Oslo Børs: New Threshold Of 5% For Disclosure Of Acquisitions Of Large Shareholdings From 1 January 2003

The Ministry of Finance resolved on Wednesday 18 December 2002 to introduce, with effect from 1 January 2003, a new threshold of 5% for the disclosure of acquisitions of large shareholdings and rights to shares. This was accompanied by the approval of a new regulation that introduces certain exemptions from the rules on disclosure of acquisitions for investment firms. These new provisions on disclosure also apply to primary capital certificates.

Any party that holds between 1/20 and 1/10 of the share capital of a company or an equivalent proportion of the voting capital of a company when this change in law comes into force will be required to notify Oslo Børs of its ownership and/or rights to ownership within this interval as soon as possible, and in any case no later than 31 January 2003.

The new regulations provide certain exemptions from the disclosure threshold for investment firms. These exemptions apply solely to securities acquired by or disposed of by an investment firm as part of its own investment activities. Securities that an investment firm acquires or disposes of as part of its fund management activities are therefore not subject to the exemption. In addition the exemption is subject to the condition that the investment firm does not influence or seek to influence the activities of the company in question.

Oslo Børs has produced a new circular on the changes which will be distributed to members and issuers of securities shortly.