Completion of Secondary Placement of Existing Shares in Vår Energi Asa

Source Press Release
Company HitecVisionENI S.p.A.Var Energi ASA 
Tags Corporate Deals, Deals, Upstream Activities
Date June 09, 2022

Reference is made to the stock exchange notice published on 8 June 2022 regarding a potential secondary placement of existing ordinary shares (the “Shares”) in Vår Energi ASA (“Vår Energi” or the “Company”) by Eni International B.V. (“Eni”) and  HitecVision (through Point Resources Holding AS) (“HitecVision” and, together with Eni, the “Sellers”).

The Sellers have successfully sold 124,820,312 Shares in the Company (the “Sale Shares"), representing approximately 5.0% of the Shares outstanding in the Company, at NOK 40.20 per share (the “Offering”). 29,454,291 Sale Shares were sold by Eni and 95,366,021 Sale Shares were sold by HitecVision, representing 23.6% and 76.4% of the total offering, respectively. As a result of the Offering, the free float in the Company will increase from 11.2% to approximately 16.2%. The Offering will be unconditional as of the time of allocation. The Sale Shares will be tradeable upon allocation on 9 June 2022 and settlement will take place on a delivery versus payment basis on 13 June 2022.

Following completion of the Offering, Eni holds 1,574,616,035 Shares in the Company, representing approximately 63.1% of the outstanding Shares and votes in the Company, and HitecVision holds 517,635,559 Shares in the Company, representing approximately 20.7% of the outstanding Shares and votes in the Company. Each of the Sellers are represented on the Board of Directors of the Company.

In connection with the Offering, the Sellers have entered into a lock-up commitment with the Joint Global Coordinators on the remaining Shares in the Company held by the Sellers after the Offering for the period ending 90 days after 13 June 2022, on substantially the same terms as the lock-up agreed to by the Sellers in relation to the Var Energi IPO as disclosed in the IPO prospectus dated 4 February 2022.

Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd