September 4, 2012 [Odfjell] - The demerger is part of an internal restructuring of OSE, where the purpose is to concentrate the ownership of tank terminals in a joint holding company under OSE.
The Board of Odfjell SE (“OSE”) has in meeting on 29 August 2012 decided to propose to the General Meeting that OSE is demerged by the transfer of OSE’s 50% shareholding in Oiltanking Odfjell Terminal Company Singapore Pte Ltd to the newly established wholly owned company Odfjell NewCo AS.
The number of shares of OSE, and the par value, are unchanged by the restructuring. The value behind each share is also unaffected by the restructuring. The respective Board of Directors of Odfjell SE and Odfjell Newco AS have signed a demerger plan describing in detail how the merger is to be implemented.
A copy of the demerger plan is announced at The Norwegian Register of Business Enterprises’ web publication. The notice of the extraordinary general meeting that will discuss the Demerger Plan, will be sent to the shareholders by the end of week 36.
Extraordinary General Meeting will tentatively be held 4 October 2012.
