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WHICH, OR TO PERSONS IN ANY JURISDICTION TO WHOM, SUCH RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.
Singapore, 1 September 2026
BW LPG Limited (âBW LPGâ or the âCompanyâ, OSE: BWLPG, NYSE: BWLP) announces
today the launch of an offering (the âOfferingâ) of senior unsecured bonds due
2031 (the âBondsâ) convertible into new shares (the âSharesâ) of the Company
in an aggregate principal amount of approximately USD 300 million. The Company
intends to use the net proceeds to partly finance the newbuild program with
Hyundai Heavy Industries for eight Panamax VLGCs, and for general corporate
purposes.
The Bonds will be issued with a denomination of USD 200,000 each and will be
issued at par. The Bonds are expected to bear interest at a rate of 2.00% to
2.50% per annum, payable semi-annually in arrear in equal instalments. The
initial conversion price will be set at a conversion premium of 35% to 40%
above the share reference price which is expected to be the placing price of
an existing Share determined in the Concurrent Delta Placement (as defined
below), adjusted downwards by the amount of BW LPGâs cash dividend of USD 0.95
per Share payable on or around 16 September 2026 with the ex-dividend date on
7 September 2026. The initial conversion price is subject to customary
adjustments in line with market practice and as further set out in the Bond
Terms. The Bonds will include dividend protection adjustments to the
conversion price in accordance with and as further described in the Bond
Terms.
Unless previously converted, redeemed or purchased and cancelled in accordance
with the terms and conditions of the Bonds (the âBond Termsâ), the Bonds will
be redeemed at par on 9 September 2031 (the âMaturity Dateâ).
The Company will have the option to redeem all, but not some only, of the
Bonds at the principal amount in accordance with the Bond Terms (i) at any
time on or after 30 September 2029 if the parity value of the Shares
underlying the Bonds on each of at least 20 dealing days in a period of 30
consecutive dealing days, ending no more than 5 dealing days prior to the date
on which the relevant redemption notice is given to holders of the Bonds is
equal to or exceeds USD 260,000, or (ii) if 20% or less of the aggregate
principal amount of the Bonds originally issued remains outstanding.
Holders of the Bonds will be entitled to require an early redemption of their
Bonds at the principal amount on the third anniversary of the Bondsâ issue or
upon the occurrence of (i) a change of control of the Company, (ii) a free
float event in respect of the Shares or (iii) a delisting event in respect of
the Shares, each as further set out in the Bond Terms.
The Company and the Managers (as defined below) have been advised by DNB
Carnegie, part of DNB Bank ASA in its capacity as sole placement agent in
connection with the Concurrent Delta Placement (in such capacity only, the
âSole Placement Agentâ) that concurrently with the placement of the Bonds, the
Sole Placement Agent intends to organise a concurrent placement of existing
Shares, made outside the United States to non-U.S. persons in offshore
transactions in accordance with and pursuant to the Category 2 requirements of
Rule 903 of Regulation S under the U.S. Securities Act of 1933, as amended
(the âSecurities Actâ), on behalf of certain subscribers of the Bonds who wish
to sell these Shares in short sales to purchasers procured by the Sole
Placement Agent to hedge the market risk to which the subscribers are exposed
with respect to the Bonds that they acquire (the âConcurrent Delta
Placementâ), at a placement price to be determined by way of an accelerated
bookbuilding process that will be carried out by the Sole Placement Agent. All
inquiries, indications of interest and communications regarding participation
in the Concurrent Delta Placement must be directed solely to the Sole
Placement Agent.
For the avoidance of doubt, only the Sole Placement Agent is acting in the
Concurrent Delta Placement and none of the Managers are acting in the
Concurrent Delta Placement in any capacity or will have any role, authority or
responsibility in connection therewith. None of the Managers will accept any
orders, inquiries or other communications in relation to the Concurrent Delta
Placement.
The Company will not receive any proceeds from the sale of Shares in
connection with the Concurrent Delta Placement.
In connection with the Offering, the Company will be subject to a lock-up
ending 90 days after the Issue Date (as defined below) with respect to the
Shares and equity-linked securities and subject to a waiver from the Managers
(as defined below) and certain exceptions.
The Company intends to make an application to have the Bonds admitted to
listing or trading on a regulated or unregulated market within 90 days of the
Issue Date.
The bookbuild period for the Offering will commence immediately following this
announcement and may close at any time on short notice. The final terms of the
Offering are expected to be determined following the completion of the
bookbuilding process later today/tomorrow morning pre-European market open and
are expected to be announced through a separate press release. Settlement and
delivery of the Bonds is expected to take place on 9 September 2026 (the
âIssue Dateâ).
The Bonds will be offered via an accelerated bookbuilding solely to
institutional investors that are not U.S. persons outside the United States in
reliance on Regulation S under the Securities Act, as well as outside of
Australia, Canada, Japan, South Africa and any other jurisdiction in which
offers or sales of the Bonds would be prohibited by applicable law.
Citigroup Global Markets Singapore Pte. Ltd. and DNB Bank ASA, Singapore
Branch are acting as joint global coordinators in respect of the Offering (the
âJoint Global Coordinatorsâ). Fearnley Securities AS and Pareto Securities
Pte. Ltd. are acting as co-bookrunners in respect of the Offering (together
with the Joint Global Coordinators, the âManagersâ). DNB Carnegie, part of DNB
Bank ASA is acting as the Sole Placement Agent in respect of the Concurrent
Delta Placement. Advokatfirmaet Thommessen AS, Allen & Gledhill LLP and Vedder
LLP are acting as legal counsels for the Company. Advokatfirmaet BAHR AS and
Linklaters LLP are acting as legal counsels for the Managers and the Sole
Placement Agent.
For further information, please contact:
Kristian Sørensen, CEO
Samantha Xu, CFO
investor.relations@bwlpg.com
About BW LPG
BW LPG is the worldâs leading owner and operator of LPG vessels, with a fleet
of about 50 Very Large Gas Carriers (VLGCs) and Large Gas Carriers (LGCs),
including 20 vessels powered by LPG dual-fuel propulsion technology. Building
on over five decades of LPG shipping experience, the company is strengthened
by an in-house LPG trading division and the commercial expertise to explore
investments in value chain assets. Together, these capabilities enable BW LPG
to provide trusted and reliable services for sourcing and delivering LPG to
customers worldwide.
Delivering energy for a better world â more information about BW LPG can be
found at www.bwlpg.com.
BW LPG is associated with BW Group, a leading global energy and maritime
company involved in shipping, deepwater oil & gas production, renewable energy
and digital infrastructure. BW controls a fleet of over 400 vessels
transporting oil, gas and dry commodities. In the infrastructure space, the
group operates in wind, batteries, water, subsea cable networks and data
centres. bw-group.com
Disclaimer
NO ACTION HAS BEEN TAKEN BY THE COMPANY, THE MANAGERS OR ANY OF THEIR
RESPECTIVE AFFILIATES THAT WOULD PERMIT AN OFFERING OF THE BONDS OR POSSESSION
OR DISTRIBUTION OF THIS PRESS RELEASE OR ANY OFFERING OR PUBLICITY MATERIAL
RELATING TO THE BONDS, THE ORDINARY SHARES TO BE ISSUED OR TRANSFERRED AND
DELIVERED UPON CONVERSION OF THE BONDS OR THE ORDINARY SHARES TO BE PLACED BY
THE SOLE PLACEMENT AGENT IN THE CONCURRENT DELTA PLACEMENT (HEREINAFTER, THE
âSECURITIESâ) IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED.
PERSONS INTO WHOSE POSSESSION THIS PRESS RELEASE COMES ARE REQUIRED BY THE
COMPANY AND THE MANAGERS TO INFORM THEMSELVES ABOUT, AND TO OBSERVE, ANY SUCH
RESTRICTIONS.
THIS PRESS RELEASE IS AN ADVERTISEMENT AND DOES NOT COMPRISE A PROSPECTUS FOR
THE PURPOSES OF THE PROSPECTUS RULES: ADMISSION TO TRADING ON A REGULATED
MARKET SOURCEBOOK (THE âPRMâ) MADE PURSUANT TO THE UK FINANCIAL CONDUCT
AUTHORITYâS (THE âFCAâ) RULE-MAKING POWERS UNDER THE PUBLIC OFFERS AND
ADMISSIONS TO TRADING REGULATIONS 2024 (THE âPOATRSâ) OR OTHERWISE. IN
CONNECTION WITH THE OFFERING OF THE BONDS, NO OFFER OF BONDS WILL BE MADE IN
THE UK OTHER THAN PURSUANT TO AN EXCEPTION TO THE POATRS.
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY IN OR INTO
THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS. THIS
PRESS RELEASE IS NOT AN OFFER TO SELL SECURITIES OR THE SOLICITATION OF ANY
OFFER TO BUY SECURITIES, NOR SHALL THERE BE ANY OFFER OF SECURITIES IN ANY
JURISDICTION IN WHICH SUCH OFFER OR SALE WOULD BE UNLAWFUL.
THIS PRESS RELEASE AND THE OFFERING WHEN MADE ARE ONLY ADDRESSED TO, AND
DIRECTED IN, MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (THE âEEAâ) (EACH, A
âMEMBER STATEâ) AND THE UNITED KINGDOM, AT PERSONS WHO ARE âQUALIFIED
INVESTORSâ WITHIN THE MEANING OF THE PROSPECTUS REGULATION OR THE POATRS
(âQUALIFIED INVESTORSâ). FOR THESE PURPOSES, THE EXPRESSION âPROSPECTUS
REGULATIONâ MEANS REGULATION (EU) 2017/1129.
SOLELY FOR THE PURPOSES OF THE PRODUCT GOVERNANCE REQUIREMENTS CONTAINED
WITHIN: (A) EU DIRECTIVE 2014/65/EU ON MARKETS IN FINANCIAL INSTRUMENTS, AS
AMENDED (âMIFID IIâ); (B) ARTICLES 9 AND 10 OF COMMISSION DELEGATED DIRECTIVE
(EU) 2017/593 SUPPLEMENTING MIFID II; (C) LOCAL IMPLEMENTING MEASURES IN THE
EEA; (D) REGULATION (EU) NO 600/2014 AS IT FORMS PART OF UNITED KINGDOM
DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (âEUWAâ)
(âUK MIFIRâ); AND (E) THE FCA HANDBOOK PRODUCT INTERVENTION AND PRODUCT
GOVERNANCE SOURCEBOOK (TOGETHER, THE âPRODUCT GOVERNANCE REQUIREMENTSâ), AND
DISCLAIMING ALL AND ANY LIABILITY, WHETHER ARISING IN TORT, CONTRACT OR
OTHERWISE, WHICH ANY âMANUFACTURERâ (FOR THE PURPOSES OF THE PRODUCT
GOVERNANCE REQUIREMENTS) MAY OTHERWISE HAVE WITH RESPECT THERETO, THE BONDS
HAVE BEEN SUBJECT TO A PRODUCT APPROVAL PROCESS, WHICH HAS DETERMINED THAT:
(I) THE TARGET MARKET FOR THE BONDS IS (A) IN THE EEA, ELIGIBLE COUNTERPARTIES
AND PROFESSIONAL CLIENTS ONLY, EACH AS DEFINED IN MIFID II AND (B) IN THE
UNITED KINGDOM, ELIGIBLE COUNTERPARTIES (AS DEFINED IN THE FCA HANDBOOK
CONDUCT OF BUSINESS SOURCEBOOK) AND PROFESSIONAL CLIENTS (AS DEFINED IN UK
MIFIR); AND (II) ALL CHANNELS FOR DISTRIBUTION OF THE BONDS TO ELIGIBLE
COUNTERPARTIES AND PROFESSIONAL CLIENTS ARE APPROPRIATE. ANY PERSON
SUBSEQUENTLY OFFERING, SELLING OR RECOMMENDING THE BONDS (A âDISTRIBUTORâ)
SHOULD TAKE INTO CONSIDERATION THE MANUFACTURERSâ TARGET MARKET ASSESSMENT;
HOWEVER, A DISTRIBUTOR SUBJECT TO THE PRODUCT GOVERNANCE REQUIREMENTS IS
RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE
BONDS (BY EITHER ADOPTING OR REFINING EACH MANUFACTURERâS TARGET MARKET
ASSESSMENT) AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS.
THE TARGET MARKET ASSESSMENT IS WITHOUT PREJUDICE TO THE REQUIREMENTS OF ANY
CONTRACTUAL OR LEGAL SELLING RESTRICTIONS IN RELATION TO ANY OFFERING OF THE
BONDS.
FOR THE AVOIDANCE OF DOUBT, THE TARGET MARKET ASSESSMENT DOES NOT CONSTITUTE:
(A) AN ASSESSMENT OF SUITABILITY OR APPROPRIATENESS FOR THE PURPOSES OF MIFID
II OR UK MIFIR; OR (B) A RECOMMENDATION TO ANY INVESTOR OR GROUP OF INVESTORS
TO INVEST IN, OR PURCHASE, OR TAKE ANY OTHER ACTION WHATSOEVER WITH RESPECT TO
THE BONDS.
THE BONDS ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO
AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY RETAIL
INVESTOR IN THE EEA OR THE UNITED KINGDOM.
FOR THESE PURPOSES, A âRETAIL INVESTORâ MEANS (A) IN THE EEA, A PERSON WHO IS
ONE (OR MORE) OF: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1)
OF MIFID II OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE (EU) 2016/97,
WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN
POINT (10) OF ARTICLE 4(1) OF MIFID II AND (B) IN THE UNITED KINGDOM, A PERSON
WHO IS NOT A PROFESSIONAL CLIENT AS DEFINED IN POINT (8) OF ARTICLE 2(1) OF
REGULATION (EU) NO 600/2014 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE
EUWA.
CONSEQUENTLY, (I) NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO
1286/2014, AS AMENDED (THE âPRIIPS REGULATIONâ) FOR OFFERING OR SELLING THE
BONDS OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE EEA HAS
BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE BONDS OR OTHERWISE MAKING
THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE
PRIIPS REGULATION AND (II) NO DISCLOSURE DOCUMENT REQUIRED BY THE FCA PRODUCT
DISCLOSURE SOURCEBOOK (âDISCâ) FOR OFFERING, SELLING OR DISTRIBUTING THE BONDS
OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE UK HAS BEEN
PREPARED AND THEREFORE OFFERING, SELLING OR DISTRIBUTING THE BONDS OR
OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE UK MAY BE UNLAWFUL
UNDER DISC AND THE CONSUMER COMPOSITE INVESTMENTS (DESIGNATED ACTIVITIES)
REGULATIONS 2024.
THIS PRESS RELEASE IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN
OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN THE
UNITED STATES (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT). THE
SECURITIES MENTIONED HEREIN HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER
THE SECURITIES ACT OR THE LAWS OF ANY STATE IN THE UNITED STATES, AND MAY NOT
BE OFFERED OR SOLD IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
OF, U.S. PERSONS (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT) EXCEPT IN A TRANSACTION NOT SUBJECT TO, OR PURSUANT TO AN EXEMPTION FROM,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. NEITHER THIS PRESS
RELEASE NOR THE INFORMATION CONTAINED HEREIN CONSTITUTES OR FORMS PART OF AN
OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, SECURITIES IN THE
UNITED STATES. THERE WILL BE NO PUBLIC OFFER OF ANY SECURITIES IN THE UNITED
STATES OR IN ANY OTHER JURISDICTION.
IN ADDITION, IN THE UNITED KINGDOM THIS PRESS RELEASE IS BEING DISTRIBUTED
ONLY TO, AND IS DIRECTED ONLY AT, QUALIFIED INVESTORS (I) WHO HAVE
PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN
ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL
PROMOTION) ORDER 2005, AS AMENDED (THE âORDERâ) AND QUALIFIED INVESTORS
FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER, AND (II) TO WHOM IT MAY
OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED
TO AS âRELEVANT PERSONSâ). THIS PRESS RELEASE MUST NOT BE ACTED ON OR RELIED
ON (I) IN THE UNITED KINGDOM, BY PERSONS WHO ARE NOT RELEVANT PERSONS, AND
(II) IN ANY MEMBER STATE OF THE EEA, BY PERSONS WHO ARE NOT QUALIFIED
INVESTORS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PRESS RELEASE
RELATES IS AVAILABLE ONLY TO (A) RELEVANT PERSONS IN THE UNITED KINGDOM AND
WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS IN THE UNITED KINGDOM AND (B)
QUALIFIED INVESTORS IN MEMBER STATES.
THIS PRESS RELEASE HAS NOT BEEN REGISTERED AS A PROSPECTUS WITH THE MONETARY
AUTHORITY OF SINGAPORE. ACCORDINGLY, THIS PRESS RELEASE AND ANY OTHER
DOCUMENT OR MATERIAL IN CONNECTION WITH THE OFFER OR SALE, OR INVITATION FOR
SUBSCRIPTION OR PURCHASE, OF THE BONDS OR THE SHARES MAY NOT BE CIRCULATED OR
DISTRIBUTED, NOR MAY THE BONDS OR THE SHARES BE OFFERED OR SOLD, OR BE MADE
THE SUBJECT OF AN INVITATION FOR SUBSCRIPTION OR PURCHASE, WHETHER DIRECTLY OR
INDIRECTLY, TO ANY PERSON IN SINGAPORE OTHER THAN (I) TO AN INSTITUTIONAL
INVESTOR (AS DEFINED IN SECTION 4A OF THE SECURITIES AND FUTURES ACT OF
SINGAPORE (âSFAâ)) PURSUANT TO SECTION 274 OF THE SFA OR (II) TO AN ACCREDITED
INVESTOR (AS DEFINED IN SECTION 4A OF THE SFA) PURSUANT TO AND IN ACCORDANCE
WITH THE CONDITIONS SPECIFIED IN SECTION 275 OF THE SFA AND (WHERE APPLICABLE)
REGULATION 3 OF THE SECURITIES AND FUTURES (CLASSES OF INVESTORS) REGULATIONS
2018 OF SINGAPORE. ANY REFERENCE TO THE SFA IS A REFERENCE TO THE SECURITIES
AND FUTURES ACT 2001 OF SINGAPORE AND A REFERENCE TO ANY TERM AS DEFINED IN
THE SFA OR ANY PROVISION IN THE SFA IS A REFERENCE TO THAT TERM OR PROVISION
AS MODIFIED OR AMENDED FROM TIME TO TIME INCLUDING BY SUCH OF ITS SUBSIDIARY
LEGISLATION AS MAY BE APPLICABLE AT THE RELEVANT TIME.
NO PROSPECTUS OR OTHER OFFERING DOCUMENT HAS BEEN OR WILL BE PREPARED IN
CONNECTION WITH THE OFFERING OF THE SECURITIES. THIS PRESS RELEASE DOES NOT
PURPORT TO IDENTIFY OR SUGGEST THE RISKS (DIRECT OR INDIRECT) WHICH MAY BE
ASSOCIATED WITH AN INVESTMENT IN THE SECURITIES. ANY INVESTMENT DECISION IN
CONNECTION WITH THE SECURITIES MUST BE MADE SOLELY ON THE BASIS OF ALL
PUBLICLY AVAILABLE INFORMATION RELATING TO THE COMPANY.
ANY DECISION TO PURCHASE ANY OF THE SECURITIES SHOULD ONLY BE MADE ON THE
BASIS OF AN INDEPENDENT REVIEW BY A PROSPECTIVE INVESTOR OF THE COMPANYâS
PUBLICLY AVAILABLE INFORMATION. NONE OF THE MANAGERS NOR ANY OF THEIR
RESPECTIVE AFFILIATES ACCEPT ANY LIABILITY ARISING FROM THE USE OF, OR MAKE
ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF, THIS PRESS RELEASE
OR THE COMPANYâS PUBLICLY AVAILABLE INFORMATION. THE INFORMATION CONTAINED IN
THIS PRESS RELEASE IS SUBJECT TO CHANGE IN ITS ENTIRETY WITHOUT NOTICE UP TO
THE ISSUE DATE.
EACH PROSPECTIVE INVESTOR SHOULD PROCEED ON THE ASSUMPTION THAT IT MUST BEAR
THE ECONOMIC RISK OF AN INVESTMENT IN THE SECURITIES. NONE OF THE COMPANY OR
THE MANAGERS MAKE ANY REPRESENTATION AS TO (I) THE SUITABILITY OF THE
SECURITIES FOR ANY PARTICULAR INVESTOR, (II) THE APPROPRIATE ACCOUNTING
TREATMENT AND POTENTIAL TAX CONSEQUENCES OF INVESTING IN THE SECURITIES OR
(III) THE FUTURE PERFORMANCE OF THE SECURITIES EITHER IN ABSOLUTE TERMS OR
RELATIVE TO COMPETING INVESTMENTS.
THE MANAGERS ARE ACTING ON BEHALF OF THE COMPANY AND NO ONE ELSE IN CONNECTION
WITH THE SECURITIES AND WILL NOT BE RESPONSIBLE TO ANY OTHER PERSON FOR
PROVIDING THE PROTECTIONS AFFORDED TO CLIENTS OF THE MANAGERS OR FOR PROVIDING
ADVICE IN RELATION TO THE SECURITIES.
EACH OF THE COMPANY, THE MANAGERS AND THEIR RESPECTIVE AFFILIATES EXPRESSLY
DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO UPDATE, REVIEW OR REVISE ANY
STATEMENT CONTAINED IN THIS PRESS RELEASE WHETHER AS A RESULT OF NEW
INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE.
This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-09-01 16:45 CEST.
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