Solstad Farstad (SOFF) 3

[TekBot]

Block sale of existing shares in Solstad Offshore ASA completed

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, HONG KONG, SOUTH AFRICA OR IN ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION, INCLUDING THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, HONG KONG OR SOUTH AFRICA.
…

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Jarsteinen AS (the “Seller”) has retained Pareto Securities AS as Sole Manager and Sole Bookrunner (the “Manager”) to execute a block sale of existing shares (the “Offering”) in Solstad Offshore ASA (the “Company”).

The Seller has, as of this announcement, successfully sold 2,200,000 shares in the Company (the “Offer Shares”), which equals approximately 2.7% of the Company’s outstanding shares, at a price of NOK 42.00 per Offer Share, which again equals gross proceeds of NOK 92.4 million.

The Offering was multiple times covered and ended up being completed as a club deal towards approx. 10 investors in the pre-sounding phase of the Offering.

Before the Offering, the Seller owned 8,235,966 shares in the Company which equals approx. 10.0% of the Company’s outstanding shares. Following the Offering, the Seller owns 6,035,966 shares in the Company which equals approx. 7.3% of the Company’s outstanding shares. The Seller has entered into a 90-day customary lock-up with the Manager on the remaining shares in the Company held by the Seller after the Offering.

The Seller is a close associate of primary insiders in the Company due to being indirectly owned 60% by Lars Peder Solstad (CEO in the Company) and 20% by Ellen Solstad (member of the Company’s board of directors). The purpose of the Offering was to fund (i) a substantial payable tax for Lars Peder Solstad after Jarsteinen AS exercised warrants in the Company where the related profit is taxed as salary, and (ii) subscription in the upcoming rights issue in Solstad Maritime Holding AS (“SMH”) in line with the opportunity offered to all shareholders in the Company. The Seller is committed to be a long-term shareholder and remains the third largest shareholder in the Company.

The notification of allocation in the Offering is expected to be communicated on or about 23 May 2024 (trade date) before 09:00 CEST. The settlement in the Offering is expected to take place on or about 27 May 2024 (settlement date) on a delivery versus payment basis (DVP T+2). The Offer Shares will be tradeable on Oslo Børs from T.

The Seller will receive the net proceeds from the Offering. The Company will not receive any proceeds from the Offering.

Please refer to the attached notification of trading for further details.

This disclosure is made pursuant to article 19 of the EU Market Abuse Regulation and sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Important Notices:

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering or its securities in the United States or to conduct a public offering of securities in the United States.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression “Prospectus Regulation” means Regulation (EU) 2017/1129 as amended together with any applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are “qualified investors” within the meaning of the Prospectus Regulation as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018 and that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “strategy”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Seller believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond their control.

By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements. Except for any ongoing obligation to disclose material information as required by the applicable law, the Seller does not have any intention or obligation to publicly update or revise any forward-looking statements after they distributes this announcement, whether to reflect any future events or circumstances or otherwise.

Neither the Manager nor any of its respective affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities in the Company. Neither the Manager nor any of its respective affiliates accepts any liability arising from the use of this announcement.

Kilde

[Metallian]

Det betyr nok at rettene er rett rundt hjørnet- Solstadfamilien (Jarstein) har ca 8.2mill retter som vil koste ca 98 millioner å benytte. Slike summer har de ikke i cash.

[CanonBoy]

Blokk salg av en viss størrelse påvirker jo kursen, men det er da ganske så grei interesse for Soff på dette nivået også.

"“The Offering was multiple times covered and ended up being completed as a club deal towards approx. 10 investors in the pre-sounding phase of the Offering.”

[Metallian]

Interessant poeng mtp salget fra Jarstein:
Dersom man idag sitter på tegningsretter OG aksjer i Soff og ikke vil ha råd til rettene- så har LPS nå vist at da bør man selge nok Soffaksjer til å benytte rettene-eller? Tanker om det?

[Solan]

Jeg tenker at det er slik de fleste av oss har konkludert med. Dette kommer til å bli veldig bra fremover. Iom Aker sitter med mer kontroll på NewSolstad, så har de kanskje prøvd å favorisere denne flåten en tanke. Kan man låse midlene sine en stund, så er det nok lurt å bruke TR sine. Sånn sett så bør AMSC få en litt bedre reise fremover enn det de har hatt ift Soff den seneste tiden.

[Metallian]

Enig-syns AMSC har bouncet bra tilbake etter at den gikk ex-utbytte nylig. Jeg sitter på endel amsc som nevnt før, har regnet og regnet og kan ikke forstå annet enn at det er en rimelig inngang til newco.

[janbjarne]

Tenker fremdeles dette er ett spm om prisen man eventuelt kan få for tegningsrettene. Blir det rundt 17-18 så tror jeg man bør benytte rettene selv, får man midt/høyt 20-tall så vurderer hvertfall jeg og selge. Ett annet moment her er at for LPS så handler nok dette også vel så mye om å ha enn viss aksjekontroll i både newco og remainco

[Metallian]

Enig, var nok ikke aktuelt for LPS å ikke benytte rettene, hadde snedt et merkelig signal også.

Men i motsetning til oss vet han nok om Aker ønsker å slå de sammen igjen etter Maximus-rettssakene…

[Metallian]

Litt båtnytt for Soff:

Fortress fremme i Brasil
Maximus på Saipems base i Rotterdam for mobilisering til Brasil
Scorpion på vei til Singapore, sntar pga klassing der
Drott ligger rett borti gata her, jeg ser den fra loftet😃 mobiliserer for ca 2mnds jobb for Technip og er borte fra dpotlisten

[Hpbjorn]

Tror du virkelig at rettene vil gå så høyt? Jeg har p.t. ingen SOFF aksjer og hra tenkt å selge rettene mine og har kalkulert med at jeg vil kunne få et sted mellom 12 og 14kr.

[Metallian]

Tror ikke du har problemer med å få solgt rubbel og rake om du selger til 12kr, jeg er igrunn interessert selv på den prisen.

[Hpbjorn]

Har det blitt kjørt en poll på dette? I mangel av annet å diskutere

[CanonBoy]

Ser Solstad har satt opp Sapphire på Eqinor 25.05. Noen som vet om det er kort eller en lengre jobb?

Vessel	Type	Client	Port	Availability
Normand Sapphire	AHTS		Bergen	PPT / Equinor 25.05

[Metallian]

Hm- kan man sette opp poll? Kunne vært artig det

[Hpbjorn]

Kunne det tidligere iaf - har aldri gjort det selv men sett flere eksempler rundt forbi i andre tråder.

[Metallian]

Finner ingenting om verken utlysning eller tildeling på noen sider, men Equinor har jo sine “faste” ahts på andre oppdrag nå

[janbjarne]

Det nye kursmålet til Clarkson priser tegningsrettene til 18kr pr stk, og vi er ett stykke på vei inn i det sterkeste offshore-markedet man har sett. Kommer an på hvilken perspektiv man har dette, men se på dette som supply-demand; de aller fleste vil sannsynligvis benytte rettene selv, dvs at hvis det er noen som virkelig har lyst på retter (for posisjonering eller ståltro på fremtiden) så kan prisen presses opp. Det som virkelig blir spennende er prospektet som skal gis ut ifbm rettene, informasjonen som står der kan gjøre det lettere å sette verdi på TR

[Metallian]

Det er ingen hemmelighet at flere meglere har prøvd å få tak i store mengder TR allerede nå FØR de er formelt på plass.

[Metallian]

25.5-5.6 på Sapphire ser det ut til

[brookswashere]

Blir vel en ≈ 60% opp fra tegningen? Var vel 11 kr om jeg husker rett de skulle tegnes for