Bridge Energy ASA Bridge Energy Asa: Compulsory Acquisition Of Remaining Shares

 
TIDMBRIDGE 
 
 
 
 
 
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   Bridge Energy ASA 
 
   ("Bridge", "Group" or the "Company") 
 
   Compulsory acquisition of remaining shares 
 
   Bridge, the Oslo Børs and AIM listed oil and gas exploration and 
production company (OSE:BRIDGE/AIM:BRDG.L) notes the announcement by 
Spike Exploration ("Spike" or the "Offeror") announcing the compulsory 
acquisition of all shares in Bridge Energy ASA not already owned by 
Spike Exploration. The Offeror has informed the Company that effective 
from close of trading on Oslo Børs on 19 November 2013, it has 
resolved to carry out a compulsory acquisition of all remaining shares 
in the Company not already owned by the Offerer. Following settlement of 
the voluntary offer, Spike Exploration owned in aggregate 61,943,520 
shares in the Company, representing approximately 97.7 per cent of the 
shares and voting rights in the Company. 
 
   The full text of Spike Exploration Holding AS announcement is below: 
 
   Spike Exploration Holding AS announces compulsory acquisition of 
remaining shares in Bridge Energy ASA 
 
   Stavanger, 20 November 2013: Reference is made to the announcement dated 
13 November 2013 in connection with settlement of the voluntary offer 
from Spike Exploration Holding AS ("Spike Exploration") to acquire all 
shares in Bridge Energy ASA (the "Company") not already owned by Spike 
Exploration. Following settlement of the voluntary offer, Spike 
Exploration owned in aggregate 61,943,520 shares in the Company, 
representing approximately 97.7 per cent of the shares and voting rights 
in the Company. 
 
   The Board of Directors of Spike Exploration has, effective from close of 
trading on Oslo Børs on 19 November 2013, resolved to carry out a 
compulsory acquisition of all remaining shares in the Company not owned 
by Spike Exploration pursuant to the Norwegian Public Limited Liability 
Companies Act section 4-25 cf. the Norwegian Securities Trading Act 
section 6-22 (3). As a consequence, Spike Exploration has assumed 
ownership of all shares in the Company. 
 
   The offered redemption price under the compulsory acquisition is NOK 
15.25 per share. The offered redemption price corresponds to the offer 
price in the completed voluntary offer to acquire all shares in the 
Company which, according to the Norwegian Securities Trading Act section 
6-22 (2), is the applicable redemption price in a subsequent compulsory 
acquisition. DNB Bank ASA has furnished a guarantee for the settlement 
under the compulsory acquisition in accordance with the Norwegian 
Securities Trading Act section 6-22 (3) no. 3. 
 
   Any objections to, or rejections of, the offered redemption price must 
be raised on or before 21 January 2014. Former shareholders in the 
Company who do not object to, or reject, the offered redemption price 
within this deadline will lose their right to object to, or reject, the 
offered redemption price and are deemed to have accepted the offer. 
 
   A letter regarding the compulsory acquisition will be sent to all former 
shareholders subject to the compulsory transfer whose addresses are 
known. In addition, the compulsory acquisition will be announced through 
the electronic notice service of the Norwegian Register of Business 
Enterprises (Brønnøysundregistrene). 
 
   As a consequence of the compulsory acquisition, Spike Exploration will 
pursue a de-listing of the shares in the Company from Oslo Børs and 
AIM (a market operated by London Stock Exchange plc.). Separate stock 
exchange notices will be published regarding the timing for such 
delisting. Spike Exploration also refers to the announcement published 
by the Company on 18 November 2013 regarding the forthcoming de-listing 
from AIM. 
 
   For further information please contact: 
 
   Bridge Energy 
 
   Bill McCall, Chairman                            [phone] 
 
   Cenkos Securities 
 
   Jon Fitzpatrick                                     [phone] 
 
   Neil McDonald                                     [phone] 
 
   FTI Consulting 
 
   Edward Westropp/Natalia Erikssen        [phone] 
 
 
 
 
 
   This information is subject of the disclosure requirements pursuant to 
section 5-12 of the Norwegian Securities Trading Act. 
 
   This announcement is distributed by Thomson Reuters on behalf of Thomson 
Reuters clients. 
 
   The owner of this announcement warrants that: 
 
   (i) the releases contained herein are protected by copyright and other 
applicable laws; and 
 
   (ii) they are solely responsible for the content, accuracy and 
originality of the 
 
   information contained therein. 
 
   Source: Bridge Energy ASA via Thomson Reuters ONE 
 
   HUG#1744448 
 
 
  http://www.bridge-energy.no/