SpareBank 1 Nord-Norge ("SNN") has completed a block trade of existing Equity
Capital Certificates in SpareBank 1 Helgeland ("SB1H"). SNN has acquired 1 817
032 Equity Capital Certificates, corresponding to approximately 6.7% of SB1H's
outstanding Equity Capital Certificates, at a price of NOK 180 per Equity
Capital Certificate. Following completion, SNN owns 26.7% of the Equity Capital
Certificates in HELG. SNN has thereby crossed the disclosure thresholds of 20%
and 25%.
SNN and SB1H share a common set of values, operate in the same part of Norway
and already have a good relationship and close cooperation through joint
ownership in real estate brokerage, object financing and accounting services.
This will not change as a consequence of this transaction.
SNN wishes to strengthen its ownership position in SB1H based on its strong
belief in the bank's ability to deliver value over time, while also
strengthening SNN's strategic position for the future.
Through this acquisition, SNN will change the accounting and capital adequacy
treatment of its ownership interest in SB1H. In the financial statements, the
investment will be accounted for using the equity method, and proportional
consolidation will be applied for capital adequacy purposes. This will reduce
the volatility that fluctuations in SB1H's market price have so far caused for
SNN.
SNN has already received approval from the Norwegian Financial Supervisory
Authority for the acquisition of up to 29.99% of the aggregate primary capital
and ownership capital in SB1H. This corresponds to approximately 37.5% of the
Equity Capital Certificates in SB1H.
Contact persons at SpareBank 1 Nord-Norge:
Group CEO Hanne K. Kræmer, tel. +47 414 70 483
Group CFO Bengt Olsen, tel. +47 975 89 560
Information about this announcement
This information is considered to constitute inside information pursuant to
Article 7 of the Market Abuse Regulation (MAR) and is disclosed in accordance
with Article 17 of MAR and Section 3-5 of the Norwegian Securities Trading Act.
3-5 of the Norwegian Securities Trading Act.\