INNKALLING TIL EKSTRAORDINÆR NOTICE OF … · AS, reg.no 915 155 995 ... («RG») på bakgrunn av...
Transcript of INNKALLING TIL EKSTRAORDINÆR NOTICE OF … · AS, reg.no 915 155 995 ... («RG») på bakgrunn av...
#7870116/1 1 (10)
INNKALLING TIL EKSTRAORDINÆR
GENERALFORSAMLING I ICE GROUP AS
NOTICE OF EXTRAORDINARY GENERAL
MEETING IN ICE GROUP AS
Styret innkaller herved til ekstraordinær
generalforsamling i ICE Group AS, org.nr.
915 155 995 («Selskapet»), 15. juni 2018
kl. 10.00 i lokalene til Advokatfirmaet BAHR
AS, Tjuvholmen allé 16, 0252 Oslo.
The Board of Directors hereby convenes an
extraordinary general meeting in ICE Group
AS, reg.no 915 155 995 (the “Company”), 15
June 2018 at 10:00 (CET) in the offices of
Advokatfirmaet BAHR AS, Tjuvholmen allé 16,
0252 Oslo, Norway.
Registrering av fremmøtte finner sted fra kl.
9.30. Følgende saker foreligger til behandling:
Registration of attendance will take place
from 09:30 (CET). The following items are on
the agenda:
1 Åpning av generalforsamlingen ved
Johan Bernt Michelsen som styret har
utpekt til å åpne møtet. Registrering av
møtende aksjeeiere, herunder
aksjeeiere representert ved fullmakt
1 Opening of the general meeting by
Johan Bernt Michelsen which the board
of directors has appointed to open the
meeting. Registration of participating
shareholders, including shareholders
represented by proxy
2 Valg av møteleder og person til å
undertegne protokollen sammen med
møtelederen
2 Appointment of chair of the meeting
and person to sign the minutes together
with the chair
3 Godkjennelse av innkalling og dagsorden 3 Approval of the notice and agenda
4 Godkjennelse av salget av AINMT Group
Brazil Holdings BV til Access
4 Approval of sale of AINMT Group Brazil
Holdings BV to Access
AINMT Holdings AB har mottatt et tilbud om å
selge 100 % av aksjene i AINMT Group Brazil
Holdings BV («Transaksjonen») til AI Media
Holdings (NMT) LLC (eller et tilknyttet selskap)
(«Access») mot en samlet kjøpesum på USD 70
millioner.
Access vil betale for aksjene etter signering av
aksjekjøpsavtalen. Hvis Transaksjonen blir
terminert kan, Access og Selskapet, på
nærmere angitte vilkår, bestemme at plikten
til å tilbakebetale kjøpesummen med tillegg
av renter skal gjøres opp ved utstedelse til
Access av nye aksjer i Selskapet.
AINMT Holdings AB has received an offer to sell
100% of the shares in AINMT Group Brazil
Holdings BV (the “Transaction”) to AI Media
Holdings (NMT) LLC (or an affiliated company)
(“Access”) at against aggregate purchase price
of USD 70 million.
Access will prepay for the shares upon signing of
the share purchase agreement. If the Transaction
is terminated, Access and the Company may,
subject to certain conditions, determine that the
obligation to repay the purchase price plus
interest shall be settled through the issue to
Access of new shares in the Company.
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5 Fullmakt til utstedelse av konvertibelt
lån i forbindelse med salget av AINMT
Group Brazil Holdings BV
5 Authorisation to issue of a convertible
bond in connection with the sale of
AINMT Group Brazil Holdings BV
På bakgrunn av sak 4 er det foreslått at
Selskapet utsteder et konvertibelt lån der
Access, på de vilkårene som følger av avtalen
om salg av aksjene i AINMT Group Brazil
Holdings BV, kan kreve at Selskapet utsteder
aksjer til Access for å gjøre opp forpliktelsen
til å tilbakebetale kjøpesummen med tillegg
av renter dersom Transaksjonen blir terminert.
Styret foreslår at generalforsamlingen tildeler
styret fullmakt til å utstede et slikt
konvertibelt lån i henhold til aksjeloven
§ 11-8, slik at dette lånet til Access kan
utstedes uten avholdelse av ytterligere en
generalforsamling i Selskapet.
På denne bakgrunn foreslår styret at
generalforsamlingen fatter følgende vedtak:
Against the background of item 4 above, it is
proposed that the Company issues a
convertible loan where Access, on the terms of
the agreement regarding sale of the shares in
AINMT Group Brazil Holdings BV, may require
that the Company issues shares to Access to
settle the obligation to repay the purchase
price plus interest if the Transaction is
terminated.
The Board of Directors proposes that the
General Meeting authorises the Board of
Directors to issue such convertible loan in
accordance with Section 11-8 of the Private
Limited Companies Act, so that this loan to
Access may be issued without holding of
another General Meeting in the Company.
On this basis the Board of Directors proposes
that the General Meeting adopt the following
resolution:
1) «Styret gis fullmakt til å treffe
beslutning om opptak av lån som nevnt i
aksjeloven § 11-1.
2) Det samlede beløp for lån som kan tas
opp, er NOK 800 millioner (eller
tilsvarende beløp i annen valuta basert
på valutakursen den dag låneavtalen
inngås).
3) Aksjekapitalen kan i alt forhøyes med
inntil NOK 24 millioner.
4) Fullmakten gjelder i to år fra
generalforsamlingens beslutning om å
tildele fullmakten.
5) Aksjeeiernes fortrinnsrett ved tegning av
lånene etter aksjeloven § 11-4, jf. § 10-4
og § 10-5, kan fravikes.
6) Fullmakten kan bare benyttes til å
1) “The Board of Directors is authorized to
adopt resolutions regarding borrowings as
mentioned in Section 11-1 of the Private
Limited Companies Act.
2) The aggregate amount of loans that may
be borrowed is NOK 800 million (or a
corresponding amount in another
currency based on the exchange rate on
the day the loan agreement is entered
into).
3) The share capital may in total be
increased by up to NOK 24 million.
4) The authorization applies for two years
from the General Meeting’s resolution to
grant the authorization.
5) The shareholders pre-emptive rights upon
subscription of the loans pursuant to
Sections 11-4 cf. 10-4 and 10-5 of the
Private Limited Companies Act may be
deviated from.
6) The authorization may only be utilized to
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utstede et konvertibelt lån til AI Media
Holdings (NMT) LLC (eller et tilknyttet
selskap) for å oppfylle forpliktelsene i
henhold til avtale om salg av aksjene i
AINMT Group Brazil Holdings BV til AI
Media Holdings (NMT) LLC (eller et
tilknyttet selskap). Dessuten kan
fullmakten bare benyttes dersom styrets
beslutning om å utstede et slik
konvertibelt lån er enstemmig.
issue a convertible loan to AI Media
Holdings (NMT) LLC (or an affiliated
company)] to satisfy the obligations in
accordance with the agreement regarding
sale of the shares in Ice Group Brazil
Holdings BVAINMT Group Brazil Holdings
BV to AI Media Holdings (NMT) LLC (or an
affiliated company). Moreover, the
authorization may only be utilised if the
resolution by the board of directors to
issue such convertible loan is passed by
unanimous decision.”
6 Fisjon av Selskapet der ICE Group
International AS er overtakende selskap
6 De-merger of the Company, with ICE
Group International AS as the transferee
company
Det er foreslått at Selskapet fisjoneres med
Ice Group International AS, org.nr.
920 598 951, som overtakende selskap.
Styret foreslår at generalforsamlingen fatter
følgende vedtak:
It is proposed that the Company de-merge with
Ice Group International AS, org. no.
920 598 951, as transferee company.
The Board of Directors proposes that the
General Meeting pass the following resolution:
«Fisjonsplan datert 1. juni 2018 for fisjon av
Selskapet godkjennes.
Ved fisjonens ikrafttredelse overfører
Selskapet nærmere angitte eiendeler til Ice
Group International AS AS, org. no.
920 598 951, (“Ice International”), som er
overtakende selskap. Den nærmere fordeling
av eiendeler, rettigheter og forpliktelser på
Selskapet og Ice International fremgår av
redegjørelsen for fisjonsplanen inntatt i
vedlegg 2.2 til fisjonsplanen.
Fisjonen innebærer at netto virkelig verdi i
Selskapet fordeles med 90 % på Selskapet og
10 % på Ice International. Bytteforholdet er
basert på virkelig verdi av Ice International og
de eiendeler i Selskapet som fordeles ved
fisjonen.
Ved fisjonens ikrafttredelse nedsettes aksje-
kapitalen i Selskapet med NOK 4 933 403,90
mens overkursen reduseres med
NOK 165 826 000. Aksjekapitalen settes ned
ved at pålydende per aksje reduseres fra
«The de-merger plan dated 1 June 2018 for
the de-merger of the Company is approved.
Upon the effective date of the de-merger, the
Company transfers further specified assets to
Ice Group International AS, org. no.
920 598 951, (“Ice International”), which is
the transferee company. The specific
allocation of assets, rights and liabilities
between the Company and Ice International is
stipulated in the explanatory statement on
the de-merger plan set out in Appendix 2.2 to
the de-merger plan.
The de-merger implies that the net fair value
in the Company shall be allocated with 90% on
the Company and 10% on Ice International.
The exchange ratio is based on the fair value
of Ice International and the assets in the
Company allocated in the de-merger.
Upon the effective date of the de-merger, the
share capital of the Company shall be reduced
by NOK 4,933,403.90, whilst the share
premium shall be reduced by
NOK 165,826,000. The share capital shall be
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NOK 1 til NOK 0,90.
Denne beslutningen skal straks meldes til
Foretaksregisteret.»
reduced by the nominal value of each share
being reduced from NOK 1 to NOK 0.90.
This resolution shall be reported to the
Register of Business Enterprises immediately.»
7 Endring av selskapets vedtekter som
følge av fisjonen
7 Amendment of the Articles of
Association of the company as a
consequence of the de-merger
Styret foreslår at generalforsamlingen fatter
følgende vedtak, med virkning fra fisjonens
ikrafttredelse:
The Board of Directors proposes that the
General Meeting pass the following resolution,
with effect from the effective date of the de-
merger:
Ǥ 4 Aksjekapitalen
Aksjekapitalen er NOK 44 400 635,10
fordelt på 49 334 039 aksjer hver
pålydende NOK 0,90. Aksjene skal
registreres i Verdipapirsentralen.»
«Article 4 Share capital
The share capital shall be
NOK 44,400,635.10 divided on
49,334,039 shares each with a nominal
value of NOK 0.90. The shares shall be
registered with Verdipapirsentralen.»
8 Endring av vilkårene for tidligere
utstedte frittstående tegningsretter
8 Amendments to the conditions of
previously issued subscription rights
Generalforsamlingen besluttet 30. oktober
2015 å utstede et konvertibelt lån og
frittstående tegningsretter til
RASMUSSENGRUPPEN AS, org.nr. 929 477 545,
(«RG») på bakgrunn av en låneavtale inngått
samme dag mellom Selskapet som låntaker og
RG som långiver («RG Låneavtalen»).
Som følge av restruktureringen av Selskapet,
herunder fisjonen, vil Selskapet inngå en
tilleggsavtale til RG Låneavtalen, hvoretter
det gjøres enkelte endringer i de eksisterende
vilkårene for utøvelsen av de frittstående
tegningsrettene utstedt til RG.
På denne bakgrunn foreslår styret at
generalforsamlingen fatter følgende vedtak,
med virkning fra fisjonens ikrafttredelse:
The General Meeting resolved on 30 October
2015 to issue a convertible bond and
subscription rights to RASMUSSENGRUPPEN AS,
org. no. 929 477 545, («RG») on the basis of a
loan agreement entered into on the same date
between the Company as borrower and RG as
lender (the “RG Loan Agreement”).
As a consequence of the restructuring of the
Company, including the de-merger, the
Company will enter into an addendum to the
RG Loan Agreement, whereby certain
amendments are made to the existing
conditions for exercising the subscription
rights issued to RG.
On this basis the Board of Directors proposes
that the General Meeting pass the following
resolution, with effect from the effective date
of the de-merger:
1) Følgende antall frittstående tegnings- 1) The following number of subscription
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retter utstedt av Selskapet til
RASMUSSENGRUPPEN AS, org.nr.
929 477 545, («RG») under en
SEK 340 000 000 secured perpetual
callable subordinated convertible
låneavtale datert 30. oktober 2015, som
endret («RG Låneavtalen») skal bli
effektive: 5 269 944.
2) RGs rett til å konvertere hele eller deler
av lånet under RG Låneavtalen til aksjer i
Selskapet, skal bortfalle i sin helhet.
3) 1 011 312 (dvs. 19,19 %) av RGs
tegningsretter skal bare kunne utøves
dersom Selskapet ikke tilbakebetaler
Interest Amount (som definert i RG
Låneavtalen) innen 30 virkedager etter
gjennomføring av en børsnotering av
Selskapets aksjer. For denne delen av
tegningsrettene utstedt til RG, skal siste
dato for utøvelsesperioden for
tegningsrettene være tidligst 60 dager
etter gjennomføring av slik børsnotering.
4) Utøvelsesprisen for de frittstående
tegningsrettene utstedt til RG skal
justeres til SEK 71,86.
5) Senest datoen som faller fem uker etter
datoen for registreringen i
Foretaksregisteret av fisjonen av
Selskapet, kan RG ved skriftlig notis til
Selskapet utøve en rett til å bytte alle
eller deler av sine frittstående
tegningsretter i Selskapet mot ytterligere
tegningsretter i det overtakende
selskapet i fisjonen, ICE Group
International AS («NewCo
Tegningsretter»). Én tegningsrett i
Selskapet skal byttes mot ni NewCo
Tegningsretter og utøvelsesprisen avtalt
for NewCo Tegningsretter (SEK 7.98) skal
gjelde.
6) Umiddelbart etter ikrafttredelsen av
fisjonen av Selskapet, skal Selskapet
være forpliktet til å betale til ICE Group
International AS, SEK 21.57 multiplisert
med det antall tegningsretter i Selskapet
som RG beslutter at skal byttes i
ytterligere NewCo Tegningsretter i
samsvar med punkt 5 ovenfor. Dette er
vederlag for de tegningsretter i Selskapet
som bortfaller.
rights issued by the Company to
RASMUSSENGRUPPEN AS, org. no.
929 477 545, (“RG”) under a
SEK 340,000,000 secured perpetual
callable subordinated convertible loan
agreement dated 30 October 2015, as
amended (the “RG Loan Agreement”)
shall become effective: 5,269,994.
2) RG’s right to convert the loan (in full or
in parts) under the RG Loan Agreement
into shares in the Company shall lapse.
3) 1,011,312 (ie. 19.19%) of RG’s
subscription rights shall only become
exercisable if the Company fails to repay
the Interest Amount (as defined in the RG
Loan Agreement) within 30 business days
after completion of an initial public
offering of the Company’s shares. To this
part of the subscription rights issued to
RG, the end date of the exercise period
for the subscription rights shall not be
earlier than 60 days post closing of such
initial public offering.
4) The exercise price for the subscription
rights issued to RG shall be adjusted to
SEK 71.86.
5) No later than the date falling five weeks
after the date of the registration with
Foretaksregisteret of the de-merger of
the Company, RG may by written notice
to the Company exercise a right to
exchange all or parts of its subscription
rights in the Company into additional
subscription rights in the transferee
company in the de-merger, ICE Group
International AS (“NewCo Subscription
Rights”). One subscription right in the
Company shall be exchanged into nine
NewCo Subscription Rights and the
exercise price agreed for for NewCo
Subscription Rights (SEK 7.98) shall apply.
6) Immediately following the effective date
of the de-merger of the Company, the
Company shall be obliged to pay to ICE
Group International AS SEK 21.57
multiplied by the number of subscription
rights in the Company which RG
determines shall be exchanged into
additional NewCo Subscription Rights in
accordance with item 5 above. This is a
consideration for the subscription rights
in the Company being terminated.
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7) RG skal betale kontant til Selskapet SEK 2
millioner som vederlag for opsjonen
beskrevet i punkt 5 ovenfor.
8) Denne beslutningen er betinget av og skal
først gjennomføres etter at fisjonen av
Selskapet har trådt i kraft.
7) RG shall pay in cash to the Company SEK
2 million as consideration for the option
described in item 5 above.
8) This resolution is subject to and shall be
completed afer of the effective date of
the de-merger of the Company.
9 Fullmakt til å gjennomføre
kapitalforhøyelse ved tingsinnskudd
9 Authorisation to carry out a capital
increase by contribution in kind
Styret foreslår at generalforsamlingen tildeler
styret fullmakt til å gjennomføre en
kapitalforhøyelse ved tingsinnskudd. Formålet
er å åpne for at de som eier aksjer i AINMT
Holdings AB, bytter disse med aksjer i
Selskapet, og at Selskapet utsteder aksjer som
oppgjør for gjeld til ICE Group International
AS.
På denne bakgrunn foreslår styret at
generalforsamlingen fatter følgende vedtak:
The Board of Directors proposes that the
General Meeting authorises the Board of
Directors to carry out a capital increase by
contribution in kind. The purpose is to allow
the persons holding shares in AINMT Holdings
AB to exchange these with shares in the
Company, and to allow the Company to issue
shares as settlement for debt to ICE Group
International AS.
On this basis the Board of Directors proposes
that the General Meeting pass the following
resolution:
1) Styret gis fullmakt til å forhøye
aksjekapitalen med inntil NOK 7 000 000.
2) Fullmakten gjelder frem til den ordinære
generalforsamlingen i 2019, men uansett
ikke lenger enn til 30. juni 2019.
3) Aksjeeiernes fortrinnsrett etter
aksjeloven og allmennaksjeloven § 10-4
kan fravikes.
4) Fullmakten omfatter kapitalforhøyelse
mot innskudd i andre eiendeler enn
penger, men ikke beslutning om fusjon
etter aksjeloven og allmennaksjeloven §
13-5.
5) Fullmakten kan bare benyttes til å
erverve aksjer i AINMT Holdings AB eller
til å utstede aksjer som oppgjør for gjeld
1) The board of directors shall be authorised
to increase the share capital with up to
NOK 7,000,000.
2) The authorisation shall be valid until the
ordinary General Meeting in 2019,
however in any event no later than until
30 June 2019.
3) The shareholders' pre-emption rights
pursuant to the Private Limited
Companies Act and the Public Limited
Companies Act section 10-14 may be
deviated from.
4) The authorisation includes an increase of
the share capital with contribution in
kind, but not any decision on merger
pursuant to the Private Limited
Companies Act and the Public Limited
Companies Act section 13-5.
5) The authorisation may only be utilized to
acquire shares in AINMT Holdings AB or to
issue shares as settlement of debt to ICE
#7870116/1 7 (10)
til ICE Group International AS. Group International AS.
10 Fullmakt til kjøp og salg av egne aksjer 10 Authorisation to purchase and sell own
shares
Styret foreslår at generalforsamlingen tildeler
styret fullmakt til å erverve og selge egne
aksjer. Med en slik fullmakt kan styret
gjennomføre kjøp og salg av egne aksjer fra
eller til ansatte som deltar eller har deltatt i
Selskapets opsjonsprogram.
På denne bakgrunn foreslår styret at
generalforsamlingen fatter følgende vedtak:
The Board of Directors proposes that the
General Meeting authorises the Board of
Directors to purchase and sell own shares.
With such authorisation, the Board of Directors
may implement purchases and sales of own
shares from and to employees participating, or
which has participated, in the Company’s
option programme.
On this basis the Board of Directors proposes
that the General Meeting pass the following
resolution:
1) Styret gis fullmakt til å erverve og
avhende egne aksjer med samlet
pålydende inntil NOK 10 000 000.
2) Fullmakten gjelder frem til den ordinære
generalforsamlingen i 2019, men uansett
ikke lenger enn til 30. juni 2019.
3) Erverv av egne aksjer skje skal mot et
vederlag på minimum NOK 0 og
maksimum NOK 200 for hver aksje.
4) Erverv og avhendelse av egne aksjer kan
bare skje for å oppfylle
opsjonsprogrammet for Selskapets
ansatte.
1) The board of directors shall be authorised
to purchase and sell own shares with a
total nominal value of up to
NOK 10,000,000.
2) The authorisation shall be valid until the
ordinary General Meeting in 2019,
however in any event no later than until
30 June 2019.
3) The compensation for the purchase of
own shares shall be minimum NOK 0 and
maximum NOK 200 for each share.
4) The purchase and selling of own shares
may only occur to fulfil the option
programme for the Company’s
employees.
11 Kapitalforhøyelse ved tingsinnskudd av
aksjer i AINMT Holdings AB (flip-up)
11 Capital increase by contribution in kind
of shares in AINMT Holdings AB (flip-up)
Styret foreslår at generalforsamlingen fatter
følgende vedtak:
The Board of Directors proposes that the
General Meeting pass the following resolution:
1) Aksjekapitalen forhøyes med
NOK 66 768 226,20 ved utstedelse av
74 186 918 aksjer hver pålydende
NOK 0,90.
1) The share capital is increased by
NOK 66,768,226.20 by issuance of
74 186 918 shares each with a nominal
value of NOK 0.90.
2) Bare AI Media Holdings (NMT) LLC
(Delaware reg.nr. 4645801) kan tegne
aksjer.
2) Only AI Media Holdings (NMT) LLC
(Delaware reg. no. 4645801) may
subscribe for shares.
#7870116/1 8 (10)
3) Aksjene tegnes på særskilt
tegningsdokument innen tre måneder fra
tidspunktet for generalforsamlingens
beslutning (Vedlegg 1).
3) Subscription of shares shall take place on
a distinct subscription form within three
months from the date of the resolution
by the General Meeting (Appendix 1).
4) Det skal betales NOK 98,764214 per aksje,
slik at samlet aksjeinnskudd blir
NOK 7 327 012 642,24.
4) NOK 98.764214 shall be paid per share,
meaning that the total capital
contribution for the shares will be
NOK 7,327,012,642.24.
5) Aksjeinnskuddet skal gjøres opp senest to
uker etter at aksjene er tegnet, men
tidligst rett etter ikrafttredelsen av
fisjonen av Selskapet, ved at AI Media
Holdings (NMT) LLC overfører til
Selskapet 74 186 918 aksjer i AINMT
Holdings AB (bestående av 28 394 348 A-
aksjer og 45 792 570 B-aksjer), svensk
org.nr. 556771-3440, dvs. 58,6161 % av
selskapets totale aksjekapital.
5) The share contribution shall be settled no
later than than two weeks after the
shares are subscribed for, but in any
event not before the effective date of
the de-merger of the Company, by AI
Media Holdings (NMT) LLC transferring to
the Company 74,186,918 shares in AINMT
Holdings AB (comprising of 28,394,348
class A shares and 45,792,570 class B
shares), Swedish org. no. 556771-3440,
i.e. 58.6161% of the company’s total
share capital.
6) Tegneren garanterer at de eier de
aksjene som skal overføres til Selskapet,
jf. punktet ovenfor, og at disse aksjene
er fri for enhver heftelse, herunder at
det ikke knytter seg panteretter,
forkjøpsrett eller andre løsningsretter til
aksjene, og at ingen rettigheter knyttet
til aksjene (herunder utbytte,
fortrinnsrett ved kapitalforhøyelse, mv.)
er skilt fra aksjene. For øvrig overtas
aksjene «som de er», og Selskapet
fraskriver seg herved enhver rett til å
gjøre gjeldende at det foreligger en
mangel ved aksjene etter kjøpsloven § 19
og ethvert annet grunnlag.
7) En nærmere beskrivelse av
tingsinnskuddet følger i styrets
redegjørelse inntatt som Vedlegg 2.
Denne redegjørelsen er bekreftet av
revisor, se Vedlegg 3.
6) The subscriber guarantees that it owns
the shares which shall be transferred to
the Company, and that these shares are
free of any encumbrances, including no
pre-emption right or other right of
redemption to the shares, and that no
rights to the shares (hereunder right to
dividend, preferential rights for capital
increases etc.) are separated from the
shares. Further, the shares are
transferred on an “as is” basis, and the
Company waives any right to claim that
the shares have any defects pursuant to
the Norwegian Sales of Goods Act section
19 or any other legal basis.
7) A more detailed description of the
contribution in kind follows in the
board’s statement included in
Appendix 2. This statement has been
confirmed by an auditor, see Appendix 3.
8) De nye aksjene gir aksjonærrettigheter
fra det tidspunktet kapitalforhøyelsen er
registrert i Foretaksregisteret, herunder
rett til utbytte som vedtas etter
registreringen. Fra samme tidspunkt skal
§ 4 i vedtektene lyde: «Aksjekapitalen er
NOK 111 168 861,30 fordelt på
123 520 957 aksjer hver pålydende
NOK 0,90. Aksjene skal registreres i
Verdipapirsentralen.»
8) The new shares shall carry shareholder
rights in the company from the date on
which the capital increase is registered in
the Register of Business Enterprises,
including the right to receive dividends
resolved after the registration. From the
same date, article 4 of the Articles of
Association shall read: «The share capital
shall be NOK 111,168,861.30 divided on
123,520,957 shares each with a nominal
value of NOK 0.90. The shares shall be
#7870116/1 9 (10)
registered with Verdipapirsentralen.»
9) De anslåtte utgiftene til kapital-
forhøyelsen er på NOK 50 000.
9) The estimated costs related to the
capital increase are NOK 50,000.
10) Gjennomføring av denne beslutningen er
betinget av og skal ikke skje før fisjonen
av Selskapet har trådt i kraft.
10) Implementation of this resolution is
conditional upon and shall not enter into
effect until after the de-merger of the
Company has entered into effect.
Formålet med forslaget er å samle eierskapet i
AINMT Holdings AB i Selskapet. Forslaget
utgjør en del av samme restrukturering som
fisjonen omtalt ovenfor.
***
The purpose of the proposal is to gather the
ownership in AINMT Holdings AB in the
Company. The proposal forms part of the same
restructuring as the de-merger noted above.
***
Styrets forslag til beslutning om fisjon og
fisjonsplanen og øvrige saksdokumenter, jf.
aksjeloven § 13-6 til § 13-11, er gjort
tilgjengelig på www.icegroup.com. Det samme
gjelder redegjørelse fra styret om
kapitalforhøyelsen i sak 11 utarbeidet etter
reglene i aksjeloven § 2-6 (1) og (2), jf.
§ 10-2 (3). For å få tilsendt dokumentene
vederlagsfritt kan aksjeeierne henvende seg til
Anders Koch (e-post
The Board of Directors’ proposed resolutions
regarding the de-merger, as well as the de-
merger plan and other case documents, cf.
Section 13-6 to Section 13-11 of the Private
Limited Companies Act, have been made
available on www.icegroup.com. The same
applies to the statement from the board on
the capital increase in item 11, prepared in
accordance with the Private Limited
Companies Act Section 2-6 (1) and (2), cf.
Section 10-2 (3). The shareholders may contact
Anders Koch (e-mail
[email protected]) to have the
documents sent to them free of charge.
Avskrift av Selskapets seneste årsregnskap,
årsberetning og revisjonsberetning er lagt ut
på Selskapets kontor samtidig med denne
innkallingen, jf. aksjeloven § 10-3 (5).
Etter styrets oppfatning har det siden siste
balansedag ikke inntruffet forhold av vesentlig
betydning for Selskapet.
A copy of the Company’s latest annual
accounts, the board’s report and auditor’s
report has been made available at the
Company’s office at the same time with this
notice convening the General Meeting in
accordance with Section 10-3 (5) of the Private
Limited Companies Act.
The Board of Directors is of the view that no
circumstances of significance to the company
have occurred since the last balance sheet
date.
* * *
#7870116/1 10 (10)
Aksjeeiere som ønsker å delta på
generalforsamlingen, enten personlig eller ved
fullmektig, bes om å gi beskjed om dette til
Selskapet innen 14. juni 2018 kl. 12.00.
Shareholders who wish to participate at the
general meeting either in person or by proxy,
are asked to notify the Company of their
attendance no later than 14 June 2018 at
12:00 (noon) (CET).
Melding om deltakelse kan gis ved å fylle ut og
returnere vedlagte påmeldingsblankett
scannet per epost til [email protected] og
[email protected], alternativt per
post til ICE Group AS, c/o DNB Bank ASA,
Verdipapirservice, postboks 1600 Sentrum,
0021 Oslo, Norge, eller elektronisk via VPS
Investortjenester.
Notification of attendance can be given by
completing and returning the enclosed
attendance form scanned by email to
[email protected] and anders.koch@ icegroup.com,
or alternatively by ordinary mail to ICE Group
AS, c/o DNB Bank ASA, Registrar’s
Department, P.O. Box 1600 Sentrum, 0021
Oslo, Norway, or electronically through VPS
Investor Services.
* * *
1. juni 2018 1 June 2018
ICE Group AS
The Board of Directors
#7870012/1 1 (9)
DE-MERGER PLAN
FOR A DE-MERGER WITH
ICE GROUP AS (AS THE TRANSFEROR COMPANY)
AND
ICE GROUP INTERNATIONAL AS (AS THE TRANSFEREE COMPANY)
www.bahr.no
#7870012/1 2 (9)
1. PARTIES TO THE DE-MERGER
1.1 The transferor company: ICE Group AS («ICE Group»)
Enterprise registration no.: 915 155 995
Municipality of registered office: Oslo
Address: Nydalsveien 18B, 0484 Oslo
1.2 The transferee company: ICE Group International AS («ICE International»)
Enterprise registration no.: 920 598 951
Municipality of registered office: Oslo
Address: Nydalsveien 18B, 0484 Oslo
2. BRIEF DESCRIPTION OF THE DE-MERGER AND ITS RATIONALE
The de-merger entails the transfer by ICE Group of certain specified assets to ICE
International, which is incorporated prior to the de-merger. As consideration for this, the
shareholders of ICE Group shall receive 1 share in ICE International for each share they hold
in ICE Group.
The rationale behind the proposed transfer of ICE Group’s shares in ICE Group International
Holdings BV (as specified in section 3.1 below) to ICE International by way of de-merger is
to separate and maintain the Scandinavian and international subsidiaries of ICE Group in
different corporate structures.
3. COMPLETION OF THE DE-MERGER
3.1 De-merger contribution
ICE International, which was incorporated on 5 March 2018, is the transferee company in
the de-merger.
On the effective date of the de-merger, ICE International shall receive the following assets
from ICE Group:
(a) 4,288 shares in ICE Group International Holdings BV, Dutch enterprise registration no.
62871102, i.e. 38.9795% of the total issued share capital of the company.
In addition, ICE International shall on the effective date of the de-merger issue two
guarantees: one guarantee in favour of RASMUSSENGRUPPEN AS, enterprise registration no.
929 477 545, (“RG”) securing 15% of the repayment obligations of ICE Group from time to
time under a certain loan agreement entered into on 30 October 2015 between ICE Group
as borrower and RG as lender; and one guarantee in favour of Goldentree Asset
Management LLP (“Goldentree”) securing 30% of the repayment obligations from time to
time under a certain loan agreement entered into on 30 September 2015 between AINMT
Holdings AB as borrower and Goldentree as agent for a consortium of financial investors.
#7870012/1 3 (9)
3.2 De-merger consideration. Changes to the share capital and amendments to the Articles
of Association of the transferee company, ICE International
Upon the effective date of the de-merger, the share capital of ICE International shall be
increased by NOK 44,400,635.10, divided on 49,334,039 shares each with a nominal value
of NOK 0.90. As de-merger consideration, the shareholders of ICE Group shall receive 1
share in ICE International for each share they hold in ICE Group.
The shares in ICE International are deemed to be subscribed for by way of the General
Meeting of ICE Group approving the de-merger plan, cf. Section 14-6 (1), cf.
Section 13-3 (3), of the Private Limited Companies Act. The share contribution for these
shares is settled by way of ICE International receiving the abovementioned assets upon
registration of the completion of the de-merger, cf. Section 3.6.
Draft minutes of a General Meeting with proposed resolutions regarding share capital
increase and amendments to the Articles of Association of ICE International are set out in
Appendix 2.1 and shall be deemed to form part of the de-merger plan.
3.3 Changes to the share capital and amendments to the Articles of Association of the
transferor company, ICE Group
ICE Group is the transferor company in the de-merger. The business not transferred to ICE
International in the de-merger will remain and be continued in ICE Group after completion
of the de-merger.
Upon the effective date of the de-merger, the share capital of ICE Group shall be reduced
by NOK 4,933,403.90, whilst the share premium shall be reduced by NOK 165,826,000. The
share capital shall be reduced by the nominal value of each share being reduced from
NOK 1 to NOK 0.90. The Articles of Association of the company shall be amended
accordingly, cf. Appendix 1.1 to the de-merger plan.
3.4 Completion for tax-, accounting- and value added tax purposes
The de-merger shall be effected on a full going-concern basis for tax purposes pursuant to
Chapter 11 of the Tax Act and in accordance with Chapter 14 of the Private Limited
Companies Act.
The de-merger entails a reorganisation with unchanged ownership and shall be accounted
for based on IFRS. The book values reflect information known at the date of this de-merger
plan.
3.5 Allocation of net value and share capital upon the de-merger
Section 11-8 (1) of the Tax Act stipulates that nominal and paid-up share capital shall be
allocated in the same proportion as the net values (based on fair value) are allocated
between the companies.
The fair value (the net value) and the share capital of ICE Group shall be allocated as
follows upon the de-merger:
#7870012/1 4 (9)
ICE Group: 90%
ICE International: 10%
The allocation of the net values is based on the fair value as at the date of signing of the
de-merger plan by the Board of Directors.
Tax positions in ICE Group prior to the de-merger are allocated in accordance with Section
11-8 of the Tax Act.
3.6 Effective date
As from the date of this de-merger plan, transactions in ICE Group that relate to assets to
be transferred to ICE International shall for accounting purposes be deemed to have been
made for the account of the latter, cf. Section 14-4 (1), cf. Section 13-6 (1), No. 2, of the
Private Limited Companies Act.
The effective date of the de-merger for company law purposes is the date on which it is
registered as having been implemented in the Register of Business Enterprises following the
expiry of the six-week creditor notification period, cf. Section 14-8, cf. Section 13-16, of
the Private Limited Companies Act. The following effects of the de-merger will be
implemented as per the said date:
(a) the share capital of ICE Group is reduced;
(b) the share capital of ICE International is increased;
(c) the assets specified in Section 3.1 are transferred to ICE International;
(d) the shares in ICE International are issued to those who are shareholders of ICE Group
as at the same date; and
(e) the de-merger is effected on a going-concern basis for tax purposes in accordance
with the provisions of Chapter 11 of the Tax Act, cf. Section 11-10 of the Tax Act.
As from and including 1 January 2018, any taxable profit or loss shall for tax purposes be
allocated between ICE Group and ICE International in the same proportion as the share
capital is allocated.
4. CONDITIONS PRECEDENT TO THE EXERCISE OF SHAREHOLDER RIGHTS AND
ENTITLEMENTS TO DISTRIBUTIONS
Those who are registered in the Register of Shareholders of ICE Group or who report and
document that they are shareholders of ICE Group on the date on which the de-merger is
registered as implemented in the Register of Business Enterprises, may as from the same
date exercise rights as shareholder of ICE International and be entitled to any dividends
and other distributions on the shares in ICE International that are resolved subsequent to
the registration in the Register of Business Enterprises. Said shareholders shall thereafter
be registered in the Register of Shareholders of ICE International without undue delay.
#7870012/1 5 (9)
5. SPECIAL RIGHTS
RG as lender and ICE Group as borrower have entered into a SEK 340,000,000 secured
perpetual callable subordinated convertible Loan agreement dated 30 October 2015, as
amended (the “Loan”) (the “RG Loan Agreement”).
Pursuant to the RG Loan Agreement, RG may convert the Loan (in full or in parts) into
ordinary shares in ICE Group at a price of SEK 79.84 per share in the period from
disbursement of the Loan to and including 30 October 2019 (the "Conversion Period”) in
accordance with the provisions of the RG Loan Agreement (the “Conversion Rights”).
Further, ICE Group shall upon receiving a notice from RG specifying the amount of the Loan
to be converted in its sole discretion decide on whether the corresponding part of the
accrued and unpaid interest, as well as interest accrued which is not paid in cash to RG on
the relevant interest payment date (“PIK Amount”) with interest (“PIK Interest”) shall be
paid in full in cash or settled by way of ordinary shares at the conversion price of SEK 79.84
per share.
Under the RG Loan Agreement, RG has also been awarded subscription rights (Nw.
frittstående tegningsretter) whereby RG has the right to subscribe for new ordinary shares
in ICE Group in the amount of SEK 340,000,000 at SEK 79.84 per share during the
Conversion Period (the "ICE Group Subscription Rights"). The ICE Group Subscription Rights
shall become effective (in whole or part, corresponding to the part of the Loan called by
ICE Group) if and when ICE Group exercises an option to repay the Loan (in whole or in
parts) before the expiry of the Conversion Period and RG does not convert the Loan (in
whole or in parts) within 2 weeks after such option having been exercised. The ICE Group
Subscription Rights shall become assignable by RG upon becoming effective.
In connection with the restructuring of ICE Group, including the de-merger, ICE Group and
RG have or will enter into an addendum to the RG Loan Agreement (the “RG Addendum”).
Pursuant to the RG Addendum, as of the effective date of the de-merger, all of the
Conversion Rights shall automatically lapse, the ICE Group Subscription Rights shall become
effective and RG shall receive subscription rights in ICE International (the “ICE
International Subscription Rights”). The number of ICE Group Subscription Rights shall be
the outstanding Loan including accrued and unpaid interest, PIK Amounts and PIK Interest
at 1 August 2018 (the “Outstanding Loan”) divided by SEK 79.84. The number of the ICE
International Subscription Rights shall be equal to the ICE Group Subscription Rights and
will constitute 5,269,994.
Under the RG Addendum, ICE Group undertakes not to repay any part of the Outstanding
Loan on or prior to 1 August 2018. Further, ICE Group and ICE International undertake to
procure that the shareholders of ICE Group upon completion of the de-merger receive one
share in ICE International for each share they hold in ICE Group and that AI Media Holdings
(NMT) LLC will own one share in ICE International for each share it holds in AINMT Holdings
AB as at the date of the RG Addendum. In addition, the following terms apply:
(a) The exercise price for the ICE International Subscription Rights shall be SEK 7.98 (the
“ICE International Exercise Price”) and the exercise price for the ICE Group
Subscription Rights shall be adjusted to SEK 71.86, resulting in a combined exercise
price of SEK 79.84 for one ICE International Subscription Right and one ICE Group
Subscription Right. No later than the date falling five weeks after the date of the
#7870012/1 6 (9)
registration with Foretaksregisteret of the de-merger of ICE Group as part of the
Restructuring, RG may by written notice to the Borrower,
(i) exercise a right to prolong the end date for the Conversion Period for the ICE
International Subscription Rights until 31 December 2021, provided that the
ICE International Exercise Price will be adjusted accordingly keeping the value
of the ICE International Subscription Rights unchanged assuming a 40%
volatility using the Black-Scholes option pricing formula, and/or
(ii) exercise a right to exchange all or parts of the ICE Group Subscription Rights
into additional ICE International Subscription Rights. For the avoidance of
doubt, one ICE Group Subscription Right shall be exchanged into nine ICE
International Subscription Rights and the exercise price for ICE International
Subscription Rights shall apply.
(b) The ICE International Subscription Rights and the ICE Group Subscription Rights shall
be exercisable at any time from the effective date of the de-merger and for the
entire Conversion Period, provided that:
(i) 19.19% of the ICE International Subscription Rights, and
(ii) 19.19% of the ICE Group Subscription Rights,
shall only become exercisable if ICE Group, within 30 business days after completion
of an initial public offering of ICE Group’s shares (the “IPO”), fails to repay in cash
all accrued and unpaid interest, PIK Amounts and PIK Interest outstanding under the
RG Loan Agreement at the time of completion of the IPO. To this part of the ICE
International Subscription Rights and ICE Group Subscription Rights, the end date of
the Conversion Period shall not be earlier than 60 days post closing of the IPO.
(c) The other terms of the ICE Group Subscription Rights shall apply to the ICE
International Subscription Rights mutatis mutandis.
Upon the effective date of the de-merger, and provided that RG has not converted all the
ICE Group Subscription Rights into ICE International Subscription Rights, the parties will
seek to agree on an exchange of the remaining ICE Group Subscription Rights for additional
ICE International Subscription Rights on identical economic terms as the existing ICE
International Subscription Rights, keeping the total value of the subscription rights
unchanged after such exchange.
Immediately following the effectivate date of the de-merger:
(d) ICE Group shall be obligated to pay to ICE International SEK 21.57 multiplied by the
number of ICE Group Subscription Rights which RG determines shall be exchanged
into additional ICE International Subscription Rights pursuant to 5 (a) (ii) above, and
the payment of this amount by ICE Group to ICE International shall be deemed to
constitute i) settlement for the ICE Group Subscription Rights being terminated, and
ii) consideration payable on behalf of RG for the ICE International Subscription Rights
being issued pursuant to 5 (a) (ii); and
#7870012/1 7 (9)
(e) RG shall pay in cash to ICE Group SEK 2 million as consideration for the option
described in 5 (a) (ii) above where RG may determine to what extent the majority of
its subscription rights shall remain in ICE Group or be transferred to ICE
International.
Except as set out above, no shareholders have special rights in ICE Group.
No special rights or benefits shall accrue to any Director or General Manager of ICE Group
or ICE International upon the de-merger.
6. NO DISTRIBUTIONS
ICE International shall not be entitled to distribute any dividends or make any other
distributions on the shares from signing of the de-merger plan until the effective date of
the de-merger without the consent of all shareholders of ICE Group.
7. COSTS
The costs associated with the de-merger shall be covered by the companies in the same
proportion as they receive values.
8. REPORT ON THE DE-MERGER AND EXPLANATORY STATEMENT ON THE DE-MERGER PLAN
8.1 Report on the de-merger
The Boards of Directors of ICE Group have prepared a report on the de-merger and its
implications for the company in accordance with Section 14-4 (3), cf. Section 13-9, of the
Private Limited Companies Act. The report is set out in Appendix 1.2.
The sole shareholder of ICE International has consented to that no report on the de-merger
is prepared in accordance with the requirements under Section 13-9 (1), cf. Sections
14-4 (3) and 13-9 (2), of the Private Limited Companies Act.
Since neither ICE Group, nor ICE International, has any employees, the Boards of Directors
have not prepared any report on the potential implications of the de-merger for employees
of the companies, cf. Section 13-9 (2), second sentence.
8.2 Explanatory statement on the de-merger plan
The Board of Directors of ICE Group has prepared an explanatory statement on the de-
merger plan in compliance with Section 14-4 (3), cf. Section 13-10 (1) and (2) and Section
2-6 (2), of the Private Limited Companies Act. The explanatory statement is set out in
Appendix 1.4. The auditors’ confirmation of the explanatory statement is enclosed as
Appendix 1.5.
The sole shareholder of ICE International has consented to that no explanatory statement
on the de-merger plan fulfilling the requirements under Sections 13-10 (1) and (2) of the
Private Limited Companies Act is prepared, cf. Sections 14-4 (3) and 13-10 (4) of the
Private Limited Companies Act. The Board of Directors of ICE International has therefore
only prepared an explanatory statement in accordance with Section 13-10 (3), cf. Sections
10-2 (3) and 2-6 (1) and (2), of the Private Limited Companies Act. The explanatory
statement is set out in Appendix 2.2. The auditors’ confirmation of the explanatory
statement is enclosed as Appendix 2.3.
#7870012/1 8 (9)
9. FINANCIAL STATEMENTS AND ARTICLES OF ASSOCIATION
The most recent annual financial statement and annual report, including auditors’ report,
of ICE Group are set out in Appendix 1.3.
The current Articles of Association of ICE International are set out in Appendix 2.4. ICE
International was incorporated on 5 March 2018 and has not yet prepared any annual
financial statement or annual report.
10. EMPLOYEE MATTERS
Neither ICE Group nor ICE International has any employees.
11. UNKNOWN/INADVERTENTLY OMITTED ASSETS, RIGHTS, OBLIGATIONS AND LIABILITIES
If it turns out that ICE Group upon signing of the de-merger plan had any assets, rights,
obligations or liabilities which have not been included or taken into consideration in
preparing the plan, and which are not related to the assets allocated upon the de-merger,
the value of the assets/rights or liabilities/obligations shall be allocated in the same
proportion as the share capital of ICE Group is allocated upon the de-merger. This also
includes any claims made after the signing of the plan on the basis of earlier matters,
including, inter alia, any claims in relation to damages or taxes.
12. AMENDMENTS
The Boards of Directors of ICE Group and ICE International are authorised to jointly make
minor amendments to the de-merger plan without submitting these to the General
Meeting, including any amendment to the RG Addendum which the Board of Directors find
appropriate and necessary.
***
(signature page to follow)
#7870012/1 9 (9)
Oslo, on 1 June 2018
The Board of Directors of ICE Group AS
By: sign.
By: sign.
Name: Johan Bernt Michelsen Name: Hermann Siegfried Jörg Mohaupt
By: sign.
Name: Trygve Lauvdal
The Board of Directors of ICE Group International AS
By: sign.
Name: Henning Karlsrud (Chairman)
***
#7870012/1 1 (1)
APPENDICES TO DE-MERGER PLAN
1. ICE Group as the transferor company
1.1 Articles of Association of ICE Group subsequent to the de-merger
1.2 Report on the de-merger from the Board of Directors of ICE Group
1.3 The most recent annual financial statement and annual report, including auditors’ report,
of ICE Group
1.4 Explanatory statement on the de-merger plan from the Board of Directors of ICE Group
1.5 Confirmation from the auditors of the explanatory statement of the Board of Directors
2. ICE International as the transferee company
2.1 Draft minutes of a General Meeting with proposed resolutions on share capital increase and
amendments to the Articles of Association of ICE International
2.2 Explanatory statement on the de-merger plan from the Board of Directors of ICE
International
2.3 Confirmation from the auditors of the explanatory statement of the Board of Directors
2.4 Current Articles of Association
#7870012/1 1 (1)
Appendix 1.1
ARTICLES OF ASSOCIATION
OF
ICE GROUP AS
(In effect upon completion of the de-merger)
§ 1
Foretaksnavn
Selskapets foretaksnavn er ICE Group AS.
§ 2
Forretningskommune
Selskapet har sitt forretningskontor i Oslo.
§ 3
Selskapets virksomhet
Selskapets virksomhet er å eie og eventuelt avhende aksjer i AINMT Holdings AB.
§ 4
Aksjekapitalen
Aksjekapitalen er NOK 44 400 635,10 fordelt på 49 334 039 aksjer hver pålydende NOK 0,90. Aksjene
skal registreres i Verdipapirsentralen.
§ 5
Samtykke til aksjeerverv. Forkjøpsrett
Erverv av aksjer er ikke betinget av samtykke fra selskapet. Aksjeeierne har ikke forkjøpsrett iht.
aksjeloven.
§ 6
Innkalling til og informasjon til aksjeeierne i forbindelse med generalforsamling
Innkalling til generalforsamling skal sendes på papir til alle aksjeeiere med kjent adresse, men kan
sendes elektronisk til aksjeeiere som uttrykkelig har godtatt dette.
Når dokumenter som gjelder saker som skal behandles på generalforsamlingen, er gjort tilgjengelige
for aksjeeierne på selskapets internettsider, gjelder ikke lovens krav om at dokumentene skal
sendes til aksjeeierne. Dette gjelder også dokumenter som etter lov skal inntas i eller vedlegges
innkallingen til generalforsamlingen. En aksjeeier kan likevel kreve å få tilsendt dokumenter som
gjelder saker som skal behandles på generalforsamlingen.
#7870012/1 1 (2)
Appendix 1.2
To the General Meeting of ICE Group AS («ICE Group»)
REPORT FROM THE BOARD OF DIRECTORS ON THE DE-MERGER OF ICE GROUP
1. The de-merger
This report on the de-merger of ICE Group is prepared by the Board of Directors of the company
pursuant to Section 14-4 (3), cf. Section 13-9, of the Private Limited Companies Act.
ICE Group will upon the de-merger transfer certain assets as further specified in the de-merger plan
to ICE Group International AS («ICE International»), which is incorporated prior to the de-merger. In
consideration for this, the shareholders of ICE Group will receive 1 share in ICE International for
each share they hold in ICE Group. The de-merger shall be effected on a full going-concern basis for
tax purposes.
2. Rationale behind the de-merger
The rationale behind the de-merger proposal of the Board of Directors is to separate and maintain
the Scandinavian and international subsidiaries of ICE Group in different corporate structures.
3. Implications for ICE Group
The de-merger implies that the net fair value in ICE Group shall be allocated with 90% on ICE Group
and 10% on ICE International. The exchange ratio is based on the fair value of ICE International and
the assets of ICE Group allocated in the de-merger.
ICE Group is the transferor company in the de-merger. The business not transferred to ICE
International in the de-merger will remain and be continued in ICE Group after completion of the
de-merger.
Upon the effective date of the de-merger, the share capital of ICE Group shall be reduced by NOK
4,933,403.90, whilst the share premium shall be reduced by NOK 165,826,000. The share capital
shall be reduced by the nominal value of each share being reduced from NOK 1 to NOK 0.90. The
Articles of Association of the company shall be amended accordingly, cf. Appendix 1.1 to the de-
merger plan.
4. Implications for the employees
Neither ICE Group nor ICE International has any employees.
***
(signature page to follow)
#7870012/1 2 (2)
Oslo, on 1 June 2018
The Board of Directors of ICE Group AS
By: sign.
By: sign.
Name: Johan Bernt Michelsen Name: Hermann Siegfried Jörg Mohaupt
By: sign.
Name: Trygve Lauvdal
#7870012/1 1 (1)
Appendix 1.3
THE MOST RECENT ANNUAL FINANCIAL STATEMENT AND ANNUAL REPORT, INCLUDING AUDITORS’
REPORT, OF ICE GROUP AS
#7870012/1 1 (2)
Appendix 1.4
To the General Meeting of ICE Group AS («ICE Group»)
EXPLANATORY STATEMENT FROM THE BOARD OF DIRECTORS ON THE DE-MERGER PLAN FOR THE
DE-MERGER OF ICE GROUP
1. Brief overview of the de-merger
This explanatory statement on the de-merger plan dated 1 June 2018 2018 is prepared by the Board
of Directors of ICE Group pursuant to Section 14-4 (3), cf. Section 13-10 (1) and (2) and
Section 2-6 (2), of the Private Limited Companies Act.
ICE Group will upon the de-merger transfer certain assets as further specified in the de-merger plan
to ICE Group International AS («ICE International»), which is incorporated prior to the de-merger. In
consideration for this, the shareholders of ICE Group will receive 1 share in ICE International for
each share they hold in ICE Group.
2. Principles for determination of the consideration to the shareholders, cf.
Section 13-10 (2) of the Private Limited Companies Act
The determination of the consideration to the shareholders, including the exchange ratio between
the shares in the transferor company and the transferee company, is based on the fair value as at
the signing of the de-merger plan of ICE International and the assets of ICE Group allocated in the
de-merger.
The de-merger entails a reorganisation with unchanged ownership and shall be accounted for based
on IFRS. The book values reflect information known at the date of this statement.
The shares of ICE Group International Holdings BV are valued based on the equity method in ICE
Group AS, since there are no indications of impairment of such shares upon signing of the plan. The
Board of Directors has obtained a valuation dated 30 May 2018 which has served as basis for the
assessment.
The method adopted in the valuation is deemed to be appropriate.
The Board of Directors is of the view that the consideration to the shareholders, including the
exchange ratio between the shares in the transferor company and the transferee company, is
reasonable and well founded.
No particular difficulties have been encountered in determining the consideration.
***
(signature page to follow)
#7870012/1 2 (2)
Oslo, on 1 June 2018
The Board of Directors of ICE Group AS
By: sign.
By: sign.
Name: Johan Bernt Michelsen Name: Hermann Siegfried Jörg Mohaupt
By: sign.
Name: Trygve Lauvdal
#7870012/1 1 (1)
Appendix 1.5
CONFIRMATION FROM THE AUDITORS OF THE EXPLANATORY STATEMENT OF THE BOARD OF
DIRECTORS OF ICE GROUP AS INCLUDED IN APPENDIX 1.4
#7870012/1 1 (7)
Appendix 2.1
(Unofficial translation. The official language of these minutes is Norwegian. In the event of any discrepancies between the Norwegian and English text, the Norwegian text shall precede.)
PROTOKOLL FRA
EKSTRAORDINÆR GENERALFORSAMLING
I
ICE GROUP INTERNATIONAL AS
(org.nr. 920 598 951)
MINUTES FROM
EXTRAORDINARY GENERAL MEETING
IN
ICE GROUP INTERNATIONAL AS
(org. no. 920 598 951)
Den [date] 2018 ble det avholdt ekstraordinær
generalforsamling i ICE Group International AS
(«Selskapet») i Selskapets lokaler.
[Name of chair of the meeting] åpnet
generalforsamlingen og registrerte at
Selskapets eneste aksjeeier, AI Media Holdings
(NMT) LLC, var representert ved [name] [som
fremviste skriftlig og datert fullmakt].
Samtlige aksjeeiere var således representert.
Til behandling lå følgende saker:
On [date] 2018, an Extraordinary General
Meeting of ICE Group International AS (the
“Company») was held at the premises of the
Company.
[Name of chair of the meeting] opened the
General Meeting and noted that the sole
shareholder of the company, AI Media Holdings
(NMT) LLC, was represented by [name] [who
presented a written and dated proxy]. Thus,
all shareholders were represented.
The following matters were on the agenda:
1 Valg av møteleder og person til å
undertegne protokollen sammen med
møtelederen
1 Appointment of chair of the meeting
and person to sign the minutes together
with the chair
[møteleder] ble valgt til møteleder.
[medundertegner] ble valgt til å undertegne
protokollen sammen med møtelederen.
[The chair of the meeting] was appointed to
chair the meeting. [The countersignatory] was
appointed to sign the minutes together with
the chair of the meeting.
2 Godkjennelse av innkallingen og
dagsordenen
2 Approval of the notice of meeting and
agenda
Innkallingen og dagsordenen ble godkjent.
Endelig bekreftet eneaksjeeieren uttrykkelig
at den har samtykket til at styret ikke
utarbeider en redegjørelse for fisjonsplanen i
samsvar med aksjeloven § 13-10 (1) og (2),
The notice of meeting and agenda were
approved.
Further, the sole shareholder expressly
confirmed that it have consented to the Board
of Directors not preparing an explanatory
statement on the de-merger plan in
#7870012/1 2 (7)
eller en rapport om fisjonen som oppfyller
kravene i § 13-9 (1).
accordance with Section 13-10 (1) and (2) of
the Private Limited Companies Act, nor a
report on the de-merger fulfilling the
requirements under Section 13-9 (1).
3 Kapitalnedsettelse 3 Capital reduction
I samsvar med styrets forslag fattet
generalforsamlingen følgende vedtak om
kapitalnedsettelse:
Aksjekapitalen nedsettes med NOK 30 000 fra
NOK 30 000 til NOK 0. Nedsettingsbeløpet skal
utdeles til selskapets eneste aksjeeier.
Kapitalnedsettelsen gjennomføres ved at
samtlige aksjer i selskapet innløses.
Gjennomføringen av denne beslutning er
betinget av at det gjennomføres en
kapitalforhøyelse som angitt i neste punkt
nedenfor.
In accordance with the proposal by the Board
of Directors, the General Meeting adopted the
following resolution regarding capital
reduction:
The share capital shall be reduced by
NOK 30,000 from NOK 30,000 to NOK 0. The
amount thus reduced shall be distributed to
the sole shareholder of the company. The
share capital reduction shall be implemented
by the redemption of all shares of the
company. The completion of this resolution
shall be conditional upon the completion of a
share capital increase as indicated in the next
section below.
4 Kapitalforhøyelse ved tingsinnskudd av
aksjer i ICE Group International Holdings
BV
4 Capital increase by contribution in kind
of shares in ICE Group International
Holdings BV
I samsvar med styrets begrunnede forslag
fattet generalforsamlingen følgende vedtak om
kapitalforhøyelse:
In accordance with the substantiated proposal
by the Board of Directors, the General Meeting
adopted the following resolution regarding
capital increase:
1) Aksjekapitalen forhøyes med
NOK 66 768 226,20 ved utstedelse av
74 186 918 aksjer hver pålydende
NOK 0,90.
1) The share capital is increased by
NOK 66,768,226.20 by issuance of
74,186,918 shares each with a nominal
value of NOK 0.90.
2) Bare AI Media Holdings (NMT) LLC
(Delaware reg.nr. 4645801) kan tegne
aksjer.
2) Only AI Media Holdings (NMT) LLC
(Delaware reg. no. 4645801) may
subscribe for shares.
3) Aksjene tegnes på særskilt
tegningsdokument innen innen tre
måneder fra tidspunktet for
generalforsamlingens beslutning (Vedlegg
1).
3) Subscription of shares shall take place on
a distinct subscription form within three
months from the date of the resolution
by the General Meeting (Appendix 1).
4) Det skal betales NOK 6,692657169 per
aksje, slik at samlet aksjeinnskudd blir
NOK 496 507 608,57.
4) NOK 6.692657169 shall be payable per
share, meaning that the total capital
contribtion for the shares will be
#7870012/1 3 (7)
NOK 496,507,608.57.
5) Aksjeinnskuddet skal gjøres opp senest to
uker etter at aksjene er tegnet ved at AI
Media Holdings (NMT) LLC overfører til
Selskapet 6 448 aksjer i ICE Group
International Holdings BV, nederlansk
org. no. 62871102, dvs. 58,6161 % av
selskapets totale aksjekapital.
5) The share contribution shall be settled no
later than two weeks after the shares are
subscribed for by AI Media Holdings (NMT)
LLC transferring to the Company 6,448
shares in ICE Group International Holdings
BV, Dutch company no. 62871102, i.e.
58.6161% of the company’s total share
capital.
6) Tegneren garanterer at den eier de
aksjene som skal overføres til Selskapet,
jf. punktet ovenfor, og at disse aksjene
er fri for enhver heftelse, herunder at
det ikke knytter seg panteretter,
forkjøpsrett eller andre løsningsretter til
aksjene, og at ingen rettigheter knyttet
til aksjene (herunder utbytte,
fortrinnsrett ved kapitalforhøyelse, mv.)
er skilt fra aksjene. For øvrig overtas
aksjene «som de er», og Selskapet
fraskriver seg herved enhver rett til å
gjøre gjeldende at det foreligger en
mangel ved aksjene etter kjøpsloven § 19
og ethvert annet grunnlag.
7) En nærmere beskrivelse av
tingsinnskuddet følger av styrets
redegjørelse inntatt som Vedlegg 2 til
denne prtokollen. Denne redegjørelsen er
bekreftet av revisor, se Vedlegg 3.
6) The subscriber guarantees that it owns
the shares which shall be transferred to
the Company, cf. the section above, and
that these shares are free of any
encumbrances, including no pre-emption
right or other right of redemption to the
shares, and that no rights to the shares
(hereunder right to dividend, preferential
rights for capital increases etc.) are
separated from the shares. Further, the
shares are transferred on an “as is” basis,
and the Company waives any right to
claim that the shares have any defects
pursuant to the Norwegian Sales of Goods
Act section 19 or any other legal basis.
7) A more detailed description of the
contribution in kind follows in the
board’s statement included in Appendix 2
to these minutes. This statement has
been confirmed by an auditor, see
Appendix 3.
8) De nye aksjene gir aksjonærrettigheter
fra det tidspunktet kapitalforhøyelsen er
registrert i Foretaksregisteret, herunder
rett til utbytte som vedtas etter
registreringen. Fra samme tidspunkt skal
§ 4 i vedtektene lyde: «Aksjekapitalen er
NOK 66 768 226,20 fordelt på 74 186 918
aksjer hver pålydende NOK 0,90.»
8) The new shares shall carry shareholder
rights in the company from the date on
which the capital increase is registered in
the Register of Business Enterprises,
including the right to receive dividends
resolved after the registration. From the
same date, article 4 of the Articles of
Association shall read: «The share capital
is NOK 66,768,226.20 divided on
74,186,918 shares each with a nominal
value of NOK 0.90.»
9) De anslåtte utgiftene til
kapitalforhøyelsen er på NOK 50 000.
9) The estimated costs of the capital
increase are NOK 50,000.
#7870012/1 4 (7)
5 Fullmakt til å gjennomføre
kapitalforhøyelse ved tingsinnskudd
5 Authorisation to carry out a capital
increase by contribution in kind
I samsvar med styrets begrunnede forslag
fattet generalforsamlingen følgende vedtak:
In accordance with the substantiated proposal
by the Board of Directors, the General Meeting
adopted the following resolution:
1) Styret gis fullmakt til å forhøye
aksjekapitalen med inntil NOK 5 000 000.
2) Fullmakten gjelder frem til den ordinære
generalforsamlingen i 2019, men uansett
ikke lenger enn til 30. juni 2019.
3) Aksjeeiernes fortrinnsrett etter
aksjeloven og allmennaksjeloven § 10-4
kan fravikes.
4) Fullmakten omfatter kapitalforhøyelse
mot innskudd i andre eiendeler enn
penger, men ikke beslutning om fusjon
etter aksjeloven og allmennaksjeloven §
13-5.
5) Fullmakten kan bare benyttes til å
erverve aksjer i ICE Group International
Holdings BV.
1) The board of directors shall be authorised
to increase the share capital with up to
NOK 5,000,000.
2) The authorisation shall be valid until the
ordinary General Meeting in 2019,
however in any event no later than until
30 June 2019.
3) The shareholders' pre-emption rights
pursuant to the Private Limited
Companies Act and the Public Limited
Companies Act section 10-14 may be
deviated from.
4) The authorisation includes an increase of
the share capital with contribution in
kind, but not any decision on merger
pursuant to the Private Limited
Companies Act and the Public Limited
Companies Act section 13-5.
5) The authorisation may only be utilized to
acquire shares in ICE Group International
Holdings BV.
6 Fisjon av ICE Group AS der Selskapet er
overtakende selskap
6 De-merger of ICE Group AS with the
Company as the transferee company
Generalforsamlingen vurderte hvorvidt det
hadde skjedd verdiendringer av betydning for
bytteforholdet for fisjonen etter styrets
signering av fisjonsplanen, men fant at det
ikke var tilfellet.
I samsvar med styrets forslag fattet
generalforsamlingen følgende vedtak om
fisjon:
The General Meeting considered whether there
had been any changes in value of significance
to the exchange ratio of the de-merger after
the signing of the de-merger plan by the Board
of Directors, but concluded that such was not
the case.
In accordance with the proposal of the Board
of Directors, the General Meeting adopted the
following resolution regarding de-merger:
Fisjonsplan datert 1. juni 2018 for fisjon av
ICE Group AS, org.nr. 915 155 995 («ICE
Group») godkjennes.
Ved fisjonens ikrafttredelse overfører ICE
The de-merger plan dated 1 June 2018 for the
de-merger of ICE Group AS, org. no
915 155 995 (“ICE Group”) is approved.
Upon the effective date of the de-merger, ICE
#7870012/1 5 (7)
Group nærmere angitte eiendeler til
Selskapet, som er overtakende selskap. Den
nærmere fordeling av eiendeler på ICE Group
og Selskapet fremgår av redegjørelsen for
fisjonsplanen inntatt i vedlegg 2.2 til
fisjonsplanen.
Fisjonen innebærer at netto virkelig verdi i
ICE Group fordeles med 90 % på ICE Group og
10 % på Selskapet. Bytteforholdet er basert på
virkelig verdi av Selskapet og de eiendeler i
ICE Group som fordeles ved fisjonen.
Ved fisjonens ikrafttredelse nedsettes
aksjekapitalen i ICE Group med NOK 4 933
403,90 mens overkursen reduseres med NOK
165 826 000. Aksjekapitalen settes ned ved at
pålydende per aksje reduseres fra NOK 1 til
NOK 0,90.
Denne beslutningen skal straks meldes til
Foretaksregisteret.
Group transfers further specified assets and
liabilities to the Company, which is the
transferee company. The specific allocation of
assets and liabilities between ICE Group and
The Company is stipulated in the explanatory
statement on the de-merger plan set out in
Appendix 2.2 to the de-merger plan.
The de-merger implies that the net fair value
in ICE Group shall be allocated with 90% on
ICE Group and 10% on The Company. The
exchange ratio is based on the fair value of
The Company and the assets in ICE Group
allocated in the de-merger.
Upon the effective date of the de-merger, the
share capital of ICE Group shall be reduced by
NOK 4,933,403.90, whilst the share premium
shall be reduced by NOK 165,826,000. The
share capital shall be reduced by the nominal
value of each share being reduced from NOK 1
to NOK 0.90.
This resolution shall be reported to the
Register of Business Enterprises immediately.
7 Kapitalforhøyelse som følge av fisjonen 7 Capital increase as a consequence of the
de-merger
På bakgrunn av vedtaket om fisjon ovenfor
traff generalforsamlingen følgende vedtak:
Against the background of the above de-
merger resolution, the General Meeting
adopted the following resolution:
1) Aksjekapitalen forhøyes med NOK 44 400
635,10 ved utstedelse av 49 334 039
aksjer hver pålydende NOK 0,90.
1) The share capital is increased by
NOK 44,400,635.10 by issuance of
49,334,039 shares each with a nominal
value of NOK 0.90.
2) Aksjene utstedes til aksjeeierne i ICE
Group AS («ICE Group») og anses tegnet
ved at generalforsamlingen i ICE Group
godkjenner fisjonsplanen datert 1. juni
2018 for fisjon av ICE Group.
2) The shares shall be issued to the
shareholders of ICE Group AS («ICE
Group») and are deemed to be subscribed
for by way of the General Meeting of ICE
Group approving the de-merger plan
dated 1 June 2018 for the de-merger of
ICE Group.
3) Det skal betales NOK 6,692657169 per
aksje, slik at samlet aksjeinnskudd blir
NOK 330 175 809,77.
3) NOK 6.692657169 shall be payable per
share, meaning that the total capital
contribution for the shares will be
NOK 330,175,809.77.
#7870012/1 6 (7)
4) Aksjeinnskuddet gjøres opp ved at
Selskapet idet fisjonen trer i kraft,
mottar fra ICE Group 4 288 aksjer i ICE
Group International Holdings BV,
nederlandsk org.nr. 62871102, dvs.
38,9795% av den totale utstedte
aksjekapitalen i selskapet.
4) The share contribution shall settled by
way of the Company receiving, upon the
de-merger entering into effect, from ICE
Group 4,288 shares in ICE Group
International Holdings BV, Dutch
enterprise registration no. 62871102, i.e.
38.9795% of the total issued share capital
of the company.
5) For en nærmere beskrivelse av
tingsinnskuddet vises det til
redegjørelsen inntatt i vedlegg 2.2 til
fisjonsplanen. Denne redegjørelsen er
bekreftet av revisor, se vedlegg 2.3 til
fisjonsplanen.
5) Reference is made to the explanatory
statement included in Appendix 2.2 to
the de-merger plan for a more detailed
description of the contribution-in-kind.
The said explanatory statement is
confirmed by the auditors; see Appendix
2.3 to the de-merger plan.
6) De nye aksjene gir aksjonærrettigheter i
selskapet fra det tidspunkt fisjonen er
registrert gjennomført i
Foretaksregisteret, herunder rett til
utbytte som vedtas deretter. Fra samme
tidspunkt skal § 4 i vedtektene lyde:
«Aksjekapitalen er NOK 111 168 861,30
fordelt på 123 520 957 aksjer hver
pålydende NOK 0,90.»
6) The new shares shall carry shareholder
rights in the company from the date on
which the de-merger is registered as
implemented in the Register of Business
Enterprises, including the right to receive
dividends resolved thereafter. From the
same date, article 4 of the Articles of
Association shall read: «The share capital
is NOK 111,168,861.30 divided on
123,520,957 shares each with a nominal
value of NOK 0.90.»
7) De anslåtte utgiftene til
kapitalforhøyelsen er på NOK 50 000.
7) The expenses associated with the share
capital increase are estimated at
NOK 50,000.
8) Gjennomføring av denne beslutningen er
betinget av at fisjonen av ICE Group trer i
kraft.
8) Completion of this resolution is
conditional upon the de-merger of ICE
Group entering into effect.
* * * * * *
Det forelå ikke flere saker til behandling og
generalforsamlingen ble hevet.
No further matters were on the agenda and
the General Meeting was adjourned.
* * * * * *
(Signaturside følger) (Signature page follows)
#7870012/1 7 (7)
* * *
By: _______________________________
By: ______________________________
Name: [Name of chair of the meeting] Name: [Name of countersignatory]
#7870012/1 1 (4)
Appendix 2.2
(Unofficial translation. The official language of
this document is Norwegian. In the event of any
discrepancies between the Norwegian and
English text, the Norwegian text shall
precede.)
Til generalforsamlingen i ICE Group
International AS, org.nr. 920 598 951
(«Selskapet»)
To the General Meeting of ICE Group
International AS, org. no. 920 598 951 (the
«Company»)
REDEGJØRELSE FRA STYRET FOR
FISJONSPLAN DATERT 1. juni 2018 DER
SELSKAPET ER OVERTAKENDE SELSKAP
EXPLANATORY STATEMENT FROM THE BOARD
OF DIRECTORS ON THE DE-MERGER PLAN
DATED 1 June 2018 WITH THE COMPANY AS
THE TRANSFEREE COMPANY
1 Beskrivelse av fisjonsinnskuddet, jf.
aksjeloven § 2 6 (1) nr. 1 til 3
1 Description of the de-merger
contribution, cf. Section 2-6 (1), Nos. 1 to
3, of the Private Limited Companies Act
Eneaksjeeieren i Selskapet har samtykket i at
det ikke utarbeides en redegjørelse for
fisjonsplanen som oppfyller kravene i
aksjeloven § 13-10 (1) og (2), jf. § 14-4 (3) og
§ 13-10 (4). Styret har derfor bare utarbeidet
en redegjørelse i samsvar med aksjeloven
§ 13-10 (3), jf. § 10-2 (3) og § 2-6 (1) og (2).
Som det fremgår av fisjonsplanen, vil
Selskapet motta følgende eiendeler fra ICE
Group AS («ICE Group») ved gjennomføringen
av fisjonen («Fisjonsinnskuddet»):
4 288 aksjer i ICE Group International
Holdings BV, nederlandsk org.nr.
62871102, dvs. 38,9795% av den totale
utstedte aksjekapitalen i selskapet.
Det vises til siste årsregnskap for ICE Group
International Holdings BV for nærmere
The sole shareholder of the Company has
consented to that no explanatory statement on
the de-merger plan fulfilling the requirements
in Section 13-10 (1) and (2) of the Private
Limited Companies Act is prepared, cf.
Sections 14-4 (3) and 13-10 (4) of the Private
Limited Companies Act. The Board of Directors
has therefore only prepared an explanatory
statement in accordance with Section 13-10
(3), cf. Section 10-2 (3) and Section 2-6 (1)
and (2), of the Private Limited Companies Act.
The Company will, as noted in the de-merger
plan, receive the following assets from ICE
Group AS («ICE Group») upon the completion
of the de-merger (the “De-merger
Contribution”):
4,288 shares in ICE Group International
Holdings BV, Dutch enterprise
registration no. 62871102, i.e.
38.9795% of the total issued share
capital of the company.
Reference is made to the most recent annual
financial statements of ICE Group International
#7870012/1 2 (4)
informasjon om Ice Group International
Holdings BV.
I tillegg skal Selskapet når fisjonen trer i kraft
utstede to garantier: en garanti i favør av
RASMUSSENGRUPPEN AS, org.nr. 929 477 545,
(«RG») som sikrer 15% av
tilbakebetalingsforpliktelsene til ICE Group
under en låneavtale inngått 30. oktober 2015
mellom ICE Group som låntaker og
Rasmussengruppen AS som långiver; og en
garanti i favør av Goldentree Asset
Management LLP («Goldentree») som sikrer
30% av tilbakebetalingsforpliktelsene under en
låneavtale inngått 30. september 2015 mellom
AINMT Holdings AB som låntaker og Goldentree
som agent for et konsortium av finansielle
investorer.
Overføringen av Fisjonsinnskuddet til Selskapet
medfører en omorganisering med uendret
eierskap og skal regnskapsføres etter IFRS. De
bokførte verdier er vurdert ut fra kjent
informasjon på dagen for denne redegjørelsen.
Aksjene i ICE Group International Holdings BV
er vurdert til den bokførte verdien av
egenkapitalen i ICE Group AS, siden det ikke
foreligger indikasjoner på verdifall for disse
aksjene ved signeringen av planen.
Virkelig verdi overstiger etter styrets
oppfatning balanseført verdi av de eiendeler
som Selskapet overtar.
Styret er ikke kjent med øvrige forhold som
kan være av betydning for bedømmelsen av de
eiendeler som overføres ved fisjonen.
Holdings BV for further information on ICE
Group International Holdings BV.
In addition, ICE International shall on the
effective date of the de-merger issue two
guarantees: one guarantee in favour of
RASMUSSENGRUPPEN AS, enterprise registration
no. 929 477 545, (“RG”) securing 15% of the
repayment obligations of ICE Group from time
to time under a certain loan agreement entered
into on 30 October 2015 between ICE Group as
borrower and RG as lender; and one guarantee
in favour of Goldentree Asset Management LLP
(“Goldentree”) securing 30% of the repayment
obligations from time to time under a certain
loan agreement entered into on 30 September
2015 between AINMT Holdings AB as borrower
and Goldentree as agent for a consortium of
financial investors.
The transfer of the De-merger Contribution to
the Company entails a reorganisation with
unchanged ownership and shall be accounted
for based on IFRS. The book values reflect
information known at the date of this
statement.
The shares of ICE Group International Holdings
BV are valued based on the equity method in
ICE Group AS, since there are no indications of
impairment of such shares upon signing of the
plan.
The Board of Directors is of the view that the
fair value exceeds the book value of the assets
transferred to the Company.
The Board of Directors is not aware of any
other circumstances which may be of material
significance to the assessment of the assets
that are transferred upon the de-merger.
#7870012/1 3 (4)
2 Erklæring om verdien av
fisjonsinnskuddet og -vederlaget, jf.
aksjeloven § 2-6 (1) nr. 4
2 Declaration on the value of the de-merger
contribution and the de-merger
consideration, cf. Section 2 6 (1), No. 4,
of the Private Limited Companies Act
Styret i Selskapet erklærer herved at de
eiendeler som Selskapet skal overta ved
fisjonen, har en verdi, per signering av
fisjonsplanen, som minst svarer til det avtalte
vederlaget, herunder pålydende med tillegg av
overkurs på de aksjer som utstedes til
aksjeeierne i ICE Group.
The Board of Directors of the Company hereby
declares that the value of the assets to be
transferred to the Company upon the de-
merger is, as at the signing of the de-merger
plan, at least equal to the agreed
consideration, including the nominal value
with the addition of share premium on the
shares to be issued to the shareholders of ICE
Group.
*** ***
(Signaturside følger) (Signature page follows)
#7870012/1 4 (4)
Oslo, on 1 June 2018
The Board of Directors of ICE Group International AS
By: sign.
Name: Henning Karlsrud (Chairman)
#7870012/1 1 (1)
Appendix 2.3
CONFIRMATION FROM THE AUDITORS OF THE EXPLANATORY STATEMENT OF THE BOARD OF
DIRECTORS OF ICE GROUP INTERNATIONAL AS AS INCLUDED IN APPENDIX 2.3
#7870012/1 1 (1)
Appendix 2.4
CURRENT ARTICLES OF ASSOCIATION OF ICE GROUP INTERNATIONAL AS (PRIOR TO THE DE-
MERGER)
"§ 1
Foretaksnavn
Selskapets foretaksnavn er ICE Group International AS.
§ 2 Forretningskommune
Selskapets forretningskontor er i Oslo kommune.
§ 3 Selskapets virksomhet
Selskapets virksomhet er å fungere som holdingselskap for internasjonal telekommunikasjons-virksomhet.
§ 4 Aksjekapitalen
Selskapets aksjekapital er NOK 30 000, fordelt på 30 aksjer, hver aksje pålydende NOK 1 000.
§ 5 Samtykke til aksjeerverv. Forkjøpsrett
Erverv av aksjer er ikke betinget av samtykke fra selskapet. Aksjeeierne har ikke forkjøpsrett iht. aksjeloven.
§ 6
Signatur Selskapets firma tegnes av styrets leder alene.»
#7870060/1 1 (4)
(Unofficial translation. The official language of these minutes is Norwegian. In the event of any discrepancies between the Norwegian and English text, the Norwegian text shall precede.)
Til generalforsamlingen i ICE Group AS, org.
no. 915 155 995 («Selskapet»)
To the general meeting of ICE Group AS, org.
no. 915 155 995 (the “Company”)
REDEGJØRELSE FRA STYRET OM
KAPITALFORHØYELSE VED TINGSINNSKUDD,
JF. AKSJELOVEN § 10-2 (3) OG § 2-6
STATEMENT FROM THE BOARD REGARDING
SHARE CONTRIBUTION BY CONTRIBUTION IN
KIND, CF. SECTIONS 10-2 (3) AND 2-6 OF THE
PRIVATE LIMITED LIABILITY COMPANIES ACT
1 Beskrivelse av tingsinnskuddet 1 Description of the contribution in kind
Styret har foreslått at aksjekapitalen forhøyes
med NOK 66 768 226,20 ved utstedelse av
74 186 918 aksjer hver pålydende NOK 0,90.
Dessuten har styret foreslått AI Media Holdings
(NMT) LLC tegner samtlige aksjer i
kapitalforhøyelsen.
Det skal betales NOK 98,764214 per aksje.
Aksjeinnskuddet skal gjøres opp senest to uker
etter at aksjene er tegnet ved tingsinnskudd
som følger («Tingsinnskuddet»):
AI Media Holdings (NMT) LLC overfører
til Selskapet 74 186 918 aksjer i AINMT
Holdings AB, svensk org.nr. 556771-
3440, dvs. 58,6161 % av selskapets
totale aksjekapital.
Det vises til siste årsregnskap for AINMT
Holdings AB for nærmere informasjon om
AINMT Holdings AB.
Tegneren garanterer at de eier de aksjene som
skal overføres til Selskapet, og at disse aksjene
er fri for enhver heftelse, herunder at det ikke
knytter seg panteretter, forkjøpsrett eller
andre løsningsretter til aksjene, og at ingen
rettigheter knyttet til aksjene (herunder
utbytte, fortrinnsrett ved kapitalforhøyelse,
mv.) er skilt fra aksjene. For øvrig overtas
aksjene «som de er», og Selskapet fraskriver
seg herved enhver rett til å gjøre gjeldende at
The Board of Directors has proposed that the
share capital is increased by NOK 66,768,226.20
by issuance of 74 186 918 shares each with a
nominal value of NOK 0.90. Moreover, the board
has proposed that AI Media Holdings (NMT) LLC
subscribes for all shares in the capital increase.
NOK 98.764214 shall be payable per share. The
share contribution shall be settled no later than
two weeks after the shares are subscribed for
by contribution in kind as follows (the
“Contribution in Kind”):
AI Media Holdings (NMT) LLC transferring
to the Company 74,186,918 shares in
AINMT Holdings AB, Swedish org. no.
556771-3440, i.e. 58.6161% of the
company’s total share capital.
Reference is made to the most recent annual
financial statements of AINMT Holdings AB for
further information on AINMT Holdings AB.
The subscriber guarantees that it owns the
shares which shall be transferred to the
Company, and that these shares are free of
any encumbrances, including no pre-emption
right or other right of redemption to the
shares, and that no rights to the shares
(hereunder right to dividend, preferential
rights for capital increases etc.) are separated
from the shares. Further, the shares are
transferred on an “as is” basis, and the
#7870060/1 2 (4)
det foreligger en mangel ved aksjene etter
kjøpsloven § 19 og ethvert annet grunnlag.
Company waives any right to claim that the
shares have any defects pursuant to the
Norwegian Sales of Goods Act section 19 or any
other legal basis.
2 Nærmere om prinsippene for
verdsettelsen
2 Further on the principles for the
valuation
Tingsinnskuddet er verdsatt til virkelig verdi
på tidspunktet for denne redegjørelsen.
Selskapets virksomhet består utelukkende i å
eie aksjer i AINMT Holdings AB. Antallet
utestående aksjer i Selskapet svarer til det
antall aksjer som Selskapet eier i AINMT
Holdings AB. Det er derfor lagt til grunn at en
aksje i Selskapet har samme verdi som en
aksje i AINMT Holdings AB.
Styrets anbefaling av tegningskurs er basert på
syv ulike kilder samt mer kvalitative metoder
som aksjenes omsetning, nylige tegningskurser
ved utstedelse av aksjer, effekten på gruppens
balanse, tester av fremtidige forringelser,
forventet fremtidig tegningskurs ved
børsnotering og kontantstrømbaserte
verdsettelsesmetoder. Disse metodene er
nærmere redegjort for i notatet innhentet av
styret av 30. mai 2018. På bakgrunn av dette
foreslår styret en tegningskurs på NOK
98,764214 per aksje.
The Contribution in Kind is valued at actual
value at the time of this report.
The Company’s sole business is to own shares in
AINMT Holdings AB. The number of outstanding
shares in the Company is equal to the number
of shares held by the Company in AINMT
Holdings AB. The board has therefore assumed
that one share in the Company is worth the
same as one share in AINMT Holdings AB.
The board of directors’ recommendation of the
share subscription price is based on seven
different valuation sources and more qualitative
metrics such as the share’s trading pattern,
recent subscription prices in share issues, the
effect on the balance sheet of the group, future
impairment tests, the expected subscription
price in the future IPO and cash flow based
valuation methods. These methods are further
described in the memo obtained by the board of
directors of 30 May 2018. On this background
the board of directors recommend a
subscription price of NOK 98.764214 per share.
3 Øvrige forhold av betydning 3 Other circumstances of significance
Styret er ikke kjent med øvrige forhold som
kan være av betydning for bedømmelsen av
Tingsinnskuddet.
The board is not aware of any other
circumstances that may be of significance for
the assessment of the Contribution in Kind.
4 Erklæring fra styret 4 Declaration by the board
Styret erklærer herved at Tingsinnskuddet har
en verdi, per datoen for denne redegjørelsen,
som minst svarer til NOK 7 327 012 642,24, som
er lik pålydende med tillegg av overkurs på de
aksjene som selskapet utsteder til tegnerne.
The board hereby declares that the
Contribution in Kind has a value, as per the
date of this statement, which is at least equal
to NOK 7,327,012,642.24, which is equal to the
nominal value with addition of share premium
on the shares that the company issues to the
subscribers.
#7870060/1 4 (4)
***
1 June 2018
By: sign.
By: sign.
Name: Johan Bernt Michelsen Name: Hermann Siegfried Jörg Mohaupt
By: sign.
Name: Trygve Lauvdal