NOT FOR DISTRIBUTION IN OR INTO CANADA, AUSTRALIA, JAPAN OR
OTHER RESTRICTED TERRITORIES
Offer Document
Mandatory offer to acquire all issued and outstanding shares in
Blom ASA
made by
Merckx AS
Offer Price:
NOK 0.10 per Blom ASA share with settlement in cash
Offer Period:
From and including 19 September 2013
to and including 17 October 2013 at 16:30 CET
THIS OFFER IS NOT BEING MADE AND DOES NOT CONSTITUTE AN OFFER OR
SOLICITATION IN CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION OR
TO ANY PERSON WHERE THE MAKING OR ACCEPTANCE OF THIS OFFER OR
SOLICITATION WOULD BE SUBJECT TO RESTRICTIONS OR IN VIOLATION OF THE
LAWS OR REGULATIONS OF SUCH JURISDICTION. OTHER RESTRICTIONS APPLY.
PLEASE SEE THE IMPORTANT NOTICES UNDER "IMPORTANT INFORMATION" ON
PAGE 2, SECTIONS 1 ("OFFER RESTRICTIONS"), 3.9 ("ACCEPTANCE OF THIS OFFER")
AND 3.24 ("RESTRICTIONS") FOR MORE INFORMATION ON THESE RESTRICTIONS.
Receiving Agent:
18 September 2013
IMPORTANT NOTICE
Please refer to page 5 for definitions, which also apply to the preceding pages.
This mandatory offer document, dated 18 September 2013, (the "Offer Document") has been
prepared in connection with a mandatory offer made by Merckx AS ("Merckx" or the "Offeror")
to acquire all the outstanding shares of Blom ASA ("Blom") on the terms and conditions set out
in this Offer Document (the "Offer").
This Offer Document has been prepared to comply with the provisions relating to mandatory offers
pursuant to chapter 6 of the Norwegian Securities Trading Act. This Offer and the Offer Document
have been approved by Oslo Børs in accordance with section 6-14 of the Norwegian Securities
Trading Act.
The distribution of this Offer Document does not imply in any way that the information included
herein continues to be accurate and complete at any date subsequent to the date of this Offer
Document.
This Offer is directed to all shareholders of Blom who may legally receive this Offer Document and
accept this Offer ("Blom Shareholders"). Copies of this Offer Document and the related Acceptance
Form are being sent by mail by the Offeror to such registered Blom Shareholders (as of the date of
this Offer Document to their addresses as registered in the Norwegian Central Securities Depository
(the "VPS"), and are being furnished on behalf of the Offeror to brokers, dealers, commercial banks,
trust companies and similar persons, whose names or the names of whose nominees appear as
holders of Blom Shares for subsequent transmission to beneficial owners of Blom Shares. This
Offer Document can also be obtained free of charge at the office of the Receiving Agent:
ABG Sundal Collier Norge ASA
Munkedamsveien 45e
N-0115 Oslo
Norway
Phone: +47 22 01 60 00
Facsimile: +47 22 01 60 62
The Receiving Agent is acting solely as receiving agent to the Offeror in relation to this Offer.
However, the Receiving Agent also acted as financial advisor to Blom in connection with the
acquisitions that triggered the obligation to make this Offer. The Receiving Agent makes no
representation or warranty, express or implied, as to the accuracy or completeness of such
information, and nothing contained in this Offer Document is, or shall be relied upon as, a promise
or representation by the Receiving Agent.
The information in this Offer Document pertaining to Blom has been prepared on the basis of publicly
available information, including annual reports, interim reports, investor information and stock
exchange announcements published by Blom. Consequently, neither the Offeror nor any of the
Offeror’s advisors can accept any liability for the accuracy or completeness of the information in this
Offer Document regarding Blom.
All inquiries related to this Offer Document should be directed to the Receiving Agent.
No person has been authorised to provide any information or make any representation on behalf of the
Offeror other than as indicated in this Offer Document and the attached Acceptance Form.
The contents of this Offer Document are not to be construed as legal, business or tax advice. Each
reader of this Offer Document should consult with its own legal, business or tax advisor as to legal,
business or tax advice. If you are in any doubt about the contents of this Offer Document, you should
consult your stockbroker, bank manager, lawyer, accountant or other professional adviser.
This Offer Document has been prepared in the English language only, except for the summary in
Norwegian. In the event of any inconsistencies between the English version and the Norwegian
summary, the English version shall prevail.
The Offer is not made to persons present or resident in, with registered or mailing
addresses in, or who are citizens of Canada, Australia, Japan or any other Restricted
Territories (as defined in Section 1 ("Offer Restrictions")), and this Offer Document,
its contents and any other material or information regarding the Offer must not be
2
mailed, communicated or otherwise distributed in or into those Restricted Territories
by any person, all as set out in more detail under Section 3.9 ("Acceptance of this
Offer") and Section 3.24 ("Restrictions"). Persons who receive this Offer Document
must comply with these restrictions. Failure to do so may constitute a violation of
law.
This Offer Document does not constitute an offer to buy, or the solicitation of an offer to sell,
any securities other than the securities to which it relates or an offer to buy or the solicitation of
an offer to sell such securities by any person in any jurisdiction or in any circumstances in which
such offer or solicitation is unlawful.
Any dispute arising out of, or in connection with, this Offer, the Offer Document and the
Accetance Form shall be governed by Norwegian law and submitted to Oslo District Court as the
agreed legal venue. See Section 3.25 ("Jurisdiction and choice of law").
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This Offer Document contains statements about the Offeror and Blom that are or may constitute
forward-looking statements. All statements other than statements of historical fact may be
forward-looking statements. Forward-looking statements include, without limitation, statements
typically containing words such as "intends", "expects", "anticipates", "targets", "estimates",
"projects",
"believes",
"should",
"plans",
"aims",
"will",
"may",
"expects"
and
words or terms of similar substance or the negative thereof. Forward-looking statements
include statements relating to the following: (i) expected effects of the Offer, (ii) the expected
timing and scope of the Offer, (iii) future capital expenditures, expenses, revenues, earnings,
synergies, economic performance, indebtedness, financial condition, dividend policy, losses and
future prospects, and (iv) business and management strategies and expansion and growth of
the Offeror’s operations and potential synergies resulting from the Offer.
Such forward-looking statements involve risks and uncertainties that could significantly affect
expected results and are based on certain key assumptions. Many factors could cause actual
results and developments to differ materially from those expressed or implied by in any
forward-looking statements. These factors include, but are not limited to, economic and market
conditions in the geographic areas and industries that are or will be major markets for the
Offeror’s businesses, changes in governmental regulations, interest rates and fluctuations in
currency exchange rates. Due to such risks and uncertainties, readers should not place undue
reliance on such forward-looking statements, which speak only as of the date hereof. The
Offeror and its advisers provide no representation, assurance or guarantee that the occurrence
of the events expressed or implied in any forward-looking statements in this document will
actually occur. Other than in accordance with its legal or regulatory obligations, the Offeror is
under no obligation and expressly disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise.
All subsequent written and oral forward-looking statements attributable to the Offeror are
expressly qualified in their entirety by the cautionary statements above.
3
TABLE OF CONTENTS
DEFINITIONS AND GLOSSARY OF TERMS ........................................................................................ 5
1.
OFFER RESTRICTIONS ............................................................................................................ 7
2.
STATEMENT OF RESPONSIBILITY AND IMPORTANT INFORMATION ............................................... 9
3.
THE OFFER .......................................................................................................................... 10
4.
INFORMATION ABOUT BLOM ................................................................................................. 18
5.
BRIEF DESCRIPTION OF MERCKX ........................................................................................... 24
6.
TAX CONSEQUENCES ........................................................................................................... 25
7.
NORSK SAMMENDRAG (NORWEGIAN SUMMARY) ..................................................................... 27
Appendices
Appendix I:
Acceptance Form (English version)
Appendix II:
Acceptance Form (Norwegian version)
Appendix III: Bank guarantee
4
DEFINITIONS AND GLOSSARY OF TERMS
Acceptance
Acceptance of this Offer by a Blom Shareholder, subject to the terms and
conditions of this Offer.
Acceptance Form
The form of Acceptance, to be used by Blom Shareholders when accepting this
Offer, enclosed to this Offer Document as Appendix I (English version) and
Appendix II (Norwegian version).
Acceptor
A Blom Shareholder who accepts this Offer.
Blom or Company
Blom ASA (organisation number 910 686 909), a Norwegian public limited
liability company with its registered address at Drammensveien 165, 0277
Oslo, Norway.
Blom Board
The board of directors of Blom.
Blom Shareholders or
Shareholders
Shareholders of Blom, including beneficial owners of any nominee registered
Blom Shares, who may legally receive this Offer Document and accept this
Offer.
Blom Shares or Shares
Shares in Blom issued and outstanding as of the date of this Offer Document,
each having a nominal value of NOK 0.50 per share.
CET
Central European Time.
Compulsory
Acquisition
The acquisition by the Offeror pursuant to Section 4-25 of the Norwegian Public
Limited Companies Act of the remaining shares in Blom, which can be effected
if and following the Offeror becoming owner of shares in Blom representing
more than 90% of the total number of issued shares in Blom and a
corresponding part of the votes.
Group
The Company and its subsidiaries.
NOK
Norwegian Kroner, the currency of the Kingdom of Norway.
Norwegian Business
Day
Any day other than a Saturday or Sunday or a Norwegian public holiday.
Norwegian Public
Limited Companies
Act
The Norwegian Act relating to Public Limited Liability Companies of 13 June
1997 No. 45 (as amended) (in Norwegian: "Allmennaksjeloven").
Norwegian Register of
Business Enterprises
The Norwegian Register of Business Enterprises at Brønnøysund, Norway (in
Norwegian: "Foretaksregisteret").
Norwegian Securities
Trading Act
The Norwegian Securities Trading Act of 29 June 2007 No. 75 (as amended) (in
Norwegian: "Verdipapirhandelloven").
Offer
The mandatory offer by Merckx to purchase all Blom Shares pursuant to the
terms and conditions set out in this Offer Document.
Offer Document
This Offer Document with appendices prepared in connection with this Offer
made by the Offeror.
Offer Period
The period when Blom Shareholders may accept this Offer, running from and
including 19 September 2013 to and including 17 October 2013 16:30 (CET).
Offer Price
NOK 0.10 per Blom Share payable on the terms and conditions of this Offer.
Offeror
Merckx
5
Oslo Børs
The Oslo stock exchange, operated by Oslo Børs ASA.
Receiving Agent
ABG Sundal Collier Norge ASA.
Restricted Territories
Shall have the meaning ascribed to such term in Section 1 ("Offer
Restrictions").
Settlement Date
The date when settlement of the Offer Price takes place.
Merckx
Merckx AS (organisation number 912 341 844), a Norwegian private limited
liability company with its registered address at Storgaten 30-31, 3126
Tønsberg, Norway.
VPS
The Norwegian Central Securities Depository (in Norwegian: "Verdipapirsentralen" or "VPS").
VPS account
An account held with VPS to register ownership of securities.
6
1.
OFFER RESTRICTIONS
General
The Offer is not being made to persons present in, with registered or mailing
addresses in, or who are citizens of Canada, Australia, Japan or any other jurisdiction
in respect of which acceptance of the Offer requires further documents be issued in
order for the Offer to comply with the local laws or regulations or requires
registration or other measures be taken pursuant to the local laws or regulations (the
‘‘Restricted Territories’’). Persons in the Restricted Territories are being excluded
from the Offer in order to avoid triggering the application of local laws relating to the
implementation of the Offer.
Copies of this Offer Document, the Acceptance Form and other documents or
information relating to this Offer Document or to the Offer are not being and must not
be mailed, communicated, or otherwise distributed in or into the Restricted
Territories by any shareholder, any broker-dealer, bank or other intermediaries
holding the Shares on behalf of any beneficial shareholder, or any other person in any
manner whatsoever. Persons receiving such documents or information (including,
without limitation, custodians, nominees and trustees) should not distribute or send
them in or into a Restricted Territory or use mails or any means, instrumentality or
facility of a Restricted Territory in connection with the Offer.
Any failure to comply with these restrictions may constitute a violation of the securities laws of the
Restricted Territories. It is the responsibility of all persons obtaining the Offer Document, Acceptance
Form or other documents relating to this Offer Document or to the Offer or into whose possession such
documents otherwise come, to inform themselves of and observe all such restrictions. Any recipient of
this Offer Document who is in any doubt about his or her status in relation to these restrictions should
consult his or her professional adviser in the relevant territory. The Offeror or the Receiving Agent do not
accept or assume any responsibility or liability for any violation by any person whomsoever of any such
restriction.
This Offer Document, and all materials related thereto, should not be sent or otherwise distributed in
or into a Restricted Territory, whether by use of commerce of a Restricted Territory (including, but
without limitation, the mail, facsimile transmission, telex, telephone or Internet) or any facility
of a Restricted Territory national securities exchange, and this Offer cannot be accepted by any
such use, means or instrumentality, in or from within a Restricted Territory. Accordingly, copies of
this Offer Document and any related materials are not being, and must not be, sent or otherwise
distributed in or into or from a Restricted Territory or, in their capacities as such, to custodians,
trustees or nominees holding shares of the Company for persons in a Restricted Territory, and
persons receiving any such documents (including custodians, nominees and trustees) must not
distribute or send them in, into or from a Restricted Territory.
Any purported acceptance of this Offer resulting directly or indirectly from a violation of these
restrictions will be invalid.
No shares of the Company are being solicited from a resident of a Restricted Territory and, if sent in
response by a resident of a Restricted Territory, will not be accepted.
Each person delivering an Acceptance Form in connection with this Offer will be required to
certify that: (1) such person has not received this Offer Document, the Acceptance Form or any
other document relating to this Offer in a Restricted Territory, nor has such person mailed,
transmitted or otherwise distributed any such document in or into a Restricted Territory; (2)
such person has not utilized, directly or indirectly, the mails, or any means or instrumentality of
commerce, or the facilities of any national securities exchange, of a Restricted Territory in
connection with this Offer; (3) such person is not and was not located in a Restricted Territory
at the time such person accepted the terms of this Offer or at the time such person returned
the Acceptance Form; and (4) if such person is acting in a fiduciary, agency or other capacity as
an intermediary, then either (a) such person has full investment discretion with respect to the
securities covered by the Acceptance Form or (b) the person on whose behalf such person is
acting was located outside a Restricted Territory at the time he or she instructed such person to
accept this Offer.
7
No Offer for securities other than Blom Shares
The Offer Document and the Offer do not represent an offer to acquire or obtain securities other
than Blom Shares.
No Offer to persons whose participation requires issuance of further documents
This Offer Document is not directed to persons whose participation in this Offer requires that
further offer documents are issued or that registration or other measures are taken, other than
those required under Norwegian law. No document or materials relating to this Offer may be
distributed in or into any jurisdiction where such distribution or offering requires any of the
aforementioned measures to be taken or would be in conflict with any law or regulation of such
a jurisdiction. In the event of such distribution or offering still being made, an Acceptance Form
sent from such a country may be disregarded.
8
2.
STATEMENT OF RESPONSIBILITY AND IMPORTANT INFORMATION
This Offer Document has been prepared in accordance with Section 6-13, cf. Section 6-1 of the
Norwegian Securities Trading Act, in order to provide Blom Shareholders with a basis for
evaluating this Offer.
The information about Blom included in this Offer Document is based exclusively on Blom’s
public accounts and other material in the public domain. The Offeror has not verified
independently the information regarding Blom that is included in this Offer Document. The
Offeror cannot assume any responsibility for the correctness, completeness or accuracy, or any
responsibility to update, any of the information included in this Offer Document regarding Blom.
18 September 2013
The Board of Directors of Merckx AS
Kristian Gjertsen Lundkvist
(Board Member)
Tore Hopen
(Chairman)
9
Birgitte Askjem Ellingsen
(Board Member)
3.
THE OFFER
3.1.
Introduction
Merckx hereby makes a mandatory offer to acquire all Blom Shares not already owned by
Merckx on the terms, and subject to the limitations, set out in this Offer Document and the
Acceptance Form.
This Offer is made to all Blom Shareholders who can legally receive this Offer Document and
accept this Offer. For further details see Section 1 ("Offer Restrictions") above.
The Offer Price is NOK 0.10 per Share, which will be settled in cash. For further details see
Section 3.5 ("The Offer Price") and Section 3.11 ("Settlement").
The Offer Period is from and including 19 September 2013 to and including 16:30 (CET)
17 October 2013 but may be extended by the Offeror. For further details see Section 3.8 ("Offer
Period").
3.2.
The Offeror
This Offer is made by Merckx AS (organisation number 912 341 844), a Norwegian private
limited liability company with its registered address at Storgaten 30-31, N-3126 Tønsberg,
Norway. For further details on the Offeror, please refer to Section 5 ("Brief description of
Merckx").
At the date of this Offer Document, Merckx owns 12,283,969 Blom Shares, equal to
approximately 36.45% of the issued and outstanding Blom Shares.
No affiliated party (Norwegian: "Nærstående") to Merckx owns any Blom Shares.
In addition to the Blom Shares, Merckx owns as of the date of this Offer Document bonds in
boan loans issued by Blom as follows:
Issued in
total (NOK)
50,522,860*
30,000,000
10,729,878
91,252,738
ISIN NO001064285.3 FRN Blom ASA 2011/2012
ISIN NO001064747.2 15% Blom ASA 2012/2013
ISIN NO001064753.0 2% Blom ASA 2012/2017
Owned by
Merckx (NOK)
36,227,990
20,700,000
10,729,878
67,657,868
Owned by
Merckx (%)
71.71%
69.00%
100.00%
74.14%
* Including PIK interest of NOK 522,806 added to the nominal value in 2012
The bond loan ISIN NO001064753.0 is a subordinated convertible loan, according to its terms
and conditionds being convertible into shares in Blom at a conversion price of NOK 11.92 per
share.
The bond loan ISIN NO001064747.2 (bearing an interest rate of 15% p.a.) falls due for repayment on
26 September 2013, after the previous maturity dates having been extended by the bondholders
several times.
The Blom Board has proposed to the general meeting that all of the bond loans (including
accrued interest) be converted into shares in Blom through a share capital increase with a
subscription price of NOK 0.10 per share, and has (through Norsk Tillitsmann ASA as bond
trustee) requested that the bond holders accept such conversion, alternatively accept an
extension of the maturity date for bond loan ISIN NO001064747.2 to 26 November 2013. Please
see Section 4.3 ("Share Capital and Shareholders") for more information on this matter.
3.3.
Blom
The target company is Blom ASA (organisation number 910 686 909), a Norwegian public
limited liability company with its registered address at Drammensveien 165, 0277 Oslo,
Norway.
10
The Blom Shares are listed on Oslo Børs under the ticker code "BLO" and are registered in the
VPS under the International Securities Identification Number ("ISIN") NO 0003679102.
For further details on Blom, please see Section 4 ("Information about Blom").
3.4.
Reasons for the Offer
On 19 August 2013, Merckx announced the aquistion of 12,283,969 Blom Shares, representing
approximately 36.45% of the share capital and the votes in Blom, as well as more than 2/3 of the
outstanding bonds in in each the bond loans issued in Blom. The acquisition triggered an obligation to
make this Offer, pursuant to Section 6-1 of the Norwegian Securities Trading Act.
Merckx’ intention is to contribute to a stabilisation of Blom's financial position. The short term
ambition is to assist Blom in reducing short term debt through either conversion of debt to
equity or increased duration of exisiting debt facilities. Merckx will also encourage Blom to seek
liquidity through potential sale of non-strategic assets. No other material change to the
Company’s strategy or the way the Company conducts its business is currently contemplated
but will be considered in due time depending on Merckx' influence.
3.5.
The Offer Price
The Offer Price is NOK 0.10 for each Blom Share and will be paid in cash.
Pursuant to section 6-10 of the Norwegian Securities Trading Act, the consideration offered
must at least be equal to the highest price paid or agreed to be paid by the Offeror, or any
affiliated party (Norwegian: "Nærstående") to the Offeror, for Blom Shares during the last six
months prior to the date when the obligation to make this Offer was triggered.
The Offer Price equals the highest price paid for each of the 12,283,969 Blom Shares owned by
Merckx, which are the only Blom Shares that Merckx and its affiliated parties have acquired at
any point in time.
The aggregate Offer Price for all Blom Shares not owned by Merckx (21,413,756 Blom Shares)
is NOK 2,141,376), excluding the Blom Shares controlled by Merckx as of the date of this Offer
Document. This gives a market capitalisation of Blom of NOK 3,369,773 (based on the total
number of 33,697,725 issued Blom Shares).
The Offer Price is substantially lower than the share prices recently quoted at Oslo Børs, which
on the last trading day prior to Merckx' purchases (16 August 2013) was NOK 1.35 (closing
price). The volume weighted average (closing price) for the 30 day period prior to and including
16 August 2013 was NOK 1.52. As of the last trading date prior to the date of this Offer (17
September 2013), the closing price was NOK 0.42. Merckx' view is that the share prices quoted
at Oslo Børs immediately prior to the date of this Offer Document clearly are too high and do
not reflect, inter alia, the important fact that Blom has outstanding bond debt of more than NOK
97 million (including accrued interest) and debt of EUR 2.5 million to Hexagon AB in the form of
a liquidity loan (which falls due for repayment on 24 September 2013), neither of which the
Company is able to serve. Furthermore, as further described in Section 4.3 ("Share Capital and
Shareholders"), the Blom Board has requested that the bondholders accept to convert their
bonds into shares at a subscription price of NOK 0.10 per share. If accepted and approved by
the bondholders and the general meeting of Blom, such a loan coversion will result in a
substantial dilution of the current Blom Shareholders, both in value (based on the share prices
quoted at Oslo Børs prior to the date of this Offer Document) and in ownership. It appears to
Merckx that the effects of such a potential debt conversion has not yet been suffiently absorbed
by the stock exchange market.
Merckx purchased its Blom Shares concurrently with the purchase of 74.14% of outstanding
bonds in the bond loans issued by Blom (see Section 3.2 ("The Offeror")). The purchase price
for the bonds was 10% of the nominal amount of the bonds, less the amount paid for the Blom
Shares owned by each of the selling bondholders. From this perspective, it may be argued that
the real purchase price paid by Merckx for the Blom Shares is NOK 0.00 or at least very close to
NOK 0.00.
The Offeror reserves the right to increase the Offer Price as set out in Section 3.10
("Announcements and amendments to the Offer").
11
In the unlikely event that Blom resolves or pays out any dividend or resolves or makes other
distributions to its shareholders, for which the record date occurs prior to settlement of this
Offer, the Offer Price will be reduced by the amount resolved or distributed per Blom Share. In
the event of a split or a reverse split of the Blom Shares, the Offer Price shall be adjusted
accordingly. However, the Offer Price will not be affected by the reverse split of the Blom
Shares proposed by the Blom Board (as described in Section 4.3 ("Share Capital and
Shareholders"), as such reverse split, if approved, will not come into effect before after the
expiry of the mandatory creditor notice period related to the share capital decrease proposed to
be approved concurrently with the reverse split, which is expected to be not until ultimo
November 2013.
3.6.
Interest payable on the Offer Price
No interest or other compensation other than the Offer Price will be paid to Acceptors.
3.7.
Conditions to this Offer
This Offer is unconditional.
3.8.
Offer Period
The Offer Period under this Offer is from and including 19 September 2013 to and including
17 October 2013 at 16:30 (CET).
The Offeror may extend the Offer Period one or more times, however, no longer than to 31
October 2013 at 16:30 (CET), as set out in Section 3.10 ("Announcements and amendments to
the Offer"). Any such extension will be part of the Offer Period.
3.9.
Acceptance of this Offer
In order for a Blom Shareholder to accept this Offer, the Acceptance Form must be correctly
filled out, signed and delivered to the Receiving Agent as further specified below before
17 October 2013 at 16:30 (CET) (unless the Offer Period is extended as set out herein, in which
case the Acceptance Form must be received by the Receiving Agent before the expiration of the
extended Offer Period).
The Acceptance Form is attached as Appendix I (English version) and Appendix II (Norwegian
version) to this Offer Document.
It is the Acceptor's responsibility to correctly fill out the Acceptance Form and deliver it to the
Receiving Agent before the expiry of the Offer Period, at which time the Acceptance Form must
be received by the Receiving Agent at the address below by means of post, delivery, e-mail or
telefax:
ABG Sundal Collier Norge ASA
Munkedamsveien 45e
P.O. Box 1444 Vika
N-0115 Oslo
Norway
Phone: +47 22 01 60 00
Facsimile: +47 22 01 60 62
Email: Acceptance@abgsc.no
If the Acceptance Form is signed by a person acting on behalf of the Blom Shareholder,
evidence of the authority of such person to sign the Acceptance Form, e.g. a power of attorney
and/or a Certificate of Registration, must be delivered together with the Acceptance Form in
order for the Acceptance to be valid.
All Blom Shares to be acquired under this Offer must be transferred free of any encumbrances
or other third-party rights whatsoever and with all shareholder rights attached to them. Any
third party with registered encumbrances or other third- party rights over the relevant VPS
account(s) must sign the Acceptance Form and thereby waive their rights to the Shares and
approve the transfer of Shares to the Offeror free of any encumbrances.
Acceptances are only valid if made by way of a correctly completed Acceptance Form being
returned to the Receiving Agent within the Offer Period. The Offeror and the Reciving Agent
12
reserves the right (subject to equal treatment of all Acceptors, cf. Section 6-10(9) of the
Norwegian Securities Trading Act), to reject any or all Acceptances of this Offer that are not in
proper form, or which may be unlawful. The Offeror also reserves the right, but shall in no
event be obliged, to accept any incorrect Acceptance Forms, and the right to treat an
Acceptance of this Offer as valid, in whole or in part, even though it is not entirely in order or
not accompanied by the required evidence of authority or if it is received at places other than
set out above (again subject to equal treatment of all Acceptors).
Blom Shareholders who's Shares are split between several VPS accounts will receive a separate
Acceptance Form for each VPS account and are required to submit a separate Acceptance Form
for each such VPS account.
ANY BLOM SHAREHOLDER WHOSE BLOM SHARES ARE REGISTERED IN THE NAME OF A BROKER, DEALER,
COMMERCIAL BANK, TRUST COMPANY OR OTHER NOMINEE MUST CONTACT SUCH PERSON IF
SUCH BLOM SHAREHOLDER DESIRES TO ACCEPT THIS OFFER FOR SUCH BLOM SHARES. IN ORDER
FOR A BLOM SHAREHOLDER TO VALIDLY ACCEPT THIS OFFER, THE ACCEPTANCE FORM MUST BE
SIGNED BY THE BLOM SHAREHOLDER OR HIS/HER AUTHORISED ATTORNEY.
The Acceptance is irrevocable and cannot be withdrawn after receipt by the Receiving Agent.
By delivering a duly executed Acceptance Form, Shareholders give the Receiving Agent an
authorisation to block the Shares to which the Acceptance Form relates, in favour of the Receiving
Agent. It will not be possible for Shareholders to administer the Shares after the blocking has
been established. Shareholders accepting this Offer will retain ownership of their Blom Shares
until completion of this Offer. All shareholder rights shall, to the extent permitted under
Norwegian law, be vested with the Shareholder until completion of this Offer.
By accepting this Offer, each Shareholder gives the Receiving Agent an irrevocable power of
attorney to register such blocking of such Shareholder’s Blom Shares in favour of the Receiving
Agent and to transfer such Blom Shares to the Offeror upon completion and settlement of this
Offer. Settlement for the Shares will be made simultaneously with the transfer of the Blom
Shares to the Offeror.
Unless otherwise specified on the Acceptance Form (partial acceptance), the Acceptance will
comprise all of the Blom Shares stated on the Acceptance Form as well any other Blom Shares
registered on the VPS account stated on the Acceptance Form. This means that the Acceptance
will include also shares that are acquired or will be acquired and credited to such VPS account
until the Blom Shares are debited the Acceptor's VPS account and transferred to an escrow
account in the name of the Receiving Agent on the Settlement Date. However, with respect to
Blom Shares registered on VPS accounts in the name of a broker, dealer, commercial bank,
trust company or other nominee, the Acceptance will solely comprise the designated Blom
Shares on such VPS account that are owned by an Acceptor, and not other Blom Shares
registered on the same VPS account that are owned by beneficial owners not accepting this
Offer.
The Offer is not being made to persons present or resident in, with registered or mailing
addresses in, or who are citizens of, the Restricted Territories. Persons in the Restricted
Territories are being excluded from the Offer in order to avoid triggering the application of local
laws relating to the implementation of the Offer. See the information under Section 1 ("Offer
Restrictions") and Section 3.24 ("Restrictions") regarding restrictions applicable to persons
present or resident in, with registered or mailing addresses in, or who are citizens of the
Restricted Territories.
3.10. Amendments to the Offer
The Offeror reserves the right to increase the Offer Price and/or extend the Offer Period and/or
issue a new offer, in accordance with the provisions in the Norwegian Securities Trading Act
(and subject to the approval of Oslo Børs as and when required). An amended offer shall be
considered as accepted by previous Acceptors, provided that the amended Offer Price is
favourable to the previous Acceptors when compared with the (original) offer. In accordance
with applicable law and practice in Norway, there will not be withdrawal rights in respect of
Acceptances previously received during any such amendment or extension.
Any amendments to the Offer, including an extension of the Offer Period, will be announced
prior to expiry of the Offer Period.
13
3.11. Settlement
Settlement for Shares tendered under the Offer will be made as soon as possible and within 14
days after the expiration of the Offer Period. Settlement will therefore take place no later than
31 October 2013 provided the Offer Period is not extended. If the Offer Period is extended, the
Settlement Date will be postponed correspondingly, however such that the Settlement Date in
no event will be later than 14 November 2013.
On the Settlement Date, the Blom Shares accepted and sold under this Offer will be transferred
to Merckx against consideration payable in cash. Settlement will be made in Norwegian Kroner
(NOK).
The relevant settlement amount to each Acceptor will be transferred to the bank account that at
the time of Acceptance was registered in VPS as the account for payment of dividends to the
relevant Shareholder. For Shareholders with a registered Norwegian address, if there are no
records of such bank account, settlement will be made by issuing a "bankgiro" (a settlement
system used in Norway, similar to a Norwegian currency banker’s draft). For Shareholders who
do not hold a bank account with a Norwegian bank, payment details for offshore payments
must be included, such as IBAN, SWIFT/BIC or similar payment codes depending on the
jurisdiction where the bank account is located.
In the event that Acceptors wish to receive the consideration resulting from accepting this Offer
to another bank account than the account registered in the VPS for dividend payments,
Acceptors are urged to fill out the bank account number on the Acceptance Form.
By signing the Acceptance Form, the Acceptors irrevocably authorise the Receiving Agent, on
the Settlement Date, to transfer the Blom Shares accepted under this Offer to Merckx against
payment of the consideration in cash in accordance with the above and the Acceptance Form.
Interest compensation will neither be paid for the period from Acceptance to Settlement, nor for
any previous period.
3.12. Costs
Merckx will pay all costs directly related to the VPS transactions in connection with this Offer.
Acceptors will not incur any brokerage fees or other costs directly related to the VPS transactions in
connection with this Offer. Merckx will not cover tax consequences or costs incurred by Blom
Shareholders for financial or legal advice, or any other costs in connection with this Offer. Such
costs are the individual responsibility of the Blom Shareholders incurring such costs.
3.13. Financing of the Offer
This Offer will be financed by the Offeror from existing cash and committed loan facilities.
3.14. Bank guarantee
Merckx has, as required under Section 6-10(7) of the Norwegian Securites Trading Act,
established a guarantee issued by a financial institution covering its obligation to pay for the
Blom Shares to be purchased pursuant to the Offer. Such guarantee for rightful payment has
been issued by DNB Bank ASA in the amount of NOK 2,141,376 with the addition of penalty
interest for a period of four weeks. The bank guarantee is attached to this Offer Document as
Appendix III.
3.15. Announcements relating to this Offer
Announcements issued by or on behalf of the Offeror regarding this Offer and/or the Offer
Document will be deemed to have been made once they have been received by Oslo Børs and
distributed through its electronic information system. In this respect, the Offeror will have no
obligation to publish, advertise or otherwise communicate any such announcement other than
by making such release to Oslo Børs.
3.16. Contact with Blom prior to this Offer
Prior to Merckx' purchase of the shares and bonds in Blom announced on 19 August 2013,
Merckx and its advisors was allowed by the Blom Board to undertake a limited financial, legal
14
and commercial due diligence of the Company, including meetings and discussions with certain
members of the management.
Other than providing the Blom Board with notice of Merckx’ intention to launch this Offer, there
have not been any negotiations or formal discussions between Merckx and Blom regarding the
Offer prior to the Offeror’s announcement on 19 August 2013.
After 19 August 2013, there has been some contact between Merckx and Blom regarding an
extraordinary meeting in Blom to be held on 27 September 2013, see Section 4.3 ("Share
Capital and shareholders") and Section 4.4 ("Other important matters relating to Blom – current
status and possible developments").
3.17. Impact on employees, board of directors and the management of Blom
The completion of this Offer will not in itself have any legal, economic or other work related
consequences for Blom’s employees.
As of the date of this Offer Document, Merckx does not plan to make any changes to the
Company’s workforce or other changes that would have legal, economic or work-related
consequences for the Company following the completion of this Offer. To the extent that
changes are identified that may affect the employees of Blom following completion of this Offer,
any such change will be communicated to the employees and implemented in accordance with
applicable laws and agreements.
Merckx will honor all existing notice and severance arrangements with Blom employees
following the completion of this Offer.
No members of the Blom Board or management of Blom will receive special favourable terms or
advantages (or prospects of such) in connection with this Offer.
Merckx intends to initiate discussions with the management of Blom relating to renumeration
policy and incentive schemes. This may include the introduction of co-ownership in Blom for
memers of the senior management.
3.18. Legal consequences of this Offer
The Offeror is the owner of more than 1/3 of the Blom Shares.
The Offeror may become the owner of more than 50% or 2/3 of the Blom Shares as a result of
this Offer. In such case, the Offeror will, pursuant to Norwegian law and the Company's articles
of association, by exercising its voting powers in the Company's shareholders' meetings, be able
to approve actions that require simple majority and the affirmative vote of at least 2/3 of the
aggregate number of votes cast as well as the share capital represented at the Company's
shareholders' meeting.
If the proposed conversion of bond loans into shares as described in Section 4.3 ("Share Capital
and Shareholders") takes place, the Offeror will become the owner of more than 2/3 of the
shares and votes in Blom, with expected effect from ultimo November 2013.
If the Offeror following this Offer becomes the owner of more than 90% of the total number of
issued Blom Shares and a corresponding part of the votes that may be cast at Blom’s
shareholders' meeting, the Offeror has the opportunity to carry out a Compulsory Acquisition of
the remaining Blom Shares, see Section 3.22 ("Compulsory acquisition of shares") below.
3.19. Statement from the Blom Board
According to Section 6-16 of the Norwegian Securites Act, Blom has an obligation to issue a
public statement on this Offer, which inter alia shall include information on the employees'
views and other factors of significance for assessing whether this Offer should be accepted by
the Blom Shareholders. Information should also be given about the views, if any, of Blom's
board members and CEO in their capacity as shareholders. The statement shall be given no
later than one week prior to the expiry of the Offer Period.
15
3.20. Tax
Blom Shareholders accepting this Offer are themselves responsible for any tax liability arising
as a result of the settlement and any costs incurred in obtaining advice on this matter. A
general description of the tax implications of this Offer for certain Norwegian Blom Shareholders
is included in Section 6 ("Tax Consequences"). Shareholders not resident in Norway are urged
to seek advice from their own tax advisors to clarify the tax consequences of accepting this
Offer.
3.21. Acquisition of Blom Shares outside of this Offer
The Offeror and its affiliates will not acquire or make arrangements to acquire Blom Shares or
other securities that are immediately convertible into, exchangeable for or exercisable for, Blom
Shares until the Offer Period expires.
3.22. Compulsory Acquisition
If Merckx, as a result of the Offer or otherwise (including the proposed conversion of bond loans
into shares as described in Section 4.3 ("Share Capital and Shareholders")) becomes the holder
of more than 90% of shares in Blom issued at such time and a corresponding part of the votes,
then Merckx will have the right (and each remaining shareholder in Blom will have the right to
require the Merckx) to initiate a Compulsory Acquisition of remaining shares in Blom not owned
by Merckx, pursuant to section 4-25 of the Norwegian Public Limited Companies Act and section
6-22 of the Norwegian Securities Trading Act.
If Merckx decides to effect a Compulsory Acquisition, the title to the remaining shares in Blom
will be transferred to Merckx without need for acceptance from the sharehoders affected by the
Compulsory Acquisition. Merckx will be obliged to offer to the remaining shareholders in Blom a
price for the shares so acquired, and to deposit the aggregate amount offered at a separate
account in a bank authorised to carry out business in Norway. If the offer is made in writing to
all the remaining shareholders in Blom with a known address and published and announced in
the Norwegian Register of Business Enterprises' electronic bulletin for public announcements
and in a newspaper generally read at Blom's place of business, Merckx may set a deadline, of a
minimum of two months from the publication of the offer, for the (then) former shareholders in
Blom to raise objections to or decline the price offered. Former shareholders in Blom will be
deemed to have accepted the price offered by Merckx if they do not raise objections to the price
offered before the expiry of the deadline. If and to the extent any former shareholders Blom do
not accept the offered price, the price to be paid to such former shareholders will be determined
by the Norwegian courts.
3.23. De-listing from Oslo Børs
If Merckx no longer considers the listing of Blom appropriate following completion of this Offer
or otherwise (including the proposed conversion of bond loans into shares as described in
Section 4.3 ("Share Capital and Shareholders")), Merckx reserves the right to propose to the
general meeting of Blom to apply to Oslo Børs for de-listing of the shares in Blom from Oslo
Børs. Such proposal will require the approval of a 2/3 majority of the votes cast and share
capital represented at such general meeting. Such application for de-listing will be subject to
the approval of Oslo Børs. When considering an application, Oslo Børs will, in accordance with
section 15.1 of the Stock Exchange Rules – Continuing Obligations of Stock Exchange Listed
Companies, need to into account, inter alia, the interests of the minority shareholders. The
board of directors of Oslo Børs may also on its own initiative resolve to de-list the shares in
Blom from Oslo Børs, should the conditions for listing no longer be fulfilled, for instance if a
Compulsory Acquisition is initiated by the Offeror and Merckx becomes the sole shareholder in
Blom.
3.24. Restrictions
The Offer and this Offer Document is not to be regarded as an offer, whether directly or
indirectly, in or into a Restricted Territory. Shareholders resident in a Restricted Territory
wanting to accept the Offer must make inquiries on relevant and applicable legislation, including
but not limited to whether public consent is required and possible tax consequences. The Offer
is not made, neither directly nor indirectly, and sale will not be accepted from or on behalf of,
shareholders in a Restricted Territory. This Offer Document and related Acceptance Forms may
16
not be distributed, forwarded or transmitted into or from a Restricted Territory. Any purported
acceptance of the Offer in breach of these requirements will not be valid.
By accepting the Offer through the delivery of a duly executed Acceptance Form to the
Receiving Agent, the accepting shareholder certifies that such accepting shareholder :
a)
has not received the Offer Document, the Acceptance Form or any other document
relating to the Offer in a Restricted Territory, nor to have mailed, transmitted or
otherwise distributed any such document in or into such jurisdiction;
b)
has not utilized, directly or indirectly, the mails, or any means or instrumentality of
commerce, or the facilities of any national securities exchange, in a Restricted Territory
in connection with the Offer;
c)
is not and was not located in a Restricted Territory at the time of accepting the terms of
the Offer or at the time of returning the Acceptance Form;
d)
if acting in a fiduciary, agency or other capacity as an intermediary, then either (i) has
full investment discretion with respect to the securities covered by the Acceptance Form
or (ii) the person on whose behalf acting was located outside a Restricted Territory at
the time of instructing acceptance of the Offer.
3.25. Jurisdiction and choice of law
This Offer, this Offer Document and all acceptances of the Offer shall be governed by Norwegian
law.
Any dispute arising out of or in connection with this Offer or the Offer Document shall be
subject to the exclusive jurisdiction of Oslo District Court (Norwegian "Oslo tingrett") as agreed
legal venue.
3.26. Miscellaneous
Confirmation of receipt of Acceptance Forms or other documents will not be issued by or on
behalf of the Offeror. No notification will be issued in the event of a rejection of an Acceptance
Form that is incorrectly completed or received after the end of the Offer Period.
This Offer Document will be sent to all Blom Shareholders as of the date of this Offer Document
to the addresses registered in the VPS, except for Blom Shareholders in jurisdictions where this
Offer Document may not be lawfully distributed. Further information on this Offer may be
obtained from:
ABG Sundal Collier Norge ASA
Munkedamsveien 45e
P.O. Box 1444 Vika
N-0115 Oslo
Norway
Phone: +47 22 01 60 00
Facsimile: +47 22 01 60 62
17
4.
INFORMATION ABOUT BLOM
This Section 4 contains a brief presentation of Blom and its operations. The information on Blom
is based on the Company's public accounts and other material in the public domain. The Offeror
disclaims any responsibility and liability for the accuracy or completeness of the Offer Document
in terms of the information relating to Blom. For a more detailed description of the Company,
please refer to Blom’s web site: www.blomasa.com. Information may also be obtained through
the annual reports, quarterly reports, or by reference to Blom.
4.1.
Company information
Blom ASA (organisation number 910 686 909) is a Norwegian public limited liability company
with its registered address at Drammensveien 165, N-0277 Oslo, Norway. The Company was
incorporated on 12 September 1966.
As one of Europe's largest providers of geospatial products, services and solutions, Blom's
customers range from public administrations and enterprises to consumers. The Company
provides a wide variety of mapping and geographic services, meeting local, regional and
international standards and specifications, as well as custom solutions for specific customer
demand. Blom's strength lies in the expertise, innovative capability and the technical know-how
of its employees.
In 2012, the Company's operations were divided into five geographic segments: Nordic, MidEurope, Southern Europe, Eastern Europe and Iberia & Latin America. Due to the fact that the
operations in Southern Europe were sold later in 2012, the Company's operations will consist of
four geographic segments from 2013.
The Company delivers a wide range of mapping and geographic services that satisfy national
and international standards and specifications. Blom provides custom solutions for its
customers. The Company also provides online mapping services through its geographic server,
BlomURBEX™. In each geographic segment, Blom focuses on the five main market segments:
Defence & Security, Resources & Environment, Government & Public Administration, Utilities &
Infrastructure and Web & Mobile Solutions.
The Company is listed on the Oslo Stock Exchange under the ticker "BLO".
18
4.2.
Financial figures
Below is a summary of the consolidated figures for Blom.
Profit and Loss Statement
The table below shows a summary of the Company's audited consolidated income statements
for the years 2010, 2011 and 2012, as well as the unaudited H1 2012 and H1 2013 financials.
The financial figures below are prepared in accordance with International Financial Reporting
Standards (IFRS), as adopted by the EU.
INCOME STATEMENT, CONSOLIDATED
(NOK 1,000)
Jan - Jun 2013 Jan - Jun 2012
(Unaudited)
(Unaudited)
FY 2012
(Audited)
FY 2011
(Audited)
FY 2010
(Audited)
Operating revenues
138,325
169,149
335,216
288,629
569,848
Cost of materials
Salaries and personnel costs
Depreciation and write downs
Other operating and administrative costs
Other gains and losses
Operating expenses
49,426
77,207
17,814
19,123
0
163,570
62,500
83,318
20,685
16,567
-23,884
159,186
121,849
156,317
42,894
36,342
-23,884
333,518
100,145
175,150
80,365
71,127
0
426,787
213,048
249,412
380,888
142,607
0
985,955
Operating profit/loss
-25,245
9,963
1,698
-138,158
-416,107
Profit/loss attributable to associates
Net financial items
Pre-tax profit/loss
0
-5,002
-30,247
0
-19,715
-9,752
0
-33,633
-31,935
-19,434
-77,927
-235,519
-61,594
-67,913
-545,614
Taxes
Net profit/loss from continuing business
-487
-30,734
-490
-10,242
-1,285
-33,220
-32,396
-267,915
-5,938
-551,552
Business under disposal
Net profit/loss for the year
-2,447
-33,181
-5,001
-15,243
-33,407
-66,627
-93,260
-361,175
-13,405
-564,957
Profit/loss attributable to:
Shareholders
Minority interests
Net profit/loss for the year
-33,181
0
-33,181
-15,243
0
-15,243
-66,627
0
-66,627
-361,175
0
-361,175
-564,949
-8
-564,957
-0.91
-0.07
-0.98
-1.15
-0.01
-1.16
-1.59
-1.6
-3.19
-150.27
-52.31
-202.58
-13.58
-0.33
-13.91
Earnings per share:
From continuing business
From business under disposal
From net/profit/loss for the year
19
Balance sheet
The table below shows a summary of the Company's audited consolidated balance sheets for
the years 2010, 2011 and 2012, as well as the unaudited H1 2012 and H1 2013 balance sheets.
The financial figures below are prepared in accordance with International Financial Reporting
Standards (IFRS), as adopted by the EU.
BALANCE SHEET, CONSOLIDATED
(NOK 1,000)
ASSETS
Patents, licenses and similar rights
Deferred tax assets
Goodwill
Intangible non-current assets
Jan - Jun 2013 Jan - Jun 2012
(Unaudited)
(Unaudited)
FY 2012
(Audited)
FY 2011
(Audited)
FY 2010
(Audited)
1,201
0
0
1,201
2,319
5,625
0
7,944
1,328
0
0
1,328
1,827
4,430
0
6,257
3,184
39,680
125,699
168,563
88,115
88,115
147,655
147,655
98,912
98,912
155,686
155,686
144,127
144,127
703
0
703
4,851
0
4,851
180
0
180
5,144
0
5,144
24,253
15,593
39,846
Total non-current assets
90,019
160,450
100,420
167,087
352,536
Work in progress
56,260
125,968
45,093
99,425
155,037
Trade receivables
Other current receivables
Total receivables
46,665
26,424
73,089
126,272
25,123
151,395
39,162
32,409
71,571
169,436
32,386
201,822
164,334
40,497
204,831
Cash and cash equivalents
39,372
71,618
64,609
75,057
95,888
0
0
144,382
43,388
0
Total current assets
168,721
348,981
325,655
419,692
455,756
Total assets
258,740
509,431
426,075
586,779
808,292
Jan - Jun 2013 Jan - Jun 2012
(Unaudited)
(Unaudited)
FY 2012
(Audited)
FY 2011
(Audited)
FY 2010
(Audited)
Property plant and equipment
Tangible non-current assets
Non-current asset investments
Investments in associates
Total non-current asset investments
Assets classified as held for sale
BALANCE SHEET, CONSOLIDATED
(NOK 1,000)
EQUITY AND LIABILITIES
Share capital
Treasury shares
Share premium account
Currency translation differences
Retained earnings
Minority interests
Total equity
16,849
-110
20,458
-38,775
14,921
0
13,343
16,849
-110
482,472
-44,254
-359,938
-6
95,013
16,849
-110
20,458
-41,389
48,101
0
43,909
25,465
-110
167,847
-42,911
-344,709
10
-194,408
4,170
-110
129,581
-42,832
17,035
8
107,852
Pension obligations
Non-current liabilities
Total other non-current liabilities
2,722
72,090
74,812
15,374
101,239
116,613
2,811
78,428
81,239
16,811
384,589
401,400
18,031
46,402
64,433
Overdraft facilities
Other interest-bearing current liabilities
Total interest-bearing current liabilities
3,504
50,207
53,711
63,841
45,451
109,292
5,657
51,513
57,170
77,574
75,997
153,571
54,184
335,239
389,423
49,884
20,798
0
46,192
116,874
102,533
31,598
0
54,382
188,513
51,480
18,439
0
44,780
114,699
96,253
27,822
4,989
73,946
203,010
92,381
29,171
9,063
115,970
246,585
0
0
129,058
23,206
0
170,585
297,805
300,927
379,787
636,008
Trade payables
Unpaid government taxes
Tax payable
Other current liabilities
Total other current liabilities
Liabilities classified as held for sale
Total current liabilities
20
Cash Flow Statement
The table below shows a summary of the Company's audited consolidated cash flow statements
for the years 2010, 2011 and 2012, as well as the un-audited H1 2012 and H1 2013 cash flow
statements. The financial figures below are prepared in accordance with International Financial
Reporting Standards (IFRS), as adopted by the EU.
CASH FLOW STATEMENT, CONSOLIDATED
(NOK 1,000)
Cash flow from operating activities
Pre-tax profit/loss
Depreciation and write-downs
Taxes paid
Interest paid
Profit/loss attributable to associates
Change in trade receivables
Change in inventories and work in progress
Change in supplier debt
Change in other accruals and unrealised foreign exchange
Net cash flow from operating activities - continuing business
Net cash flow from operating activities - discontinued business
Net cash flow from operating activities
Jan - Jun 2013 Jan - Jun 2012
(Unaudited)
(Unaudited)
FY 2012
(Audited)
2011
(Audited)
2010
(Audited)
-30,247
17,814
0
0
0
-7,503
-11,142
-1,596
17,447
-15,227
0
-15,227
-9,752
20,685
0
0
0
3,052
-11,274
1,590
-24,403
-20,102
20,714
612
-31,935
42,894
0
-5,998
0
18,260
19,715
-14,199
-41,810
-13,073
29,223
16,150
-235,519
80,365
1,035
-4,980
19,434
8,329
22,971
2,411
60,507
-45,447
-18,572
-64,019
-559,019
382,377
-10,373
-38,854
61,595
50,988
109,025
-12,417
75,187
58,509
0
58,509
Cash flow from investing activities
Purchases of property, plant and equipment
Receipt from sale of shares and other investments
Net cash flow from investing activities - continuing business
Net cash flow from investing activities - discontinued business
Net cash flow from investing activities
-6,080
7,487
1,407
0
1,407
-13,890
19,927
6,037
-5,336
701
-30,232
20,450
-9,782
-5,400
-15,182
-46,790
0
-46,790
-9,020
-55,810
-56,425
0
-56,425
0
-56,425
Cash flow from financing activities
Net change in long term debt and loans
Net change in overdraft facilities
Net receipt of equity capital
Net cash flow from financing activities - continuing business
Net cash flow from financing activities - discontinued business
Net cash flow from financing activities
-9,171
-2,246
0
-11,417
0
-11,417
13,746
-450
0
13,296
-18,048
-4,752
23,808
-1,443
0
22,365
-32,873
-10,508
27,782
4,022
59,561
91,365
9,360
100,725
-39,499
-31,569
0
-71,068
0
-71,068
Net change in cash and cash equivalents
Cash and cash equivalents (1/1)
Cash and cash equivalents (31/12)
-25,237
64,609
39,372
-3,439
75,057
71,618
-9,540
76,784
67,244
-19,104
95,888
76,784
-68,984
164,873
95,889
4.3.
Share Capital and Shareholders
Share Capital
As of the date of this Offer Document, Blom has a share capital of NOK 16,848,863, divided on
33,697,725 shares, each with a nominal value of NOK 0.50. The Blom Board has proposed to
the general meeting to convert the Company's bond loans, with a total outstading amount of
NOK 97,336,716.10 (including accrued unpaid interest as of 27 September 2013), into shares in
Blom, at a subscription price of NOK 0.10 per share.1
As part of the proposed conversion of bond loans, the Blom Board has proposed a reduction of
the nominal value to NOK 0.05 by way of a reduction of the share capital, with a subsequent
reverse split of the shares (after the proposed debt conversion), whereby 100 shares, each with
a nominal value of NOK 0.05, will be converted into one share with a nominal value of NOK
5.00.
If the proposed changes to the share capital be carried out, the total number of shares issued in
Blom will be 10,070,649 (1,007,064,900 not taking into account the proposed reverse share
1
Notice of 4 September 2013 of an extraordinary general meeting to be held on 27 September 2013. Please also see
Section 4.4 ("Other matters relating to Blom").
21
split). Of this, the Blom Shares issued at the date of this Offer (33,697,725 not taking into
account the proposed reversed split) will represent less than 3.35%. Accordingly, a full
conversion of the bond loans will result in a substantial dilution of the shareholdings of the
current Blom Shareholders.
Following such a conversion, Merckx would own approximately 7,381,300 shares (738,130,000
not taking into account the proposed share split), representing approximately 73% of all the the
shares and votes in Blom, not including Blom Shares acquired through this Offer.
The proposed conversion of the bond loans requires the consent of the bondholders . Norsk
Tillitsmann ASA (the trustee of the bond loans) has at the request of the Blom Board called for
bondholder meetings for all of the bond loans to be held on 19 September 2013. The
bondholders have been asked to, inter alia, vote in favour of (1) conversion of the loans into
shares or (2) extension of the maturity date to 26 November 2013 (only relevant for the
bondholders in the bond loan ISIN NO001064747.2).
If the debt conversion be approved by bondholders and the extraordinary meeting of Blom, the
new shares are expected to be issued ultimo November 2013, after the expiry of the mandatory
creditor notice period for the share capital decrease that needs to take place prior to the
completion of the share capital increase in the debt conversion.
Merckx expects Blom to issue notifications to Oslo Børs of the outcome of the votings on the
bondholder meetings and the extraordinary general meeting shortly after each of the meetings.
Shareholders
Below is an overview of the 20 largest shareholders in Blom registered in the VPS as of 9
September 2013:
#
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Investor
Type
Country
MIDDELBORG AS
EUROCLEAR BANK S.A./N.V. ('BA')
A/S MERITUM
BERGEN KOMMUNALE PENSJONSKASSE
FIRMAMENT AS
VEEN A/S T.D.
SEB PRIVATE BANK S.A. (EXTENDED)
HEDEN HOLDING AS
A/S PARMA
FLUMEN FINANS AS
GJERSVIK ANNE-BRIT
AVANZA BANK AB MEGLERKONTO
MARITIMFRITID AS
DNB NOR BANK ASA EGENHANDELSKONTO
NORTH SEA GROUP AS
DEMAREST ANDRE V
LAASTAD PER OVE
SAND SIGMUND BRYNJULF
TOTENS SPAREBANK
INDUSTRIELL INNSATS & INNOVASJON A NIL
Sum top 20
Other
Total
Comp.
Nom.
Comp.
Comp.
Comp.
Comp.
Nom.
Comp.
Comp.
Comp.
Priv.
Bro.
Comp.
Comp.
Comp.
Priv.
Priv.
Priv.
Comp.
Comp.
NOR
BEL
NOR
NOR
NOR
NOR
LUX
NOR
NOR
NOR
NOR
SWE
NOR
NOR
NOR
USA
NOR
NOR
NOR
NOR
22
Shares
%
12,283,969
36.45%
8,442,297
25.05%
865,312
2.57%
865,312
2.57%
865,312
2.57%
865,312
2.57%
396,580
1.18%
183,214
0.54%
173,062
0.51%
173,062
0.51%
173,062
0.51%
165,432
0.49%
159,400
0.47%
158,001
0.47%
155,000
0.46%
150,000
0.45%
150,000
0.45%
131,033
0.39%
121,443
0.36%
110,000
0.33%
26,586,803
78.90%
7,110,922
21.10%
33,697,725 100.00%
4.4.
Other important matters relating to Blom – current status and possible developments
The Blom Board has called for an extraordinary general meeting on 27 September 2013, with
the following agenda: 2
1.
Election of a chairperson for the meeting
2.
Approval of the notice of the meeting
3.
Election of a prepresentative to sign the minutes jointly with the chairperson
4.
Statement of the company's financial situation and proposed restructuring
5.
Proposed election of a new board of directors
6.
Proposed reduction of capital
7.
Proposed conversion of a bond loan to share capital
8.
Proposed combination of shares
9.
Proposal that the company may own up to 10% of its own shares
10.
Proposal that the company is allowed, in the period of the mandatory bid, to carry out a
sale of subsidiaries and other assets on commercial terms
11.
Proposed remuneration to the board members resigning from the board of directors
Items 6-8 on the agenda are described in some more detail in Section 4.3 ("Share capital and
Shareholders").
As regards item 10 on the agenda, Merckx is aware that Blom is in discussions regarding an
extension of the EUR 2.5 million liquidity loan from Hexagon AB, which falls due for repayment
on 24 September 2013, cf. announcement to Oslo Børs dated 5 September 2013. The outcome
of such discussions may potentially involve a right for Hexagon AB to acquire an ownership
interest in the Blom's subsidiary Blom Data AS or aquire certain assets. Such sale will require a
waiver from certain covenants in the loan agreements for the bond loans. The Blom Board has
requested the consent of the bondholders for such waivers. The bondholders have been asked
to vote in favour of such consent on bondholder meetings to be held on 19 September 2013.
For further details on the proposals of the Blom Boards, please refer to the notice from the
Blom Board dated 4 September 2013.
Merckx was informed by the Blom Board of the notice of the extraordinary meeting prior its
announcement. Item 5 on the agenda (Proposed election of a new board of directors) was
included at the request of Merckx. However, Merckx has not been involved in detailed
discussions regarding the proposals relating to changes to the share capital (including
conversion of the bond loans to shares). Neither has Merckx made any commitment to vote in
favour of the proposals.
2
http://blomasa.com/ftp/Blom_ASA/meeting_minutes/Notice_EGF_2013_Blom%20ASA.pdf
23
5.
BRIEF DESCRIPTION OF MERCKX
Merckx AS (organisation number 912 341 844) is a Norwegian private limited liability company
with its registered address at Storgaten 30-31, N-3126 Tønsberg, Norway.
Merckx is a newly incorporated private investment company. The company’s business is carried
out from Merckx’ offices in Tønsberg, Norway.
Merckx is at the date of this Offer Document a wholly owned subsidiary of Middelborg AS
(organisation number 889 048 182). Middelborg AS is a Norwegian private limited liability
company with its registered address at Storgaten 30-31, N-3126 Tønsberg, Norway. The
company was founded in 2005 and is active within investments in telecommunications, real
estate and shipping. Middelborg is a long term industrial owner that actively participates in the
development of portfolio companies through business development, financing and
optimalisation of capital structure, as well as relationship management.
24
6.
TAX CONSEQUENCES
6.1.
Introduction
The following is a summary of certain Norwegian tax considerations relevant to the disposition
of Blom Shares pursuant to this Offer. This summary does not purport to be a comprehensive
description of all the tax considerations that may be relevant to the Blom Shareholders and does not
address foreign tax laws, including any United States federal income tax consequenses. The
summary is based on applicable Norwegian laws, rules and regulations, as they exist as of the date of
this Offer Document. Such laws, rules and regulations are subject to change, possibly on a retroactive
basis. The summary is solely intended to provide general guidelines and does not address all aspects
that may be relevant. The tax treatment of each Blom Shareholder may depend on the individual Blom
Shareholder’s specific situation and each Blom Shareholder should consult his or her own tax advisor
to determine the particular tax consequences for him or her and the applicability and effect of any
Norwegian or foreign tax laws, including any United States federal income tax consequences, and
possible changes in such laws.
Any reference to a "Norwegian shareholder" or a "foreign shareholder" in the summary below
refers to the tax residency and not the nationality of such shareholder.
6.2.
Tax Consequences for Norwegian Shareholders Accepting the Offer
This section summarizes Norwegian tax rules relevant to Norwegian shareholders.
6.2.1.
CORPORATE E NTITIES
THAT ARE
B LOM SHAREHOLDERS
Norwegian shareholders who are limited liability companies and certain similar entities ("Corporate
Shareholders") are subject to the Norwegian participation exemption, with respect to capital
gains derived from the realisation of Blom Shares.
According to this exemption, capital gains recognized are tax free for Corporate Shareholders.
If the realisation of Blom Shares leads to a capital loss, no part of such loss will be deductable
for Corporate Shareholders.
Taxable gains are calculated as the difference between the received consideration and the tax base
value of the Shares disposed of. The tax base value of each Blom Share equals the relevant
Shareholder's purchase price in addition to RISK-adjustments (under previous legislation up to 1
January 2006). Previous alteration of share capital or share premium fund may also have affected
the tax base value.
If the Shares sold by a Corporate Shareholder under this Offer have been acquired at different
points in time, the Shares that were acquired first will be regarded as being realised first (the
FIFO principle) for the purpose of calculating the taxable gain or loss.
6.2.2.
PRIVATE INDIVIDUALS
WHO ARE
B LOM SHAREHOLDERS
Individual Blom Shareholders who are resident in Norway for taxation purposes are subject to
tax in Norway for capital gains realised on the sale of Blom Shares, and have a corresponding right
to deduct losses. A capital gain derived from realisation of Blom Shares by Shareholders who are
Norwegian private individuals ("Personal Shareholders") is taxable as ordinary income at a tax rate of
28%. Any loss is deductible against ordinary income.
Taxable gains or losses will be calculated as the difference between the received consideration and the
tax base value of the Blom Shares disposed of. The tax base value of each Blom Share is equal to
the relevant Personal Shareholder’s purchase price plus any RISK-adjustments (under previous
legislation up to 1 January 2006) and any unused calculated tax-free allowance.
The tax-free allowance for each Blom Share is equal to the Personal Shareholder’s purchase price
multiplied by a determined risk-free interest rate, and is calculated on each individual Blom Share, i.e.
not on a portfolio basis. Any part of the calculated allowance in any single year exceeding the dividend
distributed on the Blom Share ("Unused Allowance") may be carried forward and set off against future
dividends received on, or gains upon realisation of, the same Blom Share. Any Unused Allowance will
25
also be added to the basis of computation of the allowance on the same Blom Share the
following year. The deduction for any Unused Allowance in connection with the realisation of a Blom
Share may not lead to or increase a deductible loss, i.e. any Unused Allowance exceeding the
capital gain resulting from the realisation of a Blom Share will be annulled.
The tax-free allowance is allocated to Personal Shareholders holding Blom Shares at the end of each
calendar year. Personal Shareholders who transfer Blom Shares under this Offer will thus not be
entitled to deduct any calculated allowance related to 2013.
If the Shares sold by a Personal Shareholder under this Offer have been acquired at different points in
time, the Blom Shares that were acquired first will be regarded as being realised first (the FIFO
principle) for the purpose of calculating the taxable gain or loss. Costs incurred in connection with
acquisition or sale of Blom Shares will be deductible in the year of sale.
6.3.
Tax Consequences for Foreign Shareholders Accepting this Offer
This section summarizes Norwegian tax rules relevant to foreign shareholders. The extent of the tax
liabilities of foreign shareholders in their country of residence or other countries will depend on the
tax rules applicable in such jurisdictions.
Capital gains realised from the sale of Blom Shares by a foreign individual Shareholder are not
subject to tax in Norway, unless the foreign shareholder is a private individual and (i) holds the Blom
Shares effectively connected with a business carried out in Norway, or (ii) has been a resident of
Norway for tax purposes within the five calendar years prior to the sale, and the gain is not exempt
from taxation pursuant to the provisions of a tax treaty. In such case, gains could be taxable at
a rate of 28%.
Foreign corporate shareholders are as a main rule not subject to tax in Norway on capital gains from
the realisation of Blom Shares pursuant to this Offer. However, if a foreign corporate shareholder is
carrying on business activities in Norway and the shares are regarded as connected with such
business activities,the foreign investor may be subject to capital gains taxation depending on (i)
whether or not the business activities constitutes a permanent establishment under the relevant
tax treaty, provided the corporate shareholder is resident in a country to which Norway has
entered into a tax treaty, and (ii) whether or not the investor is comprised by the Norwegian
participation exemption method.
Shareholders not resident in Norway are urged to seek advice from their own tax advisors to clarify the
tax consequences of accepting the Offer.
26
7.
NORSK SAMMENDRAG (NORWEGIAN SUMMARY)
Dette norske sammendraget er en oversettelse av utvalgte deler av den engelske teksten i
dette tilbudsdokumentet ("Tilbudsdokumentet"). I og med at det kun er et sammendrag, gir det
ikke like utfyllende og nyansert informasjon som den engelske teksten. Ved eventuelle
uoverensstemmelser mellom den engelske og den norske teksten, skal den engelske teksten gå
foran.
This Norwegian summary is a translation of certain parts of the English version of this Offer
Document, and is qualified in its entirety by the English language text. In the event of any
inconsistencies between the English and the Norwegian version, the English version shall
prevail.
7.1.
Tilbudet
Merckx AS ("Merckx" eller "Tilbyderen") fremsetter herved et pliktig tilbud ("Tilbudet") om kjøp
av alle utstedte og utestående aksjer i Blom ("Blomaksjene") på de vilkår og i henhold til de
begrensninger som fremgår av Tilbudsdokumentet og akseptblanketten ("Akseptblanketten")
vedlagt Tilbudsdokumentet som vedlegg I (engelsk versjon) og vedlegg II (norsk versjon) .
Tilbudet fremsettes til alle aksjonærer i Blom som lovlig kan motta Tilbudsdokumentet og
akseptere Tilbudet. Tilbudsprisen er NOK 0,10 per aksje, med oppgjør i kontanter.
7.2.
Tilbyderen
Tilbyderen, Merckx AS (organisasjonsnummer 912 341 844), er et norsk aksjeselskap med
forretningsadresse Storgaten 30-31, 3126 Tønsberg, Norge. Merckx er et nystiftet privat
investeringsselskap. Merckx' virksomhet drives fra selskapets kontorer i Tønsberg.
Merckx er et heleid datterselskap av Middelborg AS (organisasjonsnummer 889 048 182).
Middelborg er et norsk aksjeselskap med forretningsadresse Farmannsveien 48, 3125 Tønsberg.
Selskapet ble stiftet i 2005 og er et investeringsselskap med eierskap i virksomheter innen
Telekom/IT-bransjen, eiendom og shipping. Middelborg-konsernet er en langsiktig industriell
eier som aktivt deltar i verdiutviklingen i porteføljeselskapene og bistår selskapene spesielt med
forretningsutvikling, finansiering og optimalisering av kapitalstrukturer, samt nettverksbygging.
Per datoen for Tilbudsdokumentet kontrollerer Merckx 12 283 969 aksjer i Blom, tilsvarende ca.
36,45 % av aksjekapitalen.
Ingen av Merckx' nærstående eier Blom-aksjer.
I tillegg til Blomaksjer, eier Merckx på tidspunktet for Tilbudsdokumentet obligasjoner i
obligasjonslån utstedt av Blom som følger:
Utstedt
totalt (NOK)
50 522 860*
30 000 000
10 729 878
91 252 738
ISIN NO001064285.3 FRN Blom ASA 2011/2012
ISIN NO001064747.2 15% Blom ASA 2012/2013
ISIN NO001064753.0 2% Blom ASA 2012/2017
Eid av Merckx
(NOK)
36 227 990
20 700 000
10 729 878
67 657 868
Eid av
Merckx (%)
71,71%
69,00%
100,00%
74,14%
* Inkludert PIK-rente på NOK 522 806 tillagt hovedstolen i 2012.
Obligasjonslån ISIN NO001064753.0 er et ansvarlig konvertibelt lån, som i henhold til
lånebetingelsene kan konverteres til Blom-aksjer til en tegningskurs på NOK 11,92 per aksje.
Obligajonslån ISIN NO001064747.2 (hvor det løper en rente på 15 % p.a.) forfaller i sin helhet 26.
september 2013, etter at tidligere forfallsdatoer flere ganger har blitt akseptert forlenget av
obligasjonseierne.
7.3.
Blom ASA
Blom ASA (organisasjonsnummer 910 686 909) er et norsk allmennaksjeselskap med registrert
adresse Drammensveien 165, 0277 Oslo, Norge. Selskapet ble stiftet 12. september 1966.
27
Som en av Europas største leverandører av geografisk produkter, tjenester og løsninger,
spenner Bloms kunder fra offentlige myndigheter og bedrifter til forbrukere. Selskapet tilbyr et
bredt spekter av karttjenester og geografiske tjenester i lokale, regionale og internasjonale
standarder og spesifikasjoner, samt kundespesifiserte løsninger. Bloms styrke ligger i
kompetanse, innovasjonsevne og teknisk know-how.
Blom tilbyr skreddersydde løsninger for sine kunder. Selskapet tilbyr også online karttjenester
gjennom sin serverløsning BlomURBEX™.
Ved en omorganisering i 2012 ble Bloms virksomhet delt inn i fem geografiske
forretningsenheter: Norden, Midt-Europa, Sør-Europa, Øst-Europa og Iberia & Latin Amerika.
Etter at virksomheten i Sør-Europa senere i 2012 ble solgt, består virksomheten fra 2013 av
fire geografiske forretningsenheter. I hver geografiske forretningsenhet fokuserer Blom på fem
markedssegmenter: Beredskap & Sikkerhet, Ressurs & Miljø, Ledelse & Offentlig
Administrasjon, Naturressurser & Infrastruktur og Internett & Mobile Løsninger.
Selskapet er notert på Oslo Børs under ticker "BLO".
På tidspunktet for fremsettelse av Tilbudet har Blom en aksjekapital på NOK 16 848 863, fordelt
på 33 697 725 aksjer pålydende NOK 0,50. Styret i Blom har foreslått for generalforsamlingen at
selskapets utestående obligasjonslån, med et samlet utestående beløp på NOK 97 336 716,10
(inkludert påløpte ubetalte renter), konverteres til aksjer til en tegningskurs på NOK 0,10 per
aksje.3
Som ledd i den foreslåtte gjeldskonverteringen har styret i Blom også foreslått at aksjenes
pålydende reduseres til NOK 0,05 gjennom en kapitalnedsettelse med en etterfølgende
"aksjespleis", ved at 100 aksjer med pålydende NOK 0,05 slås sammen til én aksje med
pålydende NOK 5,00.
Hvis de foreslåtte kapitalendringene gjennomføres vil totalt antall aksjer i Blom være
10 070 649 (1 007 064 900 hvis man ser bort fra den foreslåtte "aksjespleisen"). Av dette vil
Blomaksjer utstedt på tidspunktet for fremsettelse av Tilbudet (33 697 725 hvis man ser bort
fra den foreslåtte "aksjespleisen") utgjøre mindre enn 3,35 %. Det vil altså si at en full
konvertering av obligasjonslånene vil medføre en kraftig utvanning av aksjeinnehavet til de
nåværende aksjonærene i Blom.
Etter en slik gjeldskonvertering vil Merckx eie cirka 7 381 300 aksjer (738 130 000 før
gjennomføring av den foreslåtte "aksjespleisen"), hvilket vil utgjøre cirka 73 % av aksjene og
stemmene i Blom. I tillegg kommer aksjer som erverves gjennom Tilbudet.
Den foresåtte konverteringen av obligasjonslånene krever samtykke fra obligasjonseierne. På
anmodning fra styret i Blom har Norsk Tillitsmann ASA (som tillitsmann for obligasjonslånene)
innkalt til obligasjonseiermøter for alle obligasjonslånene som vil bli avholdt 19. september
2013. Obligasjonseierne har blitt bedt om, blant annet, å stemme for (1) konvertering av
lånene til aksjer eller (2) forlengelse av låneforfallsdato fra 26. september 2013 til 26.
november 2013 (gjelder obligasjonslån ISIN NO001064747.2).
Merkx har ikke forpliktet seg til å stemme for forslaget om konvertering av obligasjonslånene,
og heller ikke de tilhørende forslagene, verken som obligasjonseier eller som aksjonær i Blom.
Aksjer som utstedes i forbindelse med gjeldskonverteringen, hvis den vedtas, ventes først
utstedt ultimo november 2013, etter utløp av obligatorisk kreditorvarselperiode for den kapitalnedsettelse som er foreslått gjennomført før kapitalforhøyelsen kan tre i kraft.
7.4.
Tilbudsprisen
Tilbudsprisen er NOK 0,10 per Blomaksje, og den samlede kjøpesummen for alle Blomaksjene
er ca. NOK 3 369 773 (basert på 33 697 725 Blomaksjer), inkludert Blomaksjene som eies av
Merckx.
3
Innkalling av 4. september 2013 til ekstraordinær generalforsamling som vil bli avholdt 27. september 2013.
28
I henhold til verdipapirhandelloven § 6-10 må tilbudsprisen minst tilsvare den høyeste prisen
Merckx (inkludert nærstående parter) har betalt eller avtalt å betale for aksjer i Blom i perioden
seks måneder før tilbudsplikten ble utløst.
Tilbudsprisen tilsvarer den høyeste prisen betalt for hver av de 12 283 969 aksjene som Merckx
eier i Blom, som er de eneste aksjene i Blom som Merckx (inkludert nærstående parter) noen
gang har ervervet.
Samlet tilbudspris for alle Blomaksjene som ikke allerede er eid av Merckx (21 413 756 aksjer)
er NOK 2 141 376. Dette gir en markedsverdi på hele Blom på NOK 3 369 773 (basert på de
totalt 33 697 725 aksjer som er utstedt).
Tilbudsprisen er vesentlig lavere enn aksjekursen på Oslo Børs 16. august 2013, som var siste
handelsdag før Merckx' kjøp. Kursen var da NOK 1,35 (sluttkurs). Volumveid gjennomsnittskurs
(sluttkurs) siste 30 dager før og inkludert 16. august 2013, var NOK 1,52. Sluttkurs siste
handelsdag før datoen for dette tilbudet (17. september 2013), var NOK 0,42.
Merckx er av den oppfatning at børskursen er altfor høy og ikke reflekterer, blant annet, Bloms
anstrengte gjeldssituasjon. Selskapet har utestående obligasjonsgjeld på mer enn NOK 97
millioner (inkludert renter), hvorav NOK 26,7 millioner (hovedstol) forfaller til betaling 26.
september 2013. Videre har selskapet utestående gjeld på EUR 2.5 million til Hexagon AB under
et likviditetslån som forfaller til betaling 24. september 2013. Selskapet er ikke i stand til å
betjene noen av disse lånene. Styret i Blom har på denne bakgrunn foreslått for
obligasjonseierne at obligasjonslånene konverteres til aksjer i Blom til en tegningskurs på NOK
0,10 per aksje. Hvis forslaget aksepteres av obligasjonseierne og generalforsamlingen i Blom,
vil gjeldskonverteringen medføre en kraftig utvanning av de nåværende aksjonærene i Blom,
både i verdi (basert på børskurs på tidspunktet for fremsettelse av Tilbudet) og i eierandel. For
Merckx fremstår det som om aksjemarkedet ikke i tilstrekkelig grad har klart å ta inn over seg
effektene av en slik eventuell gjeldskonvertering.
Merckx kjøpte sine aksjer i Blom samtidig med kjøpet av 74.14 % av obligasjonene i Bloms
utestående obligajsonslån.
Kjøpesummen for obligasjonene var 10 % av obligasjonenes
pålydende, minus beløpet betalt for Blomaksjer kjøpt fra obligasjonseierne (NOK 0,10 per
aksje). Ut fra dette perspektivet kan det argumenteres for at den relle kjøpesummen som
Merckx har betalt for sine Blomaksjer er null, eller i det minste svært nær null.
7.5.
Betingelser for Tilbudet
Det er ikke knyttet noen betingelser til Tilbudet.
7.6.
Tilbudsperioden
Tilbudsperioden løper fra og med 19. september 2013 og frem til og med 17. oktober 2013
klokken 16.30 (CET) ("Tilbudsperioden").
Tilbyderen kan forlenge Tilbudsperioden én eller flere ganger, men likevel ikke lenger enn til
31. oktober 2013 klokken 16.30 (CET).
7.7.
Aksept av Tilbudet
For å akseptere Tilbudet må korrekt utfylt og signert Akseptblankett leveres til Mottaksagenten
(som definert nedenfor) før utløpet av Tilbudsperioden.
Akseptblanketten er vedlagt Tilbudsdokumentet som vedlegg I (engelsk versjon) og som
vedlegg II (norsk versjon).
Den som aksepterer tilbudet ("Akseptanten") er selv ansvarlig for å korrekt fylle ut
Akseptblanketten og levere den til ABG Sundal Collier Norge ASA ("Mottaksagenten") før 17.
oktober 2013 klokken 16.30 (CET), da Akseptblanketten på dette tidspunkt må være mottatt av
Mottaksagenten på nedenstående adresse per post, levering, e-post eller telefaks:
29
ABG Sundal Collier Norge ASA
Munkedamsveien 45e
0115 Oslo
Telefon: +47 22 01 60 00
Telefaks: +47 22 01 60 62
Epost: Acceptance@abgsc.no
Hvis Akseptblanketten er signert av en person som opptrer på vegne av en aksjonær i Blom, må
dokumentasjon for vedkommendes rett til å signere Aksepformularet, for eksempel en fullmakt
og/eller en firmaattest leveres sammen med Akseptblanketten for at Aksepten skal være gyldig.
Alle Blomaksjer som erverves i forbindelse med Tilbudet må overføres fri for heftelser eller
tredjemannsrettigheter og må inkludere alle tilhørende aksjonærrettigheter. Enhver tredjepart som
har registrerte heftelser eller andre rettigheter må signere Akseptblanketten og dermed frasi seg
sine rettigheter i aksjene og godkjenne overføringen av aksjene fri for alle heftelser til Tilbyderen.
Tilbyderen forbeholder seg retten til å forkaste alle Akseptblanketter som ikke er korrekt utfylt
eller som kan være ulovlige (hensyntatt kravet om likebehandling i verdipapirhandelloven § 610(9)). Tilbyderen forbeholder seg også retten til, men er ikke under noen omstendighet forpliktet
til, å godkjenne ukorrekte Akseptblanketter, og retten til å anse en aksept av Tilbudet som gyldig,
helt eller delvis, selv om den ikke er fullstendig, mangler vedlagt nødvendig fullmakt; eller er
mottatt på andre steder eller måter enn som angitt ovenfor (igjen hensyntatt kravet om
likebehandling).
Aksjonærer i Blom som har aksjer fordelt på flere VPS-kontoer må fylle ut og levere separate
Akseptblanketter for hver VPS- konto.
Aksjonærer som har er registrert Blomaksjer i navnet til en megler, forretningsbank, forvaltningsselskap eller annen forvalter må kontakte denne hvis vedkommende ønsker å akseptere Tilbudet.
7.8.
Oppgjør
Oppgjørstidspunktet vil ikke være senere enn 14 dager etter utløpet av Tilbudsperioden. Dette
vil si at oppgjør vil skje senest 31. oktober 2013. Hvis Tilbudsperioden blir forlenget vil
oppgjørstidspunktet bli tilsvarende forskjøvet, likevel slik at oppgjørstidspunktet uansett ikke vil
være senere enn 14. november 2013.
Utbetaling til den enkelte Akseptant vil skje til den konto som på tidspunktet for Aksepten var
registrert i VPS for utbetaling av utbytte til vedkommende Akseptant.
Akseptanter som ønsker å få utbetalt oppgjørssummen til en annen konto enn den som er
registrert i VPS for utbetaling av utbytte, må fylle ut slikt kontonummer på Akseptblanketten.
Ved å signere Akseptblanketten gir Akseptantene Mottaksagenten en ugjenkallelig rett til, på
Oppgjørsdagen, å overføre Blomaksjene som aksepteres solgt i henhold til Tilbudet til Merckx
mot betaling i henhold til ovenstående og Akseptblanketten.
Betaling av kjøpesummen etter Tilbudet er garantert av DNB Bank ASA. Kopi av garantien er
vedlagt Tilbudsdokumentet som vedlegg 3.
7.9.
Kostnader
Tilbyderen vil dekke kostnader direkte relatert til VPS-transaksjoner i forbindelse med Tilbudet.
Tilbyderen vil ikke dekke skattekostnader, kostnader knyttet til finansiell eller rettslig
rådgivning eller andre kostnader som pådras av Blomaksjonærer i tilknytning til Tilbudet.
7.10. Finansiering av Tilbudet
Tilbudet vil finansieres av Tilbyderen med tilgjengelige kontanter og tilgjengelige lånefasiliteter.
7.11. Kunngjøringer og endring av Tilbudet
Kunngjøringer gjort av eller på vegne av Tilbyderen i forbindelse med Tilbudet og/eller Tilbuds dokumentet vil bli kunngjort gjennom Oslo Børs' elektroniske informasjonssystemer.
30
Tilbyderen forbeholder seg retten til å øke tilbudsprisen og/eller forlenge tilbudsprisen og/eller
utstede et nytt tilbud i henhold til bestemmelsen i verdipapirhandelloven (og forutsatt god kjennelse fra Oslo Børs). Eventuelle endringer vil bli ansett akseptert at Akseptanter som
tidligere har akseptert tilbudet, forutsatt at det endrede Tilbudet er mer fordelaktig for
Akseptantene enn det opprinnelige Tilbudet. Innenfor rammene av relevant norsk lovgivnig og
praksis, kan allerede inngitte aksepter ikke trekkes tilbake selv om Tilbudet endres eller
Tilbudsperioden forlenges.
Eventuelle endringer i Tilbudet, inkludert forlengelse av Tilbudsperioden, vil bli offentliggjort før
utløpet av Tilbudsperioden.
7.12. Tvungen overføring av aksjer
Hvis Tilbyderen, etter gjennomføring av Tilbudet, blir innehaver av Blomaksjer som
representerer mer enn 90 % av stemmerettene i Blom, har Tilbyderen rett til å (og de
gjenværende aksjonærene i Blom vil ha rett til å kreve at Tilbyderen) initierer tvungen
overføring av de aksjene i Blom som ikke eies av Tilbyderen i henhold til verdipapirhandelloven
§ 6-22 og allmennaksjeloven § 4-25.
7.13. Strykning fra Oslo Børs
Hvis Merckx ikke lenger finner det hensiktsmessig at Blom er notert på Oslo Børs, kan Merckx
foreslå for generalforsamlingen i Blom at selskaet skal søke om å strykes fra Oslo Børs. Forslag
om å sende søknad om å stryke Blom fra Oslo Børs krever tilslutning fra et flertall på minst 2/3
av stemmene og aksjekapitalen. Oslo Børs avgjør om søknad om strykning skal etterkommes.
7.14. Jurisdiksjon og lovvalg
Tilbudet og Tilbudsdokumentet er regulert av norsk lov.
Tvister som springer ut av Tilbudet eller Tilbudsdokumentet skal løses ved de ordinære
domstoler, med Oslo tingrett som avtalt verneting.
7.15. Diverse
Bekreftelse på mottatt Akseptblankett vil ikke bli gitt av eller på vegne av Tilbyderen. Ingen
underretning vil bli gitt ved forkasting av Akseptblanketter som følge av at de ikke er korrekt utfylt
eller mottatt etter utløpet av Tilbudsperioden.
Tilbudsdokumentet vil bli sendt alle registrerte aksjonærer i Blom per datoen for Tilbudsdokumentet
på den adresse som er registrert på den enkelte aksjonærs VPS-konto, med unntak av de
Blomaksjonærene som oppholder seg i en jurisdiksjon hvor Tilbyder på forhånd vet
Tilbudsdokumentet ikke rettmessig kan distribueres. Mer informasjon om Tilbudet kan fås ved
henvendelse til:
ABG Sundal Collier Norge ASA
Munkedamsveien 45e
0115 Oslo
Telefon: +47 22 01 60 00
Telefaks: +47 22 01 60 62
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APPENDIX I: ACCEPTANCE FORM (ENGLISH VERSION)
For use when accepting the mandatory offer (the "Offer") described in the Offer Document dated 18 September 2013
from Merckx AS ("Merckx") to acquire all outstanding shares (the "Blom Shares") of Blom ASA ("Blom") that are not
already owned by the Offeror. Capialised terms used in this Acceptance Form shall have the same meaning as set out in,
and be deemed to be construed in accordance with, the Offer Document. The terms of the Offer are set forth in the Offer
Document, see Section 3 ("The Offer"), in particular Section 3.9 ("Acceptance of the Offer").
Return to:
ABG Sundal Collier Norge ASA
Munkedamsveien 45e
P.O. Box 1444 Vika
N-0115 Oslo, Norway
Phone: +47 22 01 60 00
Facsimile: +47 22 01 60 62
Email: Acceptance@abgsc.no
The shareholder register of Blom shows per 17 September 2013:
VPS-account number:
Number of shares:
Registered trustee(s):
DEADLINE FOR ACCEPTANCE:
ABG Sundal Collier Norge ASA must receive this Acceptance Form before 17 October 2013 at 16:30 CET.
GUIDANCE:
 Shareholders should read the Offer Document carefully, and note in particular the information and restrictions described in the
Section titled "Important Notice".
 Shareholders who own Shares allocated to more than one VPS-account will receive one Acceptance Form for each account. One
Acceptance Form for each VPS-account must be completed and returned within the deadline.
 Unless otherwise indicated below (partial acceptance), the Acceptance includes Shares that, in addition to the Shares tipulated in the
box "Number og shares" above, have been or will be acquired and that will be credited to the VPS account set out above.
 Settlement of the Offer Price will be made in accordance with the procedures set forth in Section 3.11 ("Settlement") of the Offer
Document.
 This Acceptance will be treated as valid only if any rights holder (marked under "Registered trustee(s)" above) has consented to the
sale and transfer of the Shares free of encumbrances or other third-party rights to the Offeror by signing this Acceptance Form under
"Trustee" below.
ACCEPTANCE:
I/We have received the Offer Document dated 18 September 2013 and accept the Offer for all my/our Blom Shares according to the
terms set forth in the Offer Document. Unless otherwise indicated by ticking the box below, my/our acceptance includes, in addition to
Blom Shares I/we have registered on the VPS-account stated at the top of this acceptance form, all Blom Shares I/we have acquired or
will acquire, and that will be registered on the above-mentioned VPS-account, until the Offer is completed. Acceptors who want to
accept the Offer for only a portion of the Blom Shares they own, must provide information about this here:
My/Our acceptance only applies to parts of my/our shareholdings in Blom ASA (Check the box if applicable)
My/Our partly acceptance of the Offer applies to ________________ Blom shares
□
SIGNATURE:
Place
Date
Binding signature*
Telephone daytime
* If signed by power of attorney, the power of attorney (and with respect to companies, Certificate of Registration or similar
documentation) shall be enclosed. If signed by a person with signatory right, Certification of Registration or similar documentation shall
be enclosed.
TRUSTEE:
As trustee, the undersigned consents to the transfer of the Blom Shares to Merckx free of encumbrances.
Place
Date
Trustee's binding signature*
* If signed by power of attorney, the power of attorney (and with respect to companies, Certificate of Registration or simila r
documentation) shall be enclosed. If signed by a person with signatory right, Certificate of Registration or similar documentation shall
be enclosed. If more than one trustee is registered, each trustee must sign.
Payment details for acceptants who do not hold a bank account with a Norwegian bank
Bank name
IBAN
Swift/Bic
32
Other
APPENDIX II: ACCEPTANCE FORM (NORWEGIAN VERSION)
Til bruk ved aksept av det pliktige tilbudet ("Tilbudet") fra Merckx AS ("Merckx") beskrevet i tilbudsdokumentet datert
18. september 2013 ("Tilbudsdokumentet") om erverv av samtlige utestående aksjer ("Blomaksjer") i Blom ASA
("Blom") som er og vil bli utstedt som ikke allerede er eiet av Tilbyderen. Uttrykk med stor forbokstav i denne
Akseptblanketten, skal ha samme innhold, og tolkes på samme måte, som i Tilbudsdokumentet. Vilkårene for Tilbudet er
inntatt i Tilbudsdokumentet, se punkt 3 ("The Offer"), særlig punkt 3.9 ("Acceptance of the Offer").
Returneres til:
ABG Sundal Collier Norge ASA
Munkedamsveien 45e
P.O. Box 1444 Vika
N-0115 Oslo, Norge
Telefon: +47 22 01 60 00
Telefaks: +47 22 01 60 62
Epost: Acceptance@abgsc.no
Bloms aksjeeierregister viser per 17. september 2013:
VPS-konto:
Antall aksjer:
Rettighetshaver(e):
TIDSFRIST FOR AKSEPT:
ABG Sundal Collier Norge ASA må motta denne akseptblanketten innen 17. oktober 2013 kl 16:30.
VEILEDNING:
 Aksjonærer bør lese Tilbudsdokumentet grundig og merke seg spesielt informasjonen og begrensningene inntatt i punktet med
overskriften "Important Notice".
 Aksjonærer som eier Blomaksjer fordelt mellom flere VPS-kontoer vil motta en akseptblankett for hver konto. En akseptblankett for
hver VPS-konto må utfylles, signeres og returneres innen akseptfristen.
 Med mindre noe annet er indikert nedenfor (delvis aksept), omfatter denne aksepten i tillegg Aksjene inntatt i boksen "Antall aksjer"
ovenfor, også Aksjer som har blitt eller blir ervervet og som vil bli kreditert til VPS-kontoen indikert ovenfor.
 Oppgjøret av Tilbudsprisen vil gjennomføres I henhold til prosedyrene beskrevet i punkt 3.11 ("Settlement") i Tilbudsdokumentet.
 Denne aksepten vil bare behandles som gyldig dersom samtlige rettighetshavere (markert under "Rettighetshaver(e)" ovenfor) har
samtykket til at aksjene selges og overføres til Tilbyderen fri for heftelser eller andre tredjepartsrettigheter ved å signere på denne
Akseptblanketten under "Rettighetshaver" nedenfor.
AKSEPT:
Jeg/vi har mottatt tilbudsdokumentet datert 18. september 2013 ("Tilbudsdokumentet") og aksepterer Tilbudet om kjøp av alle
mine/våre Blomaksjer til på de vilkår som fremgår av Tilbudsdokumentet. Dersom ikke annet er indikert ved å krysse av i boksen
under, inkluderer min/vår aksept, i tillegg til de Blomaksjer jeg/vi har registrert på VPS-kontoen oppgitt øverst på denne
akseptblanketten, alle Blomaksjer jeg/vi har ervervet eller kommer til å erverve og som registreres på ovennevnte VPS-konto innen
belastning innen Tilbudet er gjennomført. Aksjonærer som ønsker å akseptere Tilbudet bare for en del av sine Blomaksjer, må gi
informasjon om dette her:
Min/vår aksept gjelder kun deler av min vår aksjebeholdning i Blom ASA (Kryss hvis relevant)
Min/vår delvise aksept av Tilbudet gjelder ________________ Blomaksjer
□
SIGNATUR:
Sted
Dato
Forpliktende underskrift*
Telefon dagtid
*Dersom underskrevet i henhold til fullmakt skal fullmakten (og, hva selskaper angår, firmaattest eller tilsvarende dokumentasjon)
vedlegges. Dersom underskrevet av en person med signaturrett skal firmaattest eller tilsvarende dokumentasjon vedlegges.
RETTIGHETSHAVER:
I egenskap av panthaver/rettighetshaver samtykker jeg til overdragelsen av Blomaksjene til Merckx uten heftelser.
Sted
Dato
Rettighetshavers forpliktende underskrift*
* Dersom underskrevet i henhold til fullmakt skal fullmakten (og, hva selskaper angår, firmaattest) vedlegges. Dersom underskrevet av
en person med signaturrett skal firmaattest vedlegges. Dersom der er registrert mer enn én panthaver/rettighetshaver må hver av
panthaverne/rettighetshaverne underskrive.
Betalingsdetaljer for aksjonærer som ikke har en bankkonto i en norsk bank
Navn på bank
IBAN
Swift/Bic
33
Annet
APPENDIX III: BANK GUARANTEE
34
35
Merckx AS
Storgaten 30-31
N-3126 Tønsberg
Norway
Tel: +47 93 48 06 07
36