.
This decision may be appealed to the Oslo Børs Appeals Committee. Any appeal must be submitted within two weeks.
