The shares in Vow ASA (the "Company" or "Vow") will tomorrow, on Friday 9 July 2021, trade for the last day inclusive of rights to consideration shares in Vow Green Metals AS ("VGM").
Type of corporate action: The shares in Vow ASA will trade exclusive of rights to consideration shares in Vow Green Metals AS ("VGM"). Eligible shareholders will receive one (1) consideration share in VGM for each share they own in Vow as of the cut-off date as registered in the Norwegian Central Securities Depositary (the VPS) as of the record date.
Cut-off date: 9 July 2021
Ex.date: 12 July 2021
Record date: 13 July 2021
Delivery of consideration shares in VGM to eligible Vow shareholders' VPS accounts: On or about 14 July 2021
The demerger, through which the biocarbon business of Vow is demerged from Vow and merged into VGM against distribution of shares in VGM to existing shareholders of Vow, was approved by the general meetings of Vow and VGM, respectively, on 14 May 2021 (the "Demerger"). The exchange ratio in the Demerger is 93.5 (remaining) / 6.5 (transferred). The creditor notice period for the Demerger expired at 24:00 hours CEST on 7 July 2021 and the completion of the Demerger is expected to be registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) following close of trading on Oslo Børs tomorrow, on 9 July 2021.
The consideration shares in VGM will be distributed on a pro rata basis to the shareholders of Vow as of the expiry of 9 July 2021 (the cut-off date), as registered in Vow's shareholder register in the Norwegian Central Securities Depositary (the "VPS") as of 13 July 2021 (the record date). Eligible shareholders in Vow will receive one (1) consideration share in VGM for each share they own in Vow as of the cut-off date as registered in the VPS as of the record date. It is expected that the consideration shares in VGM will be delivered and made available to eligible shareholders of Vow on 14 July 2021. The consideration shares will, upon completion of the Demerger, constitute approximately 69.5% of the issued shares in VGM while the remaining approximately 30.5% of the issued shares in VGM will be held by Vow. All shares in VGM are, and the consideration shares will be, registered in the VPS in book-entry form and the shares rank in parity with one another and carry one vote per share.
From and including Monday 12 July 2021, the shares in Vow will trade exclusive of rights (ex.date) to the consideration shares in VGM.
VGM will from Monday 12 July 2021 trade under the ticker "VGM" on Euronext Growth Oslo. Trading in the VGM shares will commence prior to delivery of such shares to eligible shareholders' VPS accounts. Trades during this period until delivery of the shares to eligible shareholders' VPS accounts will be settled on a T+2 basis.
Please note that the dates set out herein are subject to the Demerger being registered with the Norwegian Register of Business Enterprises and in the VPS, respectively, on 9 July 2021. Should such registrations not take place for any reason, all dates referred to herein will be subject to change. The Company will publish a stock exchange announcement upon completion of the registration of the Demerger with the Norwegian Register of Business Enterprises and in the VPS.
For more information, please contact
Erik Magelssen, CFO, Vow ASA
Tel: +47 928 88 728
Email: erik.magelssen@vowasa.com
About Vow
Vow and its subsidiaries Scanship and Etia are passionate about preventing pollution. The company's world leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries.
Cruise ships on every ocean have Vow technology inside which processes waste and purifies wastewater. Fish farmers are adopting similar solutions, and public utilities and industries use our solutions for sludge processing, waste management and biogas production on land.
With advanced technologies and solutions, Vow turns waste into biogenetic fuels to help decarbonise industry and convert plastic waste into fuel, clean energy, and high-value pyro carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company's capability to deliver is well proven. They are key to end waste and stop pollution.
Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).
This information is subject to the disclosure requirements pursuant to the Continuing Obligations for Issuers of Shares in accordance with Oslo Rule Book II - Issuer Rules.
