Oslo Stock Exchange Approves Listing of Aker Solutions Holding ASA
The board of directors of the Oslo Stock Exchange has approved the listing of shares in Aker Solutions Holding ASA, to be renamed Aker Solutions ASA on completion of the demerger of Aker Solutions, and granted permission for trading in the shares to begin on September 29.
Aker Solutions Holding ASA was created to facilitate the demerger of Aker Solutions into two independent companies. It will be renamed Aker Solutions ASA on completion of the separation announced April 30 this year. The existing Aker Solutions will be renamed Akastor ASA, an oil-services investment company created by the separation.
The creditor notice period applicable to the demerger expired at 24:00 hours CET on September 23.
All conditions for consummating the demerger have been satisfied and the consummation will be registered with the Norwegian Registry of Business Enterprises after the close of trading on the Oslo Stock Exchange on Friday, September 26.
Below are key dates related to the consummation of the demerger and listing of the shares of the new Aker Solutions on the Oslo Stock Exchange:
- Last day of trading in existing Aker Solutions shares inclusive of right to receive new Aker Solutions shares as demerger consideration: September 26, 2014*
- Registration of the completion of the demerger: September 26, 2014 (after close of trading)
- First day of trading in shares in Akastor ASA exclusive of right to receive new Aker Solutions shares as demerger consideration: September 29, 2014
- First day of trading in new Aker Solutions shares on the Oslo Stock Exchange, as well as effective date for new company names and new tickers: September 29, 2014
- Record date: October 1, 2014*
- Delivery of new Aker Solutions shares to eligible shareholders' accounts at the Norwegian Central Securities Depository (VPS): October 2, 2014
* Shareholders of the existing Aker Solutions as of the expiry of the September 26, 2014 cut-off date and as they appear in the Aker Solutions shareholders register with the VPS as of expiry of October 1, 2014 (record date), will receive one consideration share in the new Aker Solutions for each share they own in the existing Aker Solutions as of expiry of the cut-off date as recorded with the VPS.
Trading in new Aker Solutions shares will begin before delivery of the shares to eligible shareholders' VPS accounts. No account-to-account transactions and no transactions with settlement before October 2, 2014, will be allowed in this period.