Voluntary Offer Document and Information Memorandum

Transcription

Voluntary Offer Document and Information Memorandum
MANDATORY OFFER DOCUMENT AND NOTIFICATION OF
COMPULSORY ACQUSITION
Mandatory Offer to acquire all outstanding Shares in
CellCura ASA
not already owned by
Dag Dvergsten AS
Offer Price:
NOK 0.20 per Share with settlement in cash
Offer Period:
From and including 20 January 2015 to and including 17 February 2015 at 16:30 (CET)
Compulsory Acquisition
(in accordance with section 4-25 of the Norwegian Public Limited Companies Act)
Redemption amount:
NOK 0.20 per Share with settlement in cash
Objection Deadline:
Up to and including 27 March 2015
Financial Advisor and Receiving Agent:
20 January 2015
Legal Advisor:
TABLE OF CONTENTS
DEFINITIONS AND GLOSSARY OF TERMS ................................................................................................................ 3
RESPONSIBILITY STATEMENT .................................................................................................................................. 5
IMPORTANT INFORMATION.................................................................................................................................... 6
OFFER RESTRICTIONS .............................................................................................................................................. 6
FORWARD-LOOKING STATEMENTS ......................................................................................................................... 7
1.
THE OFFER ..................................................................................................................................................... 9
2.
INFORMATION ABOUT CELLCURA ............................................................................................................... 19
3.
INFORMATION ABOUT DAG DVERGSTEN AS ............................................................................................... 22
4.
TAX CONSEQUENCES ................................................................................................................................... 23
5.
NORSK SAMMENDRAG (NORWEGIAN SUMMARY) ..................................................................................... 25
APPENDICES
Appendix I:
Appendix II:
Appendix III:
Appendix IV:
Articles of Association of CellCura
Bank Guarantee
Acceptance Form (English version)
Acceptance Form (Norwegian version)
DEFINITIONS AND GLOSSARY OF TERMS
Acceptance: ................................................... Acceptance of this Offer by a Shareholder
Acceptance Form: .......................................... The form of Acceptance to be used by Shareholders when
accepting this Offer set out as Appendix 3 (English version) and
Appendix 4 (Norwegian version) to this Offer Document
Acceptant:...................................................... A Shareholder who accepts this Offer
Announcement Date: .................................... 20 January 2015, the date on which the Offeror publicly
announced the Offer
CET: ................................................................ Central European Time
Close Associates: ........................................... Has the meaning as defined in section 2-5 of the Norwegian
Securities Trading Act
Company or CellCura: .................................... CellCura ASA, a public limited liability company incorporated and
existing under the laws of Norway, having its registered office at
Unionsgata 18, N-3732 Skien, Norway, with company registration
no. 980040461
Compulsory Acquisition: ............................... The compulsory acquisition by the Offeror pursuant to section
4-25 of the Norwegian Public Limited Companies Act of the
remaining Shares in CellCura not already owned by the Offeror at
the date of the Offer, as a result of the Offeror being owner of
Shares representing more than 90 per cent of the total issued
Shares and voting rights outstanding
Financial Advisor and Receiving Agent: ........ Norne Securities AS
Mandatory Offer: .......................................... A mandatory offer (in Norwegian: "Pliktig tilbud") pursuant to
chapter 6 of the Norwegian Securities Trading Act
NOK: ............................................................... Norwegian Kroner, the currency of the Kingdom of Norway
Norwegian Business Days: ............................ Any day other than a Saturday or Sunday or a Norwegian public
holiday and consisting of the time period from 00:01 through
00:00 midnight CET
Norwegian Public Limited Companies Act: ... The Norwegian Act relating to Public Limited Liability Companies
of 13 June 1997 no. 45 (as amended) (in Norwegian:
"Allmennaksjeloven")
Norwegian Register of Business
Enterprises: .................................................... The Norwegian Register of Business Enterprises at Brønnøysund,
Norway (in Norwegian: "Foretaksregisteret")
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Norwegian Securities Trading Act: ................ The Norwegian Securities Trading Act of 29 June 2007 no. 75 (as
amended) (in Norwegian: "Verdipapirhandelloven")
Objection Deadline: ....................................... 27 March 2015
Offer: ............................................................. The Mandatory Offer by the Offeror to purchase all of the
outstanding Shares that are not already owned by the Offeror, as
described in this Offer Document
Offer Document:............................................ This Offer Document, including the appendices
Offer Period: .................................................. The period when Shareholders may accept the Offer, running
from and including 20 January 2015 to and including 17 February
2015 at 16:30 hours (CET)
Offer Price: ..................................................... NOK 0.20 per Share payable on the terms and conditions of this
Offer
Offeror: ......................................................... Dag Dvergsten AS, a private limited company incorporated and
existing under the laws of Norway, having its registered office at
Munkedamsveien 45 Entrance A, N-0250 Oslo, Norway, with
company registration no. 987018062
Oslo Stock Exchange ...................................... Oslo Stock Exchange (Oslo Stock Exchange ASA)
Redemption Amount: .................................... NOK 0.20, which is the consideration per Share offered by the
Offeror under the Compulsory Acquisition
Settlement Date: ........................................... The date on which settlement of the Offer Price takes place in
accordance with section 1.9 below
Shareholders:................................................. Owners of Shares, including beneficial owners of nominee
registered Shares
Shares: ........................................................... Shares in the Company, listed on Oslo Axess with ticker code
"Cell", and registered in VPS with ISIN NO 0010386253
VPS: ................................................................ The Norwegian Central Securities Depository (in Norwegian:
"Verdipapirsentralen ASA")
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RESPONSIBILITY STATEMENT
This Offer Document has been prepared in accordance with section 6-13 of the Norwegian Securities Trading
Act in order to provide the Shareholders with a basis for evaluating the Offer. The Offer Document has also
been prepared in accordance with section 4-25 of the Norwegian Public Limited Companies Act, cf. section 6-22
of the Norwegian Securities Trading Act, in order to meet the requirements for an offer of redemption price
under the Compulsory Acquisition of all Shares not already owned by the Offeror.
The Offer Document has been filed with and approved by Oslo Stock Exchange in accordance with the
Norwegian Securities Trading Act.
The information about the Company included in this Offer Document is based exclusively on the Company’s
public financial statements and other information in the public domain as at the date hereof. The Offeror has
not independently verified the information regarding the Company which is included in this Offer Document.
The Offeror does not assume any responsibility for the accuracy or completeness of, or any responsibility to
update, the information regarding the Company included in this Offer Document.
As of 20 January 2015, the Offeror including Close Associates owns 48,673,359 Shares in the Company,
representing 90.10 per cent of the share capital and voting rights of the Company.
20 January 2015
Dag Dvergsten AS
___________________________
Dag Dvergsten
Chairman
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IMPORTANT INFORMATION
Please refer to page 3-4 for definitions, which also applies to preceding pages.
This Offer Document has been prepared in connection with the Offer submitted by Dag Dvergsten AS, which is
a Mandatory Offer to acquire all outstanding Shares of CellCura pursuant to chapter 6 of the Norwegian
Securities Trading Act. This Offer Document also serves as an offer of redemption price under the Compulsory
Acquisition pursuant to section 4-25 of the Norwegian Public Limited Companies Act.
The Offer and this Offer Document has been approved by Oslo Stock Exchange in accordance with the
Norwegian Securities Trading Act. Shareholders must rely upon their own examination of the Offer and should
study this Offer Document carefully and, if necessary, seek independent advice concerning the Offer and this
Offer Document.
The Offeror does not undertake any obligation to update the Offer Document for any facts or circumstances
occurring after the date of this Offer Document unless required by applicable law.
With the exception of the Offeror, no person is entitled or authorised to provide any information or make any
representations in connection with the Offer. If such information or representation is provided or made by any
other person than the Offeror, such information or representation, as the case may be, should not be relied
upon as having been provided or made by or on behalf of the Offeror.
This Offer Document and the Offer is governed by Norwegian law.
The Offer is directed to all Shareholders who may legally receive this Offer Document and accept the Offer. In
this respect further reference is made to the restrictions for the Offer set out under the section "Offer
Restrictions" below. Copies of this Offer Document will be distributed to the Shareholders registered in the
shareholders register in VPS as at the date of this Offer Document, except for Shareholders in jurisdictions
where this Offer Document may not be lawfully distributed, and are available free of charge at the office of the
Financial Adviser and Receiving Agent.
This Offer Document has been prepared in the English language only, except for the summary in Norwegian in
section 5. In the event of any inconsistencies between the English and the Norwegian text, the English version
shall prevail.
OFFER RESTRICTIONS
The distribution of this Offer Document and the making of the Offer may in certain jurisdictions (including, but
not limited to, United States of America, Canada, Australia, New Zealand, Japan and South Africa), be restricted
by law. Therefore, persons obtaining this Offer Document or into whose possession this Offer Document
otherwise comes, are required to, and should inform themselves of and observe, all such restrictions. The
Offeror and the Financial Adviser and Receiving Agent do not accept or assume any responsibility or liability for
any violation by any person whomsoever of any such restriction. Shareholders in such jurisdictions, if any, will
receive a separate notification regarding the Compulsory Acquisition.
This Offer Document is not directed to persons whose participation in the Offer requires that further offer
documents are issued or that registration or other measures are taken, other than those required under
Norwegian law. No document or materials relating to the Offer may be distributed in or into any jurisdiction
where such distribution or offering requires any of the aforementioned measures to be taken or would be in
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conflict with any law or regulation of such a jurisdiction. In the event of such distribution or offering still being
made, an Acceptance Form sent from such a country may be disregarded.
This Offer Document does not represent an offer to acquire or obtain securities other than the Shares.
The Offer is not open to any Shareholder in any jurisdiction in which it is unlawful for any person to receive or
accept the Offer. No action has been taken to permit the distribution of the Offer in any jurisdiction where
action would be required for such purposes (except Norway).
The Offer is not being made and will not be made, directly or indirectly, in or into United States of America,
Canada, Australia, New Zealand, Japan or South Africa. This Offer Document, and any and all materials related
thereto, should not be sent or otherwise distributed in or into United States of America, Canada, Australia,
New Zealand, Japan or South Africa, whether by use of United States of American, Canadian, Australian, New
Zealand, Japanese or South African (including, but without limitation, the mail, facsimile transmission, telex,
telephone or Internet) or any facility of a United States of American, Canadian, Australian, New Zealand,
Japanese or South African national securities exchange, and the Offer cannot be accepted by any such use,
means or instrumentality, in or from within United States of America, Canada, Australia, New Zealand, Japan or
South Africa. Accordingly, copies of this Offer Document and any related materials are not being, and must not
be, sent or otherwise distributed in or into or from United States of America, Canada, Australia, New Zealand,
Japan or South Africa or, in their capacities as such, to custodians, trustees or nominees holding Shares of the
Company for United States of American, Canadian, Australian, New Zealand, Japanese or South African
persons, and persons receiving any such documents (including custodians, nominees and trustees) must not
distribute or send them in, into or from United States of America, Canada, Australia, New Zealand, Japan or
South Africa. Any purported acceptance of the Offer resulting directly or indirectly from a violation of these
restrictions will be invalid. No Shares are being solicited from a resident of United States of America, Canada,
Australia, New Zealand, Japan or South Africa and, if sent in response by a resident of United States of America,
Canada, Australia, New Zealand, Japan or South Africa, will not be accepted. Each person delivering an
Acceptance Form in connection with the Offer will be required to certify that: (1) such person has not received
this Offer Document, the Acceptance Form or any other document relating to the Offer in United States of
America, Canada, Australia, New Zealand, Japan or South Africa, nor has such person mailed, transmitted or
otherwise distributed any such document in or into United States of America, Canada, Australia, New Zealand,
Japan or South Africa; (2) such person has not utilized, directly or indirectly, the mails, or any means or
instrumentality of commerce, or the facilities of any national securities exchange, of United States of America,
Canada, Australia, New Zealand, Japan or South Africa in connection with the Offer; (3) such person is not and
was not located in United States of America, Canada, Australia, New Zealand, Japan or South Africa at the time
such person accepted the terms of the Offer or at the time such person returned the Acceptance Form; and (4)
if such person is acting in a fiduciary, agency or other capacity as an intermediary, then either (a) such person
has full investment discretion with respect to the securities covered by the Acceptance Form or (b) the person
on whose behalf such person is acting was located outside United States of America, Canada, Australia, New
Zealand, Japan or South Africa at the time he or she instructed such person to accept the Offer.
FORWARD-LOOKING STATEMENTS
This document contains certain statements about the Company and Offeror that are or may be forward-looking
statements. These forward-looking statements can be identified by the fact that they do not relate only to
historical or current facts. Forward-looking statements sometimes use words such as "may", "will", "seek",
"continue", "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe" or other
words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances, including, but not limited to, Norwegian domestic and global
economic and business conditions, the effects of volatility in credit markets, market-related risks such as
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changes in interest rates and exchange rates, effects of changes in valuation of credit market exposures,
changes in valuation of issued notes, the policies and actions of governmental and regulatory authorities,
changes in legislation, the further development of standards and interpretations under International Financial
Reporting Standards (IFRS) applicable to past, current and future periods, evolving practices with regard to the
interpretation and application of standards under IFRS, the outcome of pending and future litigations, the
success of future acquisitions and other strategic transactions and the impact of competition – a number of
such factors being beyond the Company's and Offeror's control. As a result, actual future results may differ
materially from the plans, goals, and expectations set forth in these forward-looking statements.
Any forward-looking statements made herein speak only as of the date they are made. The Offeror disclaims
any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements
contained in this document to reflect any change in Offeror’s expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based.
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1.
THE OFFER
1.1.
Introduction
Dag Dvergsten AS (the "Offeror") hereby makes a Mandatory Offer to acquire all Shares in CellCura which are
outstanding as of the date of this Offer Document.
The Offer is made to all Shareholders who can legally receive this Offer Document and accept the Offer. For
further details, see "Important information and Offer restrictions" above.
The Offer Price is NOK 0.20 per Share, which will be settled in cash. For further details, see section 1.5 "The
Offer Price" and section 1.9 "Settlement". The Offer Period is from and including 20 January 2015 to 17
February 2015 at 16:30 (CET).
CellCura has over time worked intensely to establish a viable long-term financing for the Company. This process
has not been successful due to, inter alia, insufficient interest amongst the Company's shareholders to initiate
an equity placement or provide other types of financing to the Company. The qualified members of the board
of directors of CellCura negotiated a convertible loan agreement with its largest shareholder, the Offeror, in
order to give CellCura some time to establish sustainable financing. The convertible loan agreement has been
approved by the general meeting of CellCura.
CellCura has not been able to establish required financing and the Offeror resolved on 19 December 2014 to
convert part the loan into Shares. Following the conversion, the Offeror owns 48,670,379 Shares in the
Company corresponding to 90.10 per cent of the total number of Shares and voting rights.
As the Offeror is the owner of Shares representing more than 90 per cent of the total share capital and voting
rights in the Company, the board of directors of the Offeror has resolved to implement a Compulsory
Acquisition in accordance with section 4-25 of the Norwegian Public Limited Companies Act in connection with
the Offer. The implementation of the Compulsory Acquisition takes effect on the first day of the Offer Period.
This Offer Document therefore serves the following two purposes:
(i)
As an Offer Document issued in accordance with the Norwegian Securities Trading Act; and
(ii)
As an offer of the Redemption Amount under the Compulsory Acquisition in accordance with section
4-25 of the Norwegian Public Limited Companies Act.
The completion of the Offer is not subject to any conditions in respect of Shares for which valid Acceptances
are received.
1.2.
The Offeror
The Offeror is a private limited company incorporated and existing under the laws of Norway, having its
registered office at Munkedamsveien 45 Entrance A, 0250 Oslo, Norway. For further details on the Offeror, see
section 3 "Information about Dag Dvergsten AS".
The Offeror's only close associate is Hasselhaugen AS, a private company owned and controlled by Dag
Dvergsten and his wife and their children. Hasselhaugen AS owns 2,980 shares in CellCura.
As of the date of this Offer Document, the Offeror and its Close Associate Hasselhaugen AS owns 48,673,359
Shares, representing 90.10 per cent of the total number of issued Shares in the capital of the Company. Subject
to the Offeror holding the remaining part of the convertible loan issued by the general meeting of Cellcura on
21 November 2014 entitling the Offeror to subscribe up to 16,454,512 new Shares, neither the Offeror, nor any
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Close Associates of the Offeror, are currently party to any agreements with the remaining Shareholders of the
Company or have any options, convertible loans or similar rights to acquire additional Shares.
1.3.
CellCura ASA
The target company is CellCura ASA, Unionsgata 18, N-3732 Skien, Norway. CellCura is a Norwegian public
limited liability company (in Norwegian: "allmennaksjeselskap") incorporated under the laws of Norway. The
Company is registered with the Norwegian Register of Business Enterprises under the registration no.
980040461. The Shares are listed on Oslo Axess under the ticker code "Cell" and are registered in the VPS
under the International Securities Identification Number ("ISIN") NO 0010386253.
For further details on CellCura, please refer to Section 2 "Information about CellCura".
1.4.
Background for the Offer and plans for the future business of CellCura
The Offeror is required to make the Offer in accordance with chapter 6 of the Norwegian Securities Trading Act
as the Offeror has acquired more than 1/3 of the Shares through converting part of the outstanding principal
under the convertible loan issued by CellCura.
The Offeror has been a majority shareholder and principal stakeholder in the Company for several years. From
late 2013 to-date the Offeror has remained the only recurring source of new financing for the Company, the
absence of which likely would have rendered the Company insolvent. The rationale for making such funding
available is based on a strong belief in the long-term viability of the Company's products and the markets in
which it operates.
CellCura appears to have entered a slightly vicious circle with insufficient access to capital limiting the
Company's ability to reach its strategic objectives, in turn acting as an encumbrance on attracting new funding.
During the course of 2013 CellCura was unsuccessful in attracting sufficient new funding and at the end of the
year it found itself close to insolvency. The Offeror made available capital to save the Company and has
continued to lend necessary capital to the Company upon request from management. This "funding line" has
enabled the Company to continue its business and significantly reduce its accounts payable during the course
of 2014. Management has during this period tried to attract capital from other shareholders, both existing and
new, but have remained unsuccessful in its efforts.
The Offeror appreciates the Company's need to focus its business activities and reduce the overall spending on
general and administrative expenses ("G&A"), something which has remained a focal point for management
over the last year. For a company of CellCura's size a listing on the stock exchange does not provide sufficient
access to capital to justify the additional G&A and reporting requirements as well as the additional time spent
on related administrative tasks. Furthermore the Offeror is of the perception that the Company has a greater
chance of overcoming the challenges that lies ahead if operated as a privately held company with a
concentrated ownership structure, enabling dynamic and quick decisions at both strategic and operative levels.
Following a successful completion of the Offer, the Offeror intends to make full use of the business of the
Company as permitted by applicable law, and aims to work closely with the Company to focus on the strategic
and operational opportunities ahead. The Offeror plans to build on the strengths of the Company and carefully
retain the entrepreneurial drive and spirit of the Company. As of the date of this Offer Document, the Offeror
does not have adequate information to determine whether or to what extent any changes to legal structure
the Company is necessary or advisable.
1.5.
The Offer Price
Shareholders accepting the Offer will receive the consideration of NOK 0.20 per Share in cash in accordance
with the terms of this Offer, which is equal to the conversion price per Share under the convertible loan
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agreement. When determining the Offer Price, the Offeror has considered inter alia the Company's official
financial information, the Offeror’s knowledge of the sector, views on growth potential, views on the financial
and strategic strengths and weaknesses of the Company (including the significant level of debt outstanding and
the likely funding requirement to get the Company to a profitable state), the interest shown in the Company
(or lack thereof) by existing and potential new investors through the last years, views of the Company’s
position in the market in which it operates and other information provided to-date to which the Offeror has
applied traditional valuation methods. The Offeror has also considered the performance of the share price over
the course of 2013 to-date.
The Offer Price represents an accumulated purchase price of all Shares not currently controlled by the Offeror
of approximately NOK 1.1 million. The Offer Price values all outstanding Shares at approximately NOK 10.8
million, including the Shares controlled by the Offeror as of the date of this Offer Document.
Interest compensation will not be paid to Acceptants in the period from the date of Acceptance until the
Settlement Date.
1.6.
Offer Period
The Offer Period is from and including 20 January 2015 to and including 17 February 2015 at 16:30 (CET).
Subject to applicable equal treatment requirements, the Offeror expressly reserves the right to approve
Acceptances that are received after the expiry of the Offer Period.
1.7.
Acceptance of this Offer
In order for a Shareholder to accept the Offer, an Acceptance Form must be correctly filled out, signed and
delivered to, and received by, the Financial Adviser and Receiving Agent prior to the end of the Offer Period. On
the Acceptance Forms sent to the Shareholders, information on shareholdings and certain other matters
relating to the relevant Shareholder have already been filled in. The Acceptance Form also contains information
regarding the settlement.
The Acceptance Form is enclosed as Appendix 3 (English version) and Appendix 4 (Norwegian version) to this
Offer Document.
Acceptance Forms must be received by the Financial Adviser and Receiving Agent at the address below by
means of post, delivery or email:
Norne Securities AS
P. O. Box 622 Sentrum
N-5087 Bergen
Norway
E-mail: [email protected]
Please note that Acceptance Forms may be delivered by email.
If the Acceptance Form is signed by a person acting on behalf of the Shareholder, evidence of the authority of
such person to sign the Acceptance Form, e.g. a power of attorney and/or a certificate of registration, must be
delivered together with the Acceptance Form in order for the Acceptance to be valid.
All Shares to be acquired under the Offer must be transferred free of any encumbrances or other third-party
rights whatsoever and with all shareholder rights attached to them. Any third party with registered
encumbrances or other third-party rights over the relevant VPS account(s) must sign the Acceptance Form and
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thereby waive their rights to the Shares and approve the transfer of Shares to the Offeror free of any
encumbrances.
The Offeror reserves the right to reject any acceptance of the Offer which is not in proper form, or which may
be unlawful. Subject to applicable equal treatment requirements, the Offeror also reserves the right, but shall
in no event be obliged, to accept any Acceptance Form which is delivered after the expiry of the Offer period
and to treat an acceptance of the Offer as valid although the Acceptance Form has not been properly
completed or is not accompanied by the required evidence of authority or is received at a place other than as
set out above.
Shareholders whose Shares are split between several VPS accounts will receive a separate Acceptance Form for
each account and are required to submit a separate Acceptance Form for each account.
Any Shareholder whose Shares are registered in the name of a broker, dealer, commercial bank, trust company
or other nominee must contact such person if such Shareholder desires to accept the Offer for such Shares.
The Acceptance is irrevocable and cannot be withdrawn after receipt by the Financial Adviser and Receiving
Agent.
An Acceptance may comprise all or only some of the Acceptant's Shares. Unless otherwise indicated by the
Acceptant in the Acceptance Form, an Acceptance will be deemed to comprise all of the Acceptant's Shares on
the VPS account covered by the Acceptance. However, with respect to Shares registered on VPS accounts in the
name of a broker, dealer, commercial bank, trust company or other nominee, the Acceptance will solely
comprise the designated Shares on such VPS account that the Offer in fact have been accepted for by a
Shareholder, and not other Shares registered on the same VPS account not accepting the Offer. The
Acceptance also includes any Shares which are acquired or will be acquired and which are credited to the
above VPS account at the time of the implementation of the Compulsory Acquisition, except for Shares on VPS
accounts in the name of a broker, dealer commercial bank, trust company or other nominee not accepting the
Offer.
1.8.
Shareholder Rights
The rights conferred by the Shares will not be affected by the Offer in itself. However, the Offeror will assume
all shareholders’ rights upon execution of the Compulsory Acquisition. Execution of the Compulsory Acquisition
will not deprive the Shareholders of the ability to accept the Offer.
1.9.
Settlement
Settlement of the Offer is expected to be on or about 23 February 2015, and in no event later than 14 calendar
days after the expiry of the Offer Period. Accordingly, the latest date on which settlement under the Offer can
be made will be 3 March 2015.
Upon settlement, the Offeror will transfer the aggregate Offer Price for the Shares in respect of which valid
Acceptances has been received, to a client account with the Financial Adviser and Receiving Agent. The
Financial Adviser and Receiving Agent will then immediately, and within the deadline referred to above, make
payments to the Acceptants. The Shares tendered will, as for all the Shares not held by the Offeror, be
transferred to the Offeror upon execution of the Compulsory Acquisition.
The relevant settlement amount to each Acceptant will be transferred to the bank account that at the time of
Acceptance was registered in VPS as the account for payment of dividends to the relevant Shareholder. If the
Shareholders have a Norwegian address and no such bank account is registered, settlement will be made by
issuing a bank giro (a settlement system used in Norway, similar to a Norwegian currency banker's draft). If the
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Shareholders have an address outside of Norway and there are no records of such bank account, settlement
will be made by issuing a cheque. Interest compensation will not be paid the period from the date of
Acceptance until the Settlement Date. The cash settlement will be made in NOK.
Due to the implementation of the Compulsory Acquisition as described in section 1.16, all Shares that are not
owned by the Offeror will be blocked and transferred from each Shareholder's VPS account to the Offeror's VPS
account. Such blocking and transferral of Shares will not deprive the Shareholders of the ability to object the
Redemption Amount in the Compulsory Acquisition in accordance with the Norwegian Public Limited
Companies Act Section 4-25 second subsection. If a Shareholder accepts the Offer, the Shareholder loses its
right to object to the Redemption Amount in the Compulsory Acquisition.
1.10.
Financing of this Offer and Compulsory Acquisition
The Offeror will finance the Offer and the Compulsory Acquisition through available credit facilities.
1.11.
Bank Guarantee
The Offeror has in accordance with section 6-10 (7) of the Norwegian Securities Trading Act provided a
Mandatory Offer Guarantee, issued by DNB, covering the Offeror's obligation to pay for the Shares to be
purchased pursuant to the Offer. The text of the Mandatory Offer Guarantee is set out in Appendix 2.
1.12.
Costs related to the Offer
The Offeror will pay costs directly related to the VPS transactions in connection with the Acceptance of the
Offer and completion of the transfer of the Shares to the Offeror under both the Offer and the Compulsory
Acquisition. Accordingly, Acceptants will not incur any brokerage fees or other costs directly related to the VPS
transactions in connection with the Offer and the Compulsory Acquisition. Any tax consequences or costs
incurred by Shareholders for financial or legal advice, as well as any other costs in connection with the Offer or
the Compulsory Acquisition, are the responsibility of each individual Shareholder and will not be reimbursed or
paid by the Offeror.
1.13.
Tax
Each Shareholder accepting the Offer is responsible for any tax liability arising as a result of the settlement and
any related advisory costs. The Offeror assumes no responsibility for any tax liability resulting from the
acceptance of the Offer or from the Compulsory Acquisition. A general description of the tax implications of the
Offer is included in section 4 "Tax Consequences".
1.14.
Announcements in connection with the Offer
Announcements issued by or on behalf of the Offeror regarding the Offer and/or the Offer Document will be
deemed to have been made once they have been received by Oslo Stock Exchange and distributed through its
electronic information system. In this respect, the Offeror will have no obligation to publish, advertise or
otherwise communicate any such announcement other than by making such release to Oslo Stock Exchange.
1.15.
Acquisition of Shares outside the Offer
As of 20 January 2015, the Shares will be suspended from trading and transferred to the Offeror upon
execution of the Compulsory Acquisition.
1.16.
Compulsory Acquisition
The Offeror is the owner of Shares representing more than 90 per cent of the share capital and voting rights.
The Board of Directors of the Offeror has resolved to implement the Compulsory Acquisition in accordance
with section 4-25 of the Norwegian Public Limited Companies Act in connection with the presentation of the
Offer. The implementation of the Compulsory Acquisition takes effect on the first day of the Offer Period.
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Below is a translated extract of the resolution dated 19 December 2014 (in case of discrepancy between the
Norwegian original text and the translation below, the Norwegian text shall prevail):
"The Board of Directors resolved to execute a compulsory acquisition of all shares in CellCura ASA not
already owned by Dag Dvergsten AS pursuant to the Norwegian Public Limited Companies Act section
4-25. The resolution to execute the compulsory acquisition is subject to Oslo Stock Exchange' approval
of the offer document, launch of the mandatory offer and that a sum equal to the redemption amount
is transferred to a separate bank account. The shareholders of CellCura ASA shall be informed of the
compulsory acquisition by way of including a description of the compulsory acquisition in the offer
document. The compulsory acquisition shall be executed automatically once the mandatory offer is
launched, and on the terms and conditions contained in the offer document.
The management of Dag Dvergsten AS is authorised to accept non-material changes to the terms and
conditions of the compulsory acquisition of shares in CellCura ASA, as well as complete and sign any
other documents which are required or necessary in connection with the compulsory acquisition of
shares in CellCura ASA."
The implementation of the Compulsory Acquisition means that title to the Shares held by the Shareholders
other than the Offeror and CellCura will be transferred to the Offeror. Each Shareholder retains a claim for
consideration for its Shares against the Offeror. Settlement of the consideration can be chosen from the
alternatives described in the section "Alternative courses of action available to the Shareholders" set forth in
section 1.21 below.
As a consequence of the decision to implement the Compulsory Acquisition, all Shares which are not owned by
the Offeror or CellCura will be blocked and transferred from each shareholders' VPS account to a VPS account
established on behalf of the Offeror. Upon the transfer of such Shares to the Offeror's VPS account, the Offeror
will be entered as owner of all of the transferred Shares in the Company’s shareholder register. From such
time, the former owners of the Shares will not be shareholders in CellCura. The aforementioned blocking and
transfer of Shares will not deprive the Shareholders of the ability to accept the Offer.
If a Shareholder accepts the Offer, the Shareholder loses its right to object to the Redemption Amount in the
Compulsory Acquisition.
The Compulsory Acquisition will also comprise Shares held by Shareholders, if any, in jurisdictions in which the
Offer is not made due to legal restrictions (see "Offer Restrictions"). Such Shareholders will receive a separate
notification regarding the Compulsory Acquisition.
1.17.
Redemption Amount under the Compulsory Acquisition
The Redemption Amount per Share in connection with the Compulsory Acquisition is NOK 0.20, which is the
same as the Offer Price, and will be paid in cash.
1.18.
Objection Period and acceptance of the Redemption Amount
The deadline for raising objections against, or rejecting the offer of, the Redemption Amount under the
Compulsory Acquisition pursuant to section 4-25 of the Norwegian Public Limited Companies Act is 27 March
2015 (the "Objection Deadline").
Shareholders who have not accepted the Offer, and who have not raised objections or rejected the offered
Redemption Amount in writing within 27 March 2015, will be deemed to have accepted the offered
Redemption Amount as full settlement for the Shares acquired through the Compulsory Acquisition in
accordance with section 4-25 of the Norwegian Public Limited Companies Act.
14
1.19.
Settlement of the Compulsory Acquisition
Settlement of the Redemption Amount to those Shareholders who have not accepted the Offer and not raised
objections to or rejected the offered Redemption Amount within the expiry of the Objection Deadline, will be
made as soon as possible and within 14 days after the expiry of the Objection Deadline (i.e. within 10 April
2015). The Redemption Amount due to each accepting Shareholder will be transferred to the bank account
which the Shareholder has registered with the VPS for dividend payments. If the Shareholders have a
Norwegian address and no such bank account is registered, settlement will be made by issuing a bank giro (a
settlement system used in Norway, similar to a Norwegian currency banker’s draft). If the Shareholders have an
address outside of Norway and there are no records of such bank account, settlement will be made by issuing a
cheque. The aggregate Redemption Amount has, in accordance with section 4-25 of the Norwegian Public
Companies Act, been deposited in a designated bank account. The deposited amount will be reduced as each
settlement takes place either to Shareholders accepting the Offer or as settlement in accordance with the
Compulsory Acquisition.
1.20.
Rights of Shareholders in connection with the Compulsory Acquisition
Each Shareholder not accepting the Offer has the right, in accordance with section 4-25 of the Norwegian
Public Limited Companies Act, to reject or raise objections with regard to the offered Redemption Amount. The
redemption amount may in such a case be set through an assessment by the Norwegian courts, subject to
special procedural rules. Both the size of the redemption amount and the payment date will be determined as
part of the assessment process. The Offeror will as a main rule be obliged to cover the costs related to the
assessment process, but exceptions from this rule may apply. The assessment tribunal is not bound by the
Redemption Amount offered by the Offeror, and the assessment tribunal may accordingly determine that the
redemption amount shall be higher or lower than the offered Redemption Amount. The assessment process
must be expected to take time, and no payment for the Shares will be made until the assessment process has
been finalized, until which the Redemption Amount offered for such Shares will be held at the separate bank
account established in connection with the Compulsory Acquisition.
Shareholders who wish to raise objections or to reject the offered Redemption Amount must give notice of this
by the Objection Deadline to:
Kvale Advokatfirma DA
Attention: Attorney-at-law Tony Støkkebo
P.O. Box 1752 Vika
N-0122 Oslo
Norway
Shareholders who do not raise objections or reject the offered Redemption Amount within the Objection
Deadline will be regarded as having accepted the offered Redemption Amount.
1.21.
Alternative courses of action available to the Shareholders
The Shareholders' rights in relation to the Offer and Compulsory Acquisition of the Shares may be summarized
as follows:
(i)
The Shareholder may accept the Offer prior to the expiry of the Offer Period, which is 17 February
2015 at 16:30 (CET). Settlement is expected to be on or about 23 February 2015, however at the latest
14 days after the expiration of the Offer Period. Shareholders who may not legally accept this Offer (as
further described in section 1.29) cannot accept the Offer and will have their Shares acquired through
the Compulsory Acquisition.
15
(ii)
The Shareholder may remain passive and take no action to accept or reject the Offer or the
Redemption Amount offered in connection with the Compulsory Acquisition. Upon the expiry of the
Objection Deadline for the Compulsory Acquisition, such Shareholder will, in accordance with section
4-25 of the Norwegian Public Limited Companies Act, be deemed to have accepted the Redemption
Amount as full settlement for the Shares acquired through the Compulsory Acquisition. Settlement
will then take place as soon as possible and within 14 days after the expiry of the Objection Deadline
(i.e. within 10 April 2015).
(iii)
The Shareholder may reject or raise objections to the offered Redemption Amount under the
Compulsory Acquisition within the Objection Deadline (i.e. at the latest on 27 March 2015). Each of
the Offeror and the rejecting or objecting Shareholder will in such case, in accordance with section 425 of the Norwegian Public Limited Companies Act, have the right to require that the consideration for
such Shareholder's Shares shall be determined by an assessment by the Norwegian courts. The
settlement date for the Shares under this alternative is unknown.
Shareholders who wish to accept the Offer are requested to complete and return the attached Acceptance
Form prepared for this purpose. For further information on how to accept the Offer, see section 1.7.
Shareholders who wish to raise objections or to reject the offered Redemption Amount must give notice as set
out in section 1.20 above.
1.22.
Benefits to Board and Management/Key employees of CellCura
No payments or other benefits of any kind will be made or have been held in prospect by the Offeror or any of
its affiliates to the directors or members of the board of directors and executive management of the Company
in connection with the Offer other than payment of the Offer Price in respect of Shares sold under the Offer.
1.23.
Consequences for the Company's employees, Board of Directors and Management
The completion of the Offer and the Compulsory Acquisition will not in itself have any legal, economic or other
work-related consequences for the Company's employees. The Offeror's intention is not to reduce the staff.
But the Offeror might consider transferring certain corporate functions to the Offeror, which might lead to
some reduction in the Company's workforce. Employees of the CellCura group that would be transferred or
integrated in the Offeror by other means will maintain the same rights as they had in CellCura. Any reduction of
the workforce will be carried out in accordance with applicable law and any applicable collective agreements,
including consultations with employee representatives as early as possible. There are currently no immediate
plans for changes that may have legal, economic or other work-related consequences for the Company's
employees.
1.24.
Legal Consequences of the Offer
The Offer and the Compulsory Acquisition will result in the Offeror becoming the owner of all the Shares in the
Company. The Offeror is not aware of any consents or approvals required from governmental or regulatory
authorities for the completion of the Offer.
The Offeror intends to apply for a delisting of CellCura, as further described in section 1.27 below "Delisting of
the Shares".
1.25.
Contact with the Company prior to announcement of the Offer
As described in section 1.1 above, the Offeror entered into a convertible loan agreement following negotiations
with the board of directors and a resolution by the shareholders meeting in CellCura. The Chairman of CellCura
Dag Dvergsten did not participate in this process as he is the owner of the Offeror.
16
There has been contact between the Offeror and the Company from the period immediately prior to the
Offeror's conversion of the loan and up to the announcement of this Offer in order to discuss actions required
for the preparation of this Offer.
1.26.
Statement from the Board of Directors of the Company and independent expert statement
The Board of Directors of CellCura has a duty under section 6-16 of the Norwegian Securities Trading Act to
issue a statement on its assessment of the Offer's consequences in respect of the interest of the Company,
including the effect, if any, of strategic plans by the Offeror noted in the Offer Document on the employees and
the location of the Company's business as well as other factors of significance for assessing whether the Offer
should be accepted by the Shareholders. Under section 6-16 of the Norwegian Securities Trading Act, such
statement must be made public no later than one week prior to the expiry of the Offer Period.
However, according to section 6-16 (4) of the Norwegian Securities Trading Act, Oslo Stock Exchange may
require that the formal statement pursuant to section 6-16 of the Norwegian Securities Trading Act is issued by
an independent third party on behalf of the Company when an offer is made in agreement with the board of
directors of the target company. The statement will be made public no later than one week prior to the expiry
of the Offer Period, in accordance with section 6-16 of the Norwegian Securities Trading Act.
1.27.
Delisting of the Shares
The Offeror intends to propose for the general meeting in CellCura to apply for a delisting of the Company.
After the Compulsory Acquisition is implemented on 20 January 2015, the Offeror will be the sole Shareholder
of CellCura and consequently there will be no more trading of the Shares on Oslo Stock Exchange from that
date.
1.28.
Legal Venue and Choice of Law
The Offer is subject to Norwegian law. Any dispute arising out of or in connection with this Offer shall be
subject to the exclusive jurisdiction of the Norwegian courts with Oslo District Court as legal venue.
1.29.
Non-Norwegian Shareholders
The Offer and this Offer Document is not to be regarded as an offer, whether directly or indirectly, in
jurisdictions where such offer pursuant to legislation and regulations in such relevant jurisdictions would be
prohibited by applicable law. Shareholders not resident in Norway wanting to accept the Offer must make
inquiries on relevant and applicable legislation, including but not limited to whether public consent is required
and possible tax consequences. The Offer is not made, neither directly nor indirectly, and sale will not be
accepted from or on behalf of, Shareholders in any jurisdiction where presenting the Offer or acceptance
thereof would be a contravention of the laws of such jurisdictions. This Offer Document and related
Acceptance Forms may not be distributed, forwarded or transmitted into or from any jurisdiction where
prohibited by applicable law. Any purported acceptance of the Offer in breach of these requirements will not
be valid.
1.30.
Miscellaneous
Confirmation of receipt of Acceptance Forms or other documents will not be issued by or on behalf of the
Offeror. No notification will be issued in the event of a rejection of an Acceptance Form that is incorrectly
completed or received after the end of the Offer Period.
This Offer Document will be sent to all Shareholders registered in the shareholders register in the VPS on 20
January 2015 to the addresses registered at their respective VPS accounts, except for Shareholders in
jurisdictions where this Offer Document may not be lawfully distributed.
17
The Receiving Agent will treat the delivery of the Acceptance Form as an execution only instruction from the
Shareholder to sell his/her Shares under the Offer and will not determine whether the acceptance and selling
of the Shares is appropriate or not for the Shareholder. The Shareholder will therefore not benefit from the
protection of the relevant conduct of business rules in accordance with the Norwegian Securities Trading Act.
Further information on the Offer may be obtained from:
Norne Securities AS
Haakon VIIs gt. 9
0161 Oslo
Telephone: +47 24 04 66 62 or +47 24 04 66 63
E-mail: [email protected] or [email protected]
18
2.
INFORMATION ABOUT CELLCURA
2.1.
Introduction
The following section contains a brief presentation of CellCura and its operations. The information on CellCura
is based on the Company's public accounts and other material in the public domain. The Offeror and its
representatives disclaim any responsibility and liability for the accuracy or completeness of the Offer Document
in terms of the information of CellCura. For a more detailed description of the Company, please refer to
CellCura's website: www.cellcura.com.
Information may also be obtained through the annual reports or quarterly reports of CellCura, or through other
public information.
2.2.
Company Description
CellCura is a Norwegian public limited liability company (in Norwegian: "allmennaksjeselskap") incorporated
and existing under the laws of Norway. The Company is registered with the Register of Business Enterprises
under the registration no. 980040461.
CellCura was incorporated on 27 August 1998 under the company name Senter of Industriell Logistikk AS. In
2006, following an acquisition, Dag Dvergsten, Dr. Jarl Kahn, Prof. Arne Sunde and Lesley Hutchins founded
CellCura with support from a seed funding company. The Company was listed on Oslo Axess in 2010.
The Company's core business is related to development, production and sale of novel equipment and products
for use in assisted reproductive technology (ART) and stem cell research throughout the world. The core
technologies have been created through 15 years of research, and products from CellCura is aiming to improve
safety and efficiency in both clinical and research environments.
CellCura is the ultimate parent company of the group. The Company has three wholly owned subsidiaries,
CellCura Inc. in the United States of America, CellCura Software Solution A/S in Denmark and CellCura PFM AS
in Norway.
2.3.
Shares and Share Capital
As at the date of this Offer Document, the Company has a registered share capital of NOK 10 804 100 divided
into 54 020 500 Shares, each with a par value of NOK 0.20. The Company has one class of Shares which are
freely transferable and listed on Oslo Axess with the ticker "CELL".
Upon execution of the Compulsory Acquisition, all the Shares not currently owned by the Offeror will be
blocked and transferred to the Offeror. Consequently, the Shares will no longer be traded as of 20 January
2015.
2.4.
Selected Financial Information
The following tables below provide a summary of the profit and loss account and balance sheet for CellCura for
the years ended 2011, 2012 and 2013, as well as YTD Q3 2014. The financial information has been prepared in
accordance with IFRS. The consolidated historical financial data as of and for each of the financial years 2011,
2012 and 2013 is derived from the Company’s audited financial statements for 2011, 2012 and 2013, while the
figures for 2014 are extracted from unaudited consolidated quarterly reports.
The information and data in this section is only a summary and should be read in conjunction with, and is
qualified in its entirety by, reference to the Company’s audited consolidated financial statements available at
www.cellcura.com.
19
2.4.1.
Consolidated Income Statement
In NOK thousands
2013
(audited)
4,356
(2,366)
(4,964)
(7,123)
(12,677)
(22,775)
(2,579)
(25,353)
630
(24,723)
2012
(audited)
2,855
(2,076)
(7,883)
(7,112)
(17,622)
(31,838)
(424)
(32,262)
706
(31,556)
Q3 2014
(unaudited)
2013
(audited)
2012
(audited)
2011
(audited)
339
2,706
6,693
18
9,756
344
2,788
11,977
2
15,111
116
2,441
18,520
31
21,108
122
2,588
25,940
64
28,713
570
1,109
2,372
240
4,292
14,048
654
958
3,182
190
4,985
20,096
530
1,851
6,660
334
9,376
30,484
461
1,935
6,384
4,727
13,507
42,220
13,041
87,632
(123,997)
699
(22,625)
13,041
87,632
(111,379)
794
(9,912)
4,745
75,745
(86,656)
(419)
(6,586)
3,624
71,196
(55,100)
63
19,782
Borrowings
Deferred tax liability
Total non-current liabilities
13,155
298
13,453
9,990
697
10,687
12,400
1,017
13,417
3,851
1,811
5,662
Current portion of non-current borrowings
Shareholder loans
Trade payables
Other short term liabilities
Total current liabilities
Total liabilities
1,504
12,978
5,284
3,454
23,220
36,673
4,956
4,229
8,001
2,134
19,321
30,008
2,227
9,239
3,760
15,226
26,643
5,950
4,844
4,046
1,937
16,776
22,438
Total equity and liabilities
14,048
20,096
30,484
42,220
Revenue
Cost of sales
Personnel expenses
Depreciation
Other operating expenses
Operating profit/loss
Net financial income/expenses
Profit/loss before income tax
Income tax
Profit/loss for the period
2.4.2.
Q3 2014
(unaudited)
412
(64)
(693)
(1,745)
(1,271)
(3,361)
(1,059)
(4,420)
101
(4,319)
2011
(audited)
1,024
(553)
(8,379)
(7,223)
(16,867)
(31,998)
(2,754)
(34,752)
536
(34,216)
Consolidated statement of financial position
In NOK thousands
ASSETS
Deferred tax asset
Goodwill
Intangible assets
Property, plant and equipment
Total non-current assets
Trade receivables
Other short term assets
Inventory
Cash and cash equivalents
Total current assets
Total assets
EQUITY AND LIABILITIES
Issued capital
Additional paid in capital
Retained earnings
Currency translation adjustments
Total equity
20
2.5.
Share Capital and Shareholders
As of 8 January 2015, the Company's 20 largest Shareholders registered in the VPS were as set out in the table
below:
Shareholder
DAG DVERGSTEN AS
SCORPIO KAPITAL AS C/O PROCURATOR A/S
BUSKERUD TELEMARK VE INVESTERINGSFOND AS
STOKKE INDUSTRI SING
MP PENSJON PK
UBS AG A/C OMNIBUS-DISCLOSE
SUNDE FRANK ROBERT
NORDNET BANK AB
MØLLERHAUG EIVIND BJØRGE
NORDNET PENSJONSFORS
HANSSEN BERNT KRISTIAN
SYLTE EIENDOM KAPITA
LOHNE ØYVIND
TEIR MAGED ELABD SOLIMAN
FLATI EDVIN
BJØRN NORLIE AS
THALBERG SVERRE GUNNAR
CLEARSTREAM BANKING
BJAARSTAD ESPEN
ANDREASSEN VIDAR
Total top 20
Other
Total
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Number of Shares
48 670 379
848 667
373 730
332 961
279 434
267 500
154 995
151 919
121 868
121 064
108 000
107 849
100 000
100 000
95 000
83 200
80 000
74 036
51 524
50 000
52 172 126
1 848 374
54020500
% of Shares
90,10
1,57
0,69
0,62
0,52
0,50
0,29
0,28
0,23
0,22
0,20
0,20
0,19
0,19
0,18
0,15
0,15
0,14
0,10
0,09
96,58
3,42
100,00
2.6.
Board and Management
At the Announcement Date, the Board of Directors of the Company consists of the following directors:



Dag Dvergsten (Chairman of CellCura; Chairman of CellCura Inc.)
Cornelia Horn (Board member)
Pål Eivind Vegard (Board member)
The Management of CellCura consists of the following persons:




Tore Viana-Rønningen (Chief Executive Officer; Chairman of CellCura Solution A/S)
Bent Nordbø (Chief Operating Officer; Non-Executive Director of CellCura Solution A/S)
Gerd Straume (Head of Sales & Marketing)
Morten Raaschou-Jensen (Chief Executive Officer of CellCura Solution A/S)
As of 31 December 2014, the CellCura Group has six employees.
21
3.
INFORMATION ABOUT DAG DVERGSTEN AS
3.1.
Introduction
Dag Dvergsten AS (The Offeror) is a private limited company incorporated and existing under the laws of
Norway, having its registered office at Munkedamsveien 45 Entrance A, N-0250 Oslo, Norway. The Offeror's
company registration no. is 987018062. The Offeror also has premises in Wisconsin, USA and Singapore.
3.2.
Description
The Offeror is an investment and business development company specializing in strategic and entrepreneurial
activities in various lines of industry. Over the last few years the Offeror has founded several companies within
three distinct sectors; life science, natural resources and the maritime industry. The Offeror brings broad
industrial experience, a unique business network and hands-on involvement into the portfolio companies. To
meet the full spectrum of the portfolio companies’ financial needs the Offeror provides flexibility and
willingness to hold large positions and the ability to offer sponsors and management teams increased certainty
of execution.
The Offeror has broad experience in developing business ideas from a nascent research stage through proof of
concept to become fully commercial businesses.
22
4.
TAX CONSEQUENCES
4.1.
Introduction
The following is a summary of certain Norwegian tax considerations relevant to the disposal of Shares pursuant
to the Offer. This summary does not purport to be a comprehensive description of all the tax considerations
that may be relevant to the Shareholders and does not address foreign tax laws. The summary does not discuss
Shareholders which are partnerships or similar entities.
The summary is based on applicable Norwegian laws, rules and regulations, as they exist as of the date of this
Offer Document. Such laws, rules and regulations are subject to change, possibly on a retroactive basis. The
summary is solely intended to provide general guidelines and does not address all aspects that may be
relevant. The tax treatment of each Shareholder may depend on the individual Shareholder's specific situation
and each Shareholder should consult his or her own tax advisor to determine the particular tax consequences
for him or her and the applicability and effect of any Norwegian or foreign tax laws and possible changes in
such laws.
Any reference to a "Norwegian shareholder" or a "foreign shareholder" in the summary below refers to the tax
residency and not the nationality of such shareholder.
The tax consequences set out below apply regardless of whether the Shares are transferred subject to accept
of the Offer or by redemption.
4.2.
Tax Consequences for Norwegian Shareholders Accepting the Offer – Realisation of Shares
4.2.1. Corporate Entities that are Shareholders
For shareholders who are limited liability companies, mutual funds, savings banks, mutual insurance companies
or similar entities resident in Norway for tax purposes (Norwegian Corporate Shareholders) sale, redemption or
other types of disposal of shares is considered realisation for Norwegian tax purposes. Capital gains derived
from the realisation of shares qualifying for the participation exemption method are exempt from taxation.
Losses incurred upon realization of such shares are not deductible.
4.2.2. Private Individuals who are Shareholders
Sale, redemption or other disposal of shares is considered a realisation for Norwegian tax purposes. A capital
gain or loss generated by shareholders who are individuals resident in Norway for tax purposes (Norwegian
Personal Shareholders) through a realisation of shares is taxable or tax deductible in Norway. Such capital gain
or loss is included in or deducted from the shareholder’s ordinary income in the year of realisation. Ordinary
income is taxable at a rate of 27 per cent.
The gain is subject to tax and the loss is tax-deductible irrespective of the duration of the ownership and the
number of shares disposed of.
The taxable gain/deductible loss is calculated per share, as the difference between the consideration for the
share and the Norwegian Personal Shareholder’s cost price of the share, including any costs incurred in relation
to the acquisition or realisation of the share. From this capital gain, Norwegian Personal Shareholders are
entitled to deduct a calculated allowance, provided that such allowance has not already been used to reduce
taxable dividend income. The allowance is calculated on a share-by-share basis, and the allowance for each
share is equal to the cost price of the share, multiplied by a risk-free interest rate. The allowance is calculated
for each calendar year, and is allocated solely to Norwegian individual Shareholders holding shares as of 31
December of the relevant calendar year. The allowance may only be deducted in order to reduce a taxable
gain, and cannot increase or produce a deductible loss, i.e. any unused allowance exceeding the capital gain
upon the realisation of a share will be annulled.
23
If the Norwegian Personal Shareholder owns shares acquired at different points in time, the shares that were
acquired first will be regarded as the first to be disposed of, on a first-in first-out basis. Special rules apply for
Norwegian Personal Shareholders who cease to be tax-resident in Norway.
4.3.
Tax Consequences for Foreign Shareholders Accepting the Offer – Realisation of Shares
This section summarizes Norwegian tax rules relevant to foreign Shareholders. The extent of the tax liabilities
of foreign Shareholders in their country of residence or other countries will depend on the tax rules applicable
in such jurisdictions.
Capital gains upon the realisation of Shares by foreign corporate Shareholders are not subject to taxation in
Norway, unless the Shares are held in connection with the conduct of business activities in Norway, in which
case the gains could be taxable at a rate of 27 per cent. The gains are in any event exempt from taxation in
Norway if the foreign corporate Shareholder is considered to be "equivalent" to a Norwegian corporate entity.
Capital gains upon the realisation of Shares by foreign individual Shareholders will not be subject to taxation in
Norway unless (I) the Shares are held in connection with the conduct of business activities in Norway, or (ii) the
Shareholder has been a resident of Norway for tax purposes within the five calendar years prior to the sale.
Any applicable tax treaty may, depending on the treaty, further restrict the taxation in Norway.
Non-resident Shareholders are urged to seek advice from own tax advisors to clarify the tax consequences of
accepting the Offer.
24
5.
NORSK SAMMENDRAG (NORWEGIAN SUMMARY)
This section provides a summary in Norwegian of certain parts of the information included in this Offer
Document. The summary does not include all the information contained in the English text. The English version
is the legally binding version, and in case of discrepancies between the Norwegian summary and the English
text, the English text shall prevail.
Dette kapittelet inneholder et norsk sammendrag av enkelte deler av informasjonen i dette tilbudsdokumentet
("Tilbudsdokumentet"), Sammendraget inneholder ikke all den informasjon som er inntatt i den engelske
teksten. Den engelske versjonen er den juridisk bindende, og ved eventuelle avvik mellom det norske
sammendraget og den engelske teksten vil sistnevnte gjelde.
5.1.
Tilbudet
Dag Dvergsten AS ("Tilbyder") fremsetter med dette et pliktig tilbud (det "Pliktige Tilbudet" eller "Tilbudet") om
å kjøpe alle utestående aksjer i CellCura ASA ("CellCura" eller "Selskapet") som ikke eies av Tilbyder, på de
vilkår som er beskrevet i dette tilbudsdokumentet ("Tilbudsdokumentet").
Tilbudsprisen i det Pliktige Tilbudet er NOK 0,20 per aksje i kontanter ("Tilbudsprisen").
Ettersom Tilbyder eier mer enn 90 % av aksjene og stemmene på generalforsamlingen i CellCura har styret i
Tilbyderen vedtatt å gjennomføre en tvungen overføring av aksjene i Selskapet i henhold til allmennaksjeloven
§ 4-25 i tilknytning til Tilbudet. Gjennomføring av den tvungne overføringen trer i kraft på første dag i
Tilbudsperioden (definert nedenfor).
Dette Tilbudsdokumentet tjener derfor følgende to formål:
(i)
Tilbudsdokument som er forberedt i henhold til verdipapirhandelloven § 6-1, og
(ii)
Tilbud om løsningssum ved tvungen overføring av aksjer i henhold til allmennaksjeloven § 4-25.
5.2.
Tilbyderen
Tilbudet er fremsatt av Dag Dvergsten AS, et norsk privat eiet aksjeselskap med organisasjonsnummer
987018062 og registrert forretningsadresse Munkedamsveien 45 oppg. A, 0250 Oslo. Selskapet har også
virksomhet i Wisconsin, USA og Singapore.
Tilbyder eier per dato for dette Tilbudsdokumentet 48 670 379 aksjer i CellCura, tilsvarende 90,10% av
Selskapets aksjekapital og stemmer. I tillegg eier Hasselhaugen AS 2 980 aksjer i CellCura. Hasselhaugen AS eies
av Dag Dvergsten, hans kone og deres barn. Tilbyder og det nærstående selskapet Hasselhaugen AS eier til
sammen 48 673 359 aksjer i CellCura.
Tilbyder arbeider med innovasjon, forretningsutvikling og finansiering innenfor tre hovedområder; helse,
ressurs og offshore. Tilbyder har flere års erfaring med oppstartsselskaper, samt restrukturering av
eksisterende virksomheter. Utifra behovene i porteføljeselskapene arbeider Tilbyder frem løsninger for,
eierskap, finansiering, drift og ledelse, samt markedsmessig tilnærming som gir porteføljeselskapene en
fleksibilitet som tar hensyn til hvilken fase selskapene befinner seg i, herunder forskning og utvikling, «proof of
concept» samt full kommersialisering.
Ytterligere informasjon om Tilbyder er tilgjengelig på www.dvergsten.com.
25
5.3.
CellCura
Målselskapet er CellCura, et norsk allmennaksjeselskap med organisasjonsnummer 980040461 og registrert
forretningsadresse Unionsgata 18, N-3732 Skien.
Aksjene i CellCura er notert på Oslo Axess med tickerkode "Cell", og er registrert i VPS ISIN NO 0010386253.
Vennligst se www.cellcura.com for mer informasjon.
5.4.
Tilbudsprisen
Aksjonærer som aksepterer det Pliktige Tilbudet vil motta et vederlag på NOK 0,20 kontant per aksje
("Tilbudsprisen") som vil bli utbetalt i overensstemmelse med de vilkår og betingelser som fremgår av dette
Tilbudsdokumentet.
5.5.
Tilbudsperioden
Tilbudsperioden er fra og med 20. januar 2015 til 17. februar 2015 kl. kl 16.30 (CET) ("Tilbudsperioden").
5.6.
Aksept av Tilbudet
For at en aksjonær i CellCura skal anses å ha akseptert det Pliktige Tilbudet, må et korrekt utfylt og undertegnet
akseptformular (eller en kopi av dette) leveres til Norne Securities ("Oppgjørsagenten") før utløpet av
Tilbudsperioden.
Akseptformular er vedlagt som Vedlegg 3 (engelsk) og Vedlegg 4 (norsk) til Tilbudsdokumentet. Kun ved å
overholde fremgangsmåten beskrevet ovenfor og nedenfor, vil en aksjonær i CellCura motta oppgjør som
beskrevet under avsnitt 5.8 i dette Tilbudsdokumentet.
Det påligger den som aksepterer det Pliktige Tilbudet å sørge for korrekt og fullstendig utfylling av
akseptformularet, og levering av akseptformularet til Oppgjørsagenten innen utløpet av Tilbudsperioden for at
aksept av det Pliktige Tilbudet skal kunne anses å foreligge.
Akseptformularet må være undertegnet av aksjonæren selv eller dennes fullmektig og være mottatt av
Oppgjørsagenten på nedenstående adresse, enten ved post, levering eller epost:
Norne Securities AS
Postboks 622 Sentrum
5087 Bergen
E-mail: [email protected]
Akseptformularet kan leveres per epost.
Aksept av det Pliktige Tilbudet er ugjenkallelig, og kan ikke trekkes tilbake etter at Oppgjørsagenten har
mottatt aksepten. Ved å returnere akseptformularet til Oppgjørsagenten bindes aksjonæren til å akseptere
overføring av CellCura-aksjer mot betaling av Tilbudsprisen på de vilkår og betingelser som fremgår av
Tilbudsdokumentet og akseptformularet, fra og med det tidspunktet Oppgjørsagenten har mottatt
akseptformularet.
Aksjonærer i CellCura som har aksjer i Selskapet registrert på mer enn én VPS-konto, vil motta separate
akseptformularer for hver enkelt VPS-konto og må innlevere ett akseptformular per konto. Aksjonærer i
CellCura som har sine registrerte aksjer i Selskapet hos en megler, forhandler, forretningsbank,
investeringsselskap eller en annen fullmektig, må kontakte denne personen dersom aksjonæren ønsker å
akseptere det Pliktige Tilbudet for disse CellCura-aksjene.
26
Aksept av det Pliktige Tilbudet kan omfatte alle, eller bare noen av, aksjonærens aksjer registrert på den VPSkonto som omfattes av aksepten. Hvis det ikke er krysset av for noe annet i Akseptformularet vil aksepten bli
ansett å omfatte samtlige aksjer på VPSkontoen. Dersom aksjer er registrert på VPS-konti i navn av megler,
bank, stiftelse eller annen nominee, vil aksepten kun omfatte spesifikt angitte antall aksjer på slike VPS-konti
som faktisk omfattes av aksjonærens aksept. Aksjer på samme konto som ikke er angitt i aksjonærens aksept
omfattes ikke. Aksepten omfatter også enhver aksje som er ervervet eller vil bli ervervet som er kreditert
aksjonærens VPS-konto på tidspunktet for gjennomføringen av den tvungne overføringen, med unntak av
aksjer på VPS-konti i navn av megler, bank, stiftelse eller annen nominee som ikke spesifikt er angitt som
omfattet av aksjonærens aksept.
Samtlige aksjer i CellCura som blir ervervet under det Pliktige Tilbudet må overføres fri for enhver heftelse og
tredjeparts rettigheter, og med alle aksjonærrettigheter i behold. Dersom heftelser er registrert på den
relevante VPS-kontoen, må rettighetshaveren signere akseptformularet for på den måten å gi sin godkjennelse
til at heftelsen slettes, og at aksjene overdras til Tilbyder fri for heftelser.
Innenfor rammen av gjeldende likebehandlingsregler forbeholder Tilbyder seg retten til å akseptere uriktig
utfylte eller for sent innkomne akseptformularer.
Ved å returnere akseptformularet til Oppgjørsagenten aksepterer aksjonæren i CellCura Tilbudet på de vilkår
som fremgår av dette Tilbudsdokumentet.
Det vil ikke bli gitt noen bekreftelse på mottak av aksepter eller andre dokumenter fra Tilbyder eller på dennes
vegne.
5.7.
Kunngjøringer i forbindelse med det Pliktige Tilbudet
Kunngjøringer fra eller på vegne av Tilbyder i tilknytning til det Pliktige Tilbudet og/eller Tilbudsdokumentet vil
anses foretatt når de er distribuert gjennom det elektroniske informasjonssystemet til Oslo Børs. I forbindelse
med dette har Tilbyder ingen forpliktelse til å publisere, avertere eller på annen måte kommunisere slike
kunngjøringer ut over at de publiseres på Oslo Børs.
5.8.
Oppgjør
For de av CellCuras aksjonærer som gyldig har akseptert Tilbudet antas kontant oppgjør å finne sted på eller
rundt 23. februar 2015, og vil uansett finne sted innen 14 dager etter utløpet av Tilbudsperioden (følgelig
senest 3. mars 2015).
På grunn av gjennomføringen av den tvungne overføringen av aksjer som beskrevet i avsnitt 5.11, vil alle aksjer
i CellCura som ikke eies av Tilbyder bli sperret 20. januar 2015 og overført fra hver aksjonærs VPS-konto til
Tilbyders VPS-konto.
5.9.
Finansiering av det Pliktige Tilbudet og tvungen overføring
Tilbudet og den tvungne overføringen finansieres gjennom tilgjengelige bankfasiliteter.
5.10.
Garanti
Fullstendig og korrekt oppgjør for Tilbudet har blitt garantert av DNB Bank ASA, som har utstedt en bankgaranti
med slik ordlyd som inntatt som Vedlegg 2.
5.11.
Tvungen overføring
Ettersom Tilbyder eier mer enn 90 % av aksjene og stemmene på generalforsamlingen i CellCura har styret i
Tilbyderen vedtatt å gjennomføre en tvungen overføring av alle aksjer i Selskapet som ikke allerede eies av
Tilbyder i henhold til allmennaksjeloven § 4-25 i tilknytning til Tilbudet.
27
Gjennomføringen av den tvungne overføringen trer i kraft på første dag av Tilbudsperioden.
Nedenfor er et utdrag fra styrets vedtak datert 19. desember 2014:
"Styret vedtok å gjennomføre en tvungen overføring av aksjene i CellCura ASA som ikke allerede eies av
Dag Dvergsten AS, i henhold til allmennaksjelovens § 4-25. Vedtaket om å gjennomføre den tvungne
overføringen er betinget av godkjenning av Tilbudsdokumentet av Oslo Børs, fremsettelse av det
pliktige tilbudet, og at en sum tilsvarende løsningssummen overføres til en særskilt bankkonto. Den
tvungne overføringen av aksjer i CellCura ASA skal varsles til aksjeeierne i CellCura ASA ved at varselet
inntas i Tilbudsdokumentet. Gjennomføringen av overføringen av aksjer skal skje automatisk når det
pliktige tilbudet er fremsatt, og på de vilkår som følger av Tilbudsdokumentet. Dag Dvergsten AS'
administrasjon gis fullmakt til å akseptere ikke vesentlige endringer i vilkårene for den tvungne
overføringen av aksjer i CellCura ASA, samt å utferdige og signere øvrige dokumenter som er pålagt
eller nødvendige i forbindelse med den tvungne overføringen av aksjer I CellCura ASA.”
Gjennomføringen av den tvungne overføringen innebærer at aksjene i CellCura som ikke allerede eies av
Tilbyder eller CellCura, blir overført til Tilbyder. Hver aksjonær i CellCura har et krav på vederlag for aksjene
mot Tilbyder. Som en konsekvens av beslutningen om å gjennomføre tvungen overføring av aksjer, vil alle
aksjer i CellCura som ikke allerede eies av Tilbyder eller CellCura, bli sperret og overført fra hver aksjonærs VPSkonto til en VPS-konto som er etablert på vegne av Tilbyder. Ved denne overføringen vil Tilbyder bli registrert
som eier av alle aksjene i CellCura i Selskapets aksjeeierregister (unntatt CellCuras egne aksjer). Fra dette
tidspunkt vil tidligere eiere ikke lenger være aksjonærer i CellCura.
Den tvungne overføringen vil også omfatte aksjer eid av aksjonærer (om noen) i land hvor Tilbudet ikke kan
fremsettes av rettslige årsaker (se avsnittet "Offer Restrictions"). Slike aksjonærer vil motta et separat varsel
om den tvungne overføringen.
5.12.
Innløsningspris
Innløsningsprisen ved den tvungne overføringen av aksjer er NOK 0,20 per aksje i CellCura med oppgjør i
kontanter, hvilket er samme pris som Tilbudsprisen.
5.13.
Frist for innsigelser og aksept av innløsningsprisen
Frist for å komme med innsigelser mot eller avslå innløsningsprisen i henhold til allmennaksjeloven § 4-25 er
27. mars 2015. Aksjonærer som ikke aksepterer Tilbudet, og som ikke har kommet med innsigelser mot eller
avslått innløsningsprisen skriftlig innen 27. mars 2015, vil bli ansett for å ha akseptert tilbudt innløsningspris i
henhold til allmennaksjeloven § 4-25.
5.14.
Oppgjør av tvangsinnløsningen
Oppgjør av innløsningsprisen til de aksjonærene som ikke har akseptert Tilbudet og ikke har kommet med
innsigelser eller avslått innløsningsprisen innen fristen for dette, vil bli foretatt så snart som mulig og innen 14
dager etter utløpet av fristen for å komme med innsigelser mot tvangsinnløsningen (altså innen 10. april 2015).
Det aktuelle beløpet som skal betales til hver aksjonær vil bli overført til den bankkonto som aksjonæren har
registrert med Verdipapirsentralen for utbytteutbetaling.
Dersom aksjonæren ikke har registerert en bankkonto for utbyttebetaling, men aksjonæren har en adresse i
Norge, vil oppgjør finne sted ved utstedelse av bankgiro. Dersom aksjonæren har adresse utenfor Norge og det
ikke er registret noen bankkonto for utbyttebetaling vil oppgjør finne sted ved utstedelse av en sjekk.
28
Det samlede innløsningsbeløpet har i henhold til allmennaksjeloven § 4-25 blitt innbetalt på særskilt
bankkonto. Beløpet vil bli redusert ettersom oppgjør finner sted enten til aksjonærer som aksepterer Tilbudet
eller ved oppgjør av tvangsinnløsningen.
5.15.
Aksjonærenes rettigheter i tilknytning til tvangsinnløsningen
Hver aksjonær som ikke aksepterer Tilbudet har i henhold til allmennakseloven § 4-25 rett til å avslå eller
komme med innsigelser mot tilbudt innløsningspris. Innløsningsprisen kan i så tilfelle bli fastsatt ved skjønn av
norske domstoler, i henhold til særligeprosessuelle bestemmelser. Både størrelsen på innløsningsprisen og
oppgjørsdato vil bli bestemt i tilknytning til en slik skjønnsprosess. Tilbyder vil som hovedregel under § 4-25
være forpliktet til å betale kostnadene ved skjønnsprosessen, men i enkelte tilfeller kan det bli gjort unntak fra
denne hovedregelen. Skjønnsretten er ikke bundet av innløsningsprisen tilbudt av Tilbyder, og skjønnsretten
kan følgelig bestemme at innløsningsprisen skal være høyere eller lavere enn denne. Gjennomføring av
skjønnsprosessen kan ventes å ta tid, og innløsningsprisen vil ikke bli utbetalt før skjønnsprosessen er avsluttet.
Innløsningsprisen som er tilbudt for aksjene vil inntil dette tidspunktet bli stående på den særskilte
bankkontoen som er etablert i forbindelse med den tvungne overføringen.
Aksjonærer som ønsker å komme med innsigelser mot eller avslå tilbudt innløsningspris må gi varsel om dette
innen den fastsatte frist til:
Kvale Advokatfirma DA
v/advokat Tony Støkkebo
Postboks 1752 Vika
N-0122 Oslo
Aksjonærer som ikke kommer med innsigelser mot eller avslår tilbudt innløsningspris innen den fastsatte frist
vil bli ansett for å ha akseptert den tilbudte innløsningspris.
5.16.
Skatt og kostnader
Aksjonærer i CellCura som aksepterer det Pliktige Tilbudet er selv ansvarlig for det skatteansvar som måtte
oppstå som følge av salget av aksjene. Tilbyder påtar seg ikke noe ansvar for skatteforpliktelser som kan pådras
ved aksept av Tilbudet eller som følge av den tvungne overføringen.
En generell beskrivelse av skatteimplikasjoner følger av punkt 4.
Tilbyder vil betale kostnader direkte knyttet til VPS-transaksjoner i forbindelse med aksept av det Pliktige
Tilbudet og overdragelsen av CellCura-aksjene til Tilbyder gjennom den tvungne overføringen av aksjer. Det vil
ikke påløpe kurtasje eller andre kostnader relatert direkte til VPS-overføringene for aksjonærer som aksepterer
det Pliktige Tilbudet eller i forbindelse med den tvungne overføringen av aksjer.
5.17.
Strykning fra Oslo Axess
Tilbyder har til hensikt å foreslå for CellCuras generalforsamling at det inngis en søknad til Oslo Børs om å
stryke aksjene i Selskapet fra notering på Oslo Axess. Etter gjennomføringen av den tvungne overføringen av
aksjer vil Tilbyder være den eneste aksjonæren i CellCura og det vil således ikke være noen handler i aksjen på
Oslo Axess etter at tvangsinnløsningen er gjennomført.
5.18.
Kontakt med CellCura i forkant av det Pliktige Tilbudet
Tilbyder inngikk en konvertibel låneavtale den 21. november 2014 etter forhandlinger med Selskapets styre, og
godkjent av Selskapets generalforsamling. Det har vært kontakt mellom Tilbyder og CellCura i forbindelse med
den delvise utøvelsen av det konvertible lånet.
29
5.19.
Betydning for ansatte, styremedlemmer og ledelse i CellCura
Gjennomføringen av Tilbudet vil i seg selv ikke få noen konsekvenser av juridisk eller økonomisk art eller
konsekvenser for ansettelsesforholdene til Selskapets ansatte. Ansatte i CellCura vil kunne bli integrert i
Tilbyder, men vil ha like rettigheter etter en eventuell overføring. Enhver reduksjon av ansatte vil bli
gjennomført i henhold til norsk lov og i samsvar med eventuelle tariffavtaler Selskapet er bundet av, herunder
gjennomføring av drøftelser med representanter for de ansatte så tidlig som mulig. Det foreligger ikke andre
planer som tilsier juridiske, økonomiske eller andre arbeidsrelaterte konsekvenser ved gjennomføring av
Tilbudet eller tvangsinnløsningen.
5.20.
Lovvalg og verneting
Det Pliktige Tilbudet er underlagt norsk rett. Eventuelle tvister i tilknytning til det Pliktige Tilbudet må fremmes
for norske domstoler, med Oslo tingrett som avtalt verneting.
5.21.
Diverse
Tilbudet fremsettes ikke i jurisdiksjoner der fremsettelse av Tilbudet eller aksept av Tilbudet strider mot slik
jurisdiksjons lovgivning. Aksjonærer som ikke er bosatt i Norge oppfordres til å lese punktet som heter "Offer
Restrictions" på side 6 i Tilbudsdokumentet.
Tilbudsdokumentet sendes til alle aksjonærer i CellCura som er registrert i aksjeeierregisteret i VPS per 20.
januar 2015 til de adresser som er registrert i VPS, bortsett fra til aksjonærer i jurisdiksjoner hvor
Tilbudsdokumentet ikke lovlig kan fremsettes. Det vil ikke sendes ut bekreftelse på mottatt Akseptformular.
Norne Securities vil kun behandle leveringen av akseptformularet som en utførelsesinstruksjon fra aksjonæren
om å selge hans/hennes aksjer under tilbudet og vil ikke vurdere hvorvidt aksepten og salget av aksjene er
hensiktsmessig eller ikke for aksjonæren. Bestilleren vil med dette ikke ha fordel av de relevante
bestemmelsene knyttet til verdipapirforetaks virksomhet i verdipapirhandelloven.
Ytterligere informasjon om det Pliktige Tilbudet er tilgjengelig hos:
Norne Securities AS
Haakon VIIs gt. 9
0161 Oslo
Telefon: +47 24 04 66 62 eller +47 24 04 66 63
Epost: [email protected] eller [email protected]
30
APPENDIX I:
ARTICLES OF ASSOCIATION OF CELLCURA ASA
(English translation of prevailing Norwegian version as of 23 December 2014)
ARTICLES OF ASSOCIATION
FOR
CELLCURA ASA
§1
The name of the company is CellCura ASA. The company is a public limited liability company.
§2
The company has its business address in Skien. General meetings may also be held in Oslo.
§3
The object of the company is to develop and provide services and products related to biotechnology
and health care.
§4
The company's share capital is NOK 10,804,100 divided on 54,020,500 shares, each with a nominal
value of NOK 0.20.
§5
The board of directors shall have from 3 to 7 members pursuant to the general meeting's decision.
Two board members acting jointly are entitled to sign on behalf of the company.
§6
The company shall have an election committee consisting of 3 members, who shall be elected by the
general meeting. Members of the election committee shall, at the time of election, be shareholders of
the company or appointed by shareholders of the company. The election committee shall put forward
suggestions on new board members and deputy board members to the general meeting and also
suggest the remuneration to the board members. The members of the election committee shall be
elected for a period of two years. The board members elected by the general meeting shall prepare
recommendations and instructions for the election committee.
§7
The general meeting shall address the following matters:
-
Approval of the company's annual accounts and the annual report, including distribution of
dividend
All other matters that by law shall be considered by the general meeting
§8
General meetings may, pursuant to decision by the board of directors, be held in Skien or Oslo.
§9
If all relevant documents regarding matters that are to be addressed by the general meeting is made
available to the shareholders on the company's websites, the company is not obliged to send such
documents to each of the shareholders by mail or otherwise. Upon demand of a shareholder, the
company shall, however, send such documents to the shareholder free of charge.
§10
Shareholders that plan to attend a General meeting have to give notice to the company within 5 days
of the general meeting. Shareholders who have not given such notice within 5 days of the general
meeting may be denied entrance to the general meeting.
***
31
APPENDIX II:
BANK GUARANTEE
Bank guarantee issued in connection with the mandatory offer to purchase all remaining shares in CellCura ASA
by Dag Dvergsten AS (the "Offeror").
In connection with the mandatory offer by Dag Dvergsten AS, for the acquisition of all outstanding shares of
CellCura ASA (the "Shares"), in accordance with the Norwegian Securities Trading Act 2007 No 75, section 6-1
(the "Offer"), and based on the offering document for the Offer dated 20 January 2015 (the "Offer Document"),
and at the request of and for the account of the Offeror we, DnB Bank ASA, unconditionally guarantee as for
our own debt (in Norwegian: "selvskyldnergaranti") the payment of NOK 0.20 per Share to shareholders of
CellCura ASA who have accepted the Offer in accordance with the terms of the Offer Document.
Our liability under this guarantee is limited to the Principal Guarantee Amount (as defined below) plus
statutory default interests (currently 8.5 per cent interest per annum) for late payment for a period of up to
four weeks (the "Guarantee Period"), calculated from the due date of the settlement of the Offer. To the
extent that any decision to change the Norwegian default interest is adopted within the Guarantee Period,
such changed default interest is comprised by this guarantee. No other claims will be covered by the
guarantee.
As used herein, the term "Principal Guarantee Amount" means: NOK 1,070,024 which is equal to the maximum
amount payable by the Offeror pursuant to the offer price of NOK 0.20 per share of CellCura ASA multiplied
with all 5,350,121 Shares of CellCura ASA not already owned by the Offeror.
Pursuant to Section 6-10 in regulation of 29 June 2007 no. 876 on claims under guarantees for mandatory
offer, the Principal Guarantee Amount may be reduced by the amount which is proportional to the number of
Shares for which final settlement has been completed by Dag Dvergsten AS for acquisitions made during the
period of the Offer under or outside the Offer, as well as Shares for which no acceptance exist during the said
period. Such regulation will require approval by Oslo Stock Exchange. The Principal Guarantee Amount will be
reduced as soon as Oslo Stock Exchange has approved and communicated such reduction in guarantee amount
to DNB Bank ASA and the guarantee will be reduced accordingly.
Claims under this guarantee may be made only after the date of due payment in accordance with the terms of
the Offer and must be received by us before 16:30 hours Norwegian time, on 1 April 2015, after which time this
guarantee lapses, and shall be returned to DNB Bank ASA.
Claims under this guarantee shall be made in writing to:
DNB Bank ASA, P.O. Box 1600 Sentrum, NO-0021 Oslo, Norway
Claims under this guarantee shall be accompanied by:
(a) Evidence that the claimant was, immediately prior to the execution of the Compulsory Acquisition, the
owner of the shares relating to the acceptance;
(b) A statement by the claimant that no payment has been received for the shares relating to the
acceptance; and
(c) A copy of the duly completed acceptance form.
This guarantee shall be governed by and construed in accordance with Norwegian law.
20 January 2015
DNB Bank ASA
32
APPENDIX III:
ACCEPTANCE FORM (ENGLISH VERSION)
ACCEPTANCE FORM
For use in accepting the Mandatory Offer by Dag Dvergsten AS (the "Offeror") described in the Offer Document dated 20 January 2015 to
purchase all issued and outstanding Shares in CellCura ASA ("CellCura" or the "Company") that are not already owned by the Offeror.
Capitalised terms used in this Acceptance Form shall have the same meaning as set out in, and be deemed to be construed in accordance
with, the Offer Document. The terms of the Offer is set forth in the Offer Document, see section 1 ("The Offer") and in particular section
1.7 ("Acceptance of the Offer") of the Offer Document.
Offer Price: NOK 0.20 per Share
Offer Period: From and including 08:00 (CET) on 20 January 2015 to 16:30 (CET) on 17 February 2015
Return to:
Norne Securities AS
Haakon VIIs gt. 9
N-0161 Oslo, Norway
Email: [email protected]
Shareholdings registered with the VPS:
The shareholder register of the Company maintained in the VPS as of 20 January 2015 shows:
VPS Account:
Number of Shares:
Rights holder registered:
Acceptance of all Shares in above VPS account
Partial acceptance of Shares in above VPS account. I/we accept for ………………………………………………… Shares
Guidance:

Shareholders should read the Offer Document carefully, and note in particular the information and restrictions described in the
section headed "Statements and Important Information".

Shareholders whose Shares are held in more than one VPS accounts will receive one Acceptance Form for each such account.

Unless the Acceptance has been limited to a specific number of Shares by ticking the "Partial acceptance" box above and inserting a
number of Shares, this Acceptance will be deemed to encompass the Shares stipulated in the box "Number of Shares" under
"Shareholdings registered with the VPS" above as well as any other Shares which have been or will be acquired and which will be
credited to the VPS account set out above.

Settlement of the Offer Price will be made in accordance with the procedures set forth in section 1.9 ("Settlement") of the Offer
Document.

This acceptance will be treated as valid only if any rights holder (marked with a "Yes" under "Right holder registered" in the right box
under "Shareholdings registered in the VPS" above) has consented to the sale and transfer of the Shares free of encumbrances or
other third party rights to the Offeror by signing this Acceptance Form under "Rights holder" below.
Acceptance:
By executing and delivering this Acceptance Form I/we represent and warrant that I/we have received the Offer Document, and accept
the Offer for all of my/our Shares in the Company in accordance with the terms of the Offer as set forth in the Offer Document.
Signature:
__________________
Place
_______________
Date
___________________________
Signature*
_____________________
Telephone daytime
* If signed by power of attorney, the power of attorney (and with respect to companies, Certificate of Registration or similar documentation) shall
be enclosed. If signed by a person with signatory right, Certificate of Registration or similar documentation shall be enclosed.
If relevant, fill inn bank account for cash settlement:
Payment to Shareholders who do not have a Norwegian bank account connected to their VPS account **:
Fill in here:___________________________________________________ and ________________________________________
Bank account number/IBAN-number
SWIFT/BIC-code
** The Financial Adviser and Receiving Agent should be contacted in respect of shareholders who do not hold a bank account with a
Norwegian bank.
Rights holder:
As rights holder, the undersigned consents to the transfer of the Shares to the Offeror free of encumbrances or other third-party rights.
__________________
Place
_______________
Date
___________________________
Rights holder’s signature***
*** If signed by power of attorney, the power of attorney (and with respect to companies, Certificate of Registration or similar documentation) shall
be enclosed. If signed by a person with signatory right, Certificate of Registration or similar documentation shall be enclosed. If more than one rights
holder is registered, each rights holder must sign.
33
APPENDIX IV:
AKSEPTBLANKETT (NORSK VERSJON)
AKSEPTBLANKETT
Til bruk ved aksept av det Pliktige tilbudet fra Dag Dvergsten AS ("Tilbyder") beskrevet i Tilbudsdokumentet datert 20. januar 2015 om kjøp
av alle utestående aksjer i CellCura ASA ("CellCura" eller "Selskapet") som er og vil bli utstedt som ikke allerede er eid av Tilbyder. Uttrykk
med stor forbokstav i denne Akseptblanketten, skal ha samme innhold, og tolkes på samme måte, som i Tilbudsdokumentet. Vilkårene for
Tilbudet er inntatt i Tilbudsdokumentet, se punkt 1 ("The Offer") og særlig punkt 1.7 ("Acceptance of the Offer") i Tilbudsdokumentet.
Tilbudspris: NOK 0,20 per Aksje
Tilbudsperiode: Fra og med 08:00 (CET) 20. januar 2015 til kl. 16:30 (CET) 17. februar 2015
Returneres til:
Norne Securities AS
Haakon VIIs gt. 9
N-0161 Oslo, Norge
Epost: [email protected]
Aksjebeholdning registrert i VPS:
Selskapets aksjonærregister i VPS viser per 20. januar 2015:
VPS-konto:
Antall aksjer:
Registrerte rettighetshavere:
Aksept av alle Aksjer på ovennevnte VPS-konto
Delvis aksept av Aksjene på ovennevnte VPS-konto. Jeg/vi aksepterer Tilbudet for …………………… Aksjer
Veiledning:

Aksjonærer bør lese Tilbudsdokumentet grundig og merke seg spesielt informasjonen og begrensningene inntatt i punktet med
overskriften "Statements and Important Information".

Aksjonærer som har aksjer fordelt på mer enn én VPS-kontoer vil motta én Akseptblankett for hver av kontoene.

Med mindre aksepten begrenses til å gjelde et bestemt antall aksjer ved å krysse av i "Delvis aksept" boksen ovenfor og angi et
bestemt antall Aksjer, anses denne aksepten å omfatte alle Aksjene angitt i boksen "Antall aksjer" under "Aksjebeholdning registrert i
VPS" ovenfor samt alle Aksjer som har blitt eller blir ervervet og som vil bli kreditert til VPS-kontoen indikert ovenfor.

Oppgjøret av Tilbudsprisen vil gjennomføres som beskrevet i punkt 1.9 ("Settlement") i Tilbudsdokumentet.

Aksepten er bare gyldig dersom samtlige rettighetshavere (markert med et "Ja" under "Registrerte rettighetshavere" i boksen til
høyre under "Aksjebeholdning registrert i VPS" ovenfor) har samtykket til at Aksjene selges og overføres til Tilbyder fri for heftelser
eller andre tredjepartsrettigheter ved å underskrive denne Akseptblanketten under "Rettighetshaver" nedenfor.
Aksept:
Ved å fylle ut og sende inn denne Akseptblanketten, bekrefter jeg/vi at jeg/vi har mottatt Tilbudsdokumentet, og aksepterer Tilbudet
for alle mine/våre Aksjer i Selskapet på de vilkår for Tilbudet som fremgår av Tilbudsdokumentet.
Signatur:
__________________
Sted
_______________
Dato
___________________________
Signatur*
_____________________
Telefon dagtid
* Hvis underskrevet i henhold til fullmakt, skal fullmakt (og for selskaper, firmaattest eller tilsvarende dokumentasjon) følge vedlagt. Hvis
underskrevet av en person med signaturrett, skal firmaattest eller tilsvarende dokumentasjon vedlegges..
Fyll inn bankkonto for kontantoppgjør, hvis relevant:
Betaling til Aksjonærer som ikke har en norsk bankkonto knyttet til deres VPS-konto**:
Fyll ut:___________________________________________________ og ________________________________________
Bankkontonummer/IBAN-nummer
SWIFT/BIC-code
** Aksjonærer som ikke har en bankkonto i en norsk bank bør kontakte Financial Adviser and Receiving Agent.
Rettighetshaver:
Som rettighetshaver, samtykker undertegnede til at Aksjene overføres til Tilbyder fri for heftelser eller andre tredjepartsrettigheter.
__________________
Sted
_______________
Dato
___________________________
Rettighetshavers signatur ***
*** Hvis signert i henhold til fullmakt skal fullmakt (og for selskaper, firmaattest eller tilsvarende dokumentasjon) følge vedlagt. Hvis signert av en
person med signaturrett, skal firmaattest eller tilsvarende dokumentasjon vedlegges. Hvis det er registrert flere enn én rettighetshaver, må hver
enkelt rettighetshaver signere.
34
CELLCURA ASA
Unionsgata 18
N-3732 Skien
Norway
DAG DVERGSTEN AS
Munkedamsveien 45, Entrance A
N-0250 Oslo
Norway
Norne Securities AS
Haakon VIIs gt. 9
N-0161 Oslo,
Norway
Kvale Advokatfirma DA
P.O. Box 1752 Vika
N-0122 Oslo
Norway