Edda Wind ASA: Contemplated private placement

Edda Wind ASA: Contemplated private placement

25 Jun 2024 16:32 CEST

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Issuer

Edda Wind ASA

Haugesund, 25 June 2024: Edda Wind ASA (the "Edda Wind" or the "Company")
announces that it has engaged ABG Sundal Collier ASA and DNB Markets, a part of
DNB Bank ASA as Joint Global Coordinators and Joint Bookrunners, and Danske Bank
and Sparebank 1 Markets AS as Joint Bookrunners (together with the Joint Global
Coordinators, the "Managers") to advise on and effect a contemplated private
placement (the "Private Placement") of new ordinary shares in the Company (the
"Offer Shares") raising gross proceeds of the NOK equivalent of EUR 35 million.
The price per Offer Share in the Private Placement (the "Offer Price") is set at
a fixed price of NOK 23.5 per Offer Shares by the Company's board of directors
(the "Board").

The Private Placement

Wilhelmsen New Energy AS, Geveran Trading Co Ltd. and EPS Ventures Ltd (Eastern
Pacific Shipping), together owning 82.14% of the outstanding shares in the
Company, have pre-subscribed for the full Private Placement. Subject to investor
interest in the Private Placement, the top three shareholders will scale back
their subscriptions towards pro-rata holding (i.e. 82.14% of the Private
Placement).

The net proceeds from the Private Placement are intended to revitalise the
Company's liquidity position following a period of unscheduled offhire and
operational setbacks. Following the Private Placement, the Company will have a
liquid and strong balance sheet enabling the Company to explore further growth
and accretive opportunities.

The application period in the Private Placement will commence today, 25 June
2024 at 16:30 hours CEST and is expected to close on or before 26 June 2024 at
08:00 hours CEST. The Company, after consultation with the Managers, reserves
the right to, at any time and in its sole discretion and for any reason, close
or extend the application period or to cancel the Private Placement in its
entirety on short or without notice. If the application period is shortened or
extended, any other dates referred to herein may be amended accordingly.

The Private Placement will be directed towards selected Norwegian and
international investors (a) outside the United States, subject to applicable
exemptions from any prospectus and registration requirements and in reliance on
Regulation S. under the U.S, Securities Act 1933, as amended (the "Securities
Act"), and (b) to investors in the United States who are QIBs as defined in Rule
144A under the Securities Act, and to "major U.S. institutional investors" as
defined in SEC Rule 15a-6 under the United States Exchange Act of 1934, in each
case subject to an exemption being available from offer prospectus requirements
and any other filing or registration requirements in the applicable
jurisdictions, including the EU Prospectus Regulation (Regulation (EU) 2017/1129
of the European Parliament and of the Council of 14 June 2017 (the "Prospectus
Regulation", and subject to other selling restrictions. The minimum application
and allocation amount has been set to the NOK equivalent of EUR 100,000 per
investor. The Company may, however, at its sole discretion, allocate New Shares
for an amount below EUR 100,000 to the extent applicable exemptions from the
prospectus requirement pursuant to the Norwegian Securities Trading Act, the
Prospectus Regulation and ancillary regulations are available. Further selling
restrictions and transaction terms will apply.

Allocation and final number of Offer Shares to be issued will be determined
after the expiry of the application period by the Board and at its sole
discretion, in consultation with the Managers, based on criteria such as (but
not limited to) pre-commitments, current ownership in the Company, timeliness of
the application, price leadership, relative order size, sector knowledge,
investment history, perceived investor quality and investment horizon. The Board
reserves the right at its sole discretion, to reject and/or reduce any orders,
in whole or in part. The Board and the Managers further reserve the right, at
their sole discretion, to take into account the creditworthiness of any
applicant. There is no guarantee that any potential investor will be allocated
shares.

Settlement and Dates

The Offer Shares are expected to be settled with new shares in the Company to be
issued under the existing Board authorisation to issue new shares (the "Board
Authorisation") granted by the Company's annual general meeting held on 29 May
2024, and delivery versus payment ("DVP") settlement is expected to be
facilitated by a pre-funding agreement expected to be entered into between the
Company and the Joint Global Coordinators (the "Pre-funding Agreement").

The Offer Shares allocated to applicants in the Private Placement will be
tradable after the announcement by the Company that the share capital increase
pertaining to the Private Placement has been registered with the Norwegian
Register of Business Enterprises (the "NRBE"), which is expected on or about 27
June 2024 (T+1).

Settlement is expected to take place on or about 28 June 2024 (T+2) on a DVP
basis.

Conditions for Completion

Completion of the Private Placement by delivery of the Offer Shares to
applicants in the Private Placement (the "Applicants") is subject to: (i) the
Board resolving to proceed with the Private Placement and to allocate the Offer
Shares; (ii) the Board resolving the issuance of new shares pertaining to the
Private Placement pursuant to the Board Authorisation; and (iii) the
registration of the share capital increase in the NRBE.

Applicants' acquisitions of Offer Shares in the Private Placement are final and
binding and cannot be revoked, canceled, or terminated by the respective
investors.

The Company reserves the right, at any time and for any reason, to cancel,
and/or modify the terms of, the Private Placement prior to notification of
allocation. Neither the Company nor the Managers will be liable for any losses
incurred by Applicant if the Private Placement is cancelled, irrespective of the
reason for such cancellation.

Potential Subsequent Offering

Subject to, among other things, completion of the Private Placement, publication
of a prospectus and prevailing market price of the Company's shares being higher
than the Offer Price as determined by the Board, and potentially also approval
by an extraordinary general meeting of the Company (if required), the Board will
consider whether it is appropriate to carry out a subsequent offering (the
"Subsequent Offering") at the Offer Price. Any such Subsequent Offering, if
applicable, and subject to applicable securities laws, shall be directed towards
existing eligible shareholders in the Company as of 25 June 2024 (as registered
with the VPS two trading days thereafter), who (i) were not allocated Offer
Shares in the Private Placement, and (ii) are not resident in a jurisdiction
where such offering would be unlawful, or would (in jurisdictions other than
Norway) require any prospectus filing, registration or similar action (the
"Eligible Shareholders"). The Company reserves the right in its sole discretion
to not conduct or to cancel the Subsequent Offering.

Equal treatment

The contemplated Private Placement implies that the shareholders' preferential
rights to subscribe for and being allocated the Offer Shares are set aside. The
Board has considered the structure of the equity raise in light of the equal
treatment obligations under the Norwegian Public Limited Companies Act, the
rules on equal treatment under Euronext Oslo Rule Book Part II and the Oslo
Stock Exchange's Guidelines on the rule of equal treatment. The Board is of the
view that it is in the common interest of the Company and its shareholders to
raise equity through a private placement. A private placement enables the
Company to revitalise its liquidity position following a period of unscheduled
offhire and operational setbacks, and will provide the Company with a liquid and
strong balance sheet enabling the Company to explore further growth and
accretive opportunities. Further, a private placement will reduce execution and
completion risk and allows for the Company to raise capital more quickly, as
well as the ability to utilize current market conditions, raise capital at a
lower discount compared to a rights issue and without the underwriting
commissions normally seen with rights offerings.

On this basis the Board has considered the proposed transaction structure to be
in the common interest of the Company and its shareholders.

An updated Company presentation is available at the Company's webpage:
www.eddawind.com.

Advokatfirmaet BAHR AS is acting as legal advisor to the Company in connection
with the Private Placement.

For further information, please contact:
Lars Stubhaug, VP Finance Edda Wind
Phone: [phone]
E-mail: [e-mail]

Herman Hovland Øverlie, CFO Edda Wind
Phone: [phone]
E-mail: [e-mail]

ABOUT EDDA WIND
Edda Wind is a leading offshore wind service company headquartered in Haugesund,
Norway. The Company develops, builds, owns and operates purpose-built Service
Operation Vessels ("SOV") and Commissioning Service Operation Vessels ("CSOV")
for offshore wind farms worldwide. Edda Wind is creating the next generation of
offshore wind service vessels and works closely with partners to develop new
technologies to reduce emissions without compromising operational capabilities
or cost competitiveness.

As of today, the Company owns and operates two purpose-built offshore wind SOVs
and three CSOVs, and has eight dedicated offshore wind vessels under
construction - one SOV and seven CSOVs. All newbuild vessels are prepared for
zero-emission utilising liquid organic hydrogen carrier and/or methanol as an
energy source.

Read more: www.eddawind.com

IMPORTANT NOTICE

The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may be placed for any
purpose on the information contained in this announcement or its accuracy,
fairness or completeness. None of the Managers or any of their respective
affiliates or any of their respective directors, officers, employees, advisors
or agents accepts any responsibility or liability whatsoever for, or makes any
representation or warranty, express or implied, as to the truth, accuracy or
completeness of the information in this announcement (or whether any information
has been omitted from the announcement) or any other information relating to the
Company, its subsidiaries or associated companies, whether written, oral or in a
visual or electronic form, and howsoever transmitted or made available, or for
any loss howsoever arising from any use of this announcement or its contents or
otherwise arising in connection therewith. This announcement has been prepared
by and is the sole responsibility of the Company.
Neither this announcement nor the information contained herein is for
publication, distribution or release, in whole or in part, directly or
indirectly, in or into or from the United States (including its territories and
possessions, any State of the United States and the District of Columbia),
Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction
where to do so would constitute a violation of the relevant laws of such
jurisdiction. The publication, distribution or release of this announcement may
be restricted by law in certain jurisdictions and persons into whose possession
any document or other information referred to herein should inform themselves
about and observe any such restriction. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such
jurisdiction.
This announcement does not contain or constitute an offer to sell or a
solicitation of any offer to buy or subscribe for any securities referred to in
this announcement to any person in any jurisdiction, including the United
States, Australia, Canada, Japan, Hong Kong or South Africa or any jurisdiction
to whom or in which such offer or solicitation is unlawful.
The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"), and may not be offered or sold in the United States absent
registration or an exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act and in accordance with
applicable U.S. state securities laws. The Company do not intend to register any
securities referred to herein in the United States or to conduct a public
offering of securities in the United States.
Any offering of the securities referred to in this announcement will be made by
means of a set of subscription materials provided to potential investors.
Investors should not subscribe for any securities referred to in this
announcement except on the basis of information contained in the aforementioned
subscription material.
In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).
This communication is only being distributed to and is only directed at persons
in the United Kingdom that are Qualified Investors and that are (i) investment
professionals falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high
net worth entities, and other persons to whom this announcement may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as "relevant persons"). This communication
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is
available only to relevant persons and will be engaged in only with relevant
persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.
This announcement is made by, and is the responsibility of, the Company. The
Managers and their affiliates are acting exclusively for the Company and no-one
else in connection with the Private Placement. They will not regard any other
person as their respective clients in relation to the Private Placement and will
not be responsible to anyone other than the Company, for providing the
protections afforded to their respective clients, nor for providing advice in
relation to the Private Placement, the contents of this announcement or any
transaction, arrangement or other matter referred to herein.
In connection with the Private Placement, the Managers and any of their
affiliates, acting as investors for their own accounts, may subscribe for or
purchase shares and in that capacity may retain, purchase, sell, offer to sell
or otherwise deal for their own accounts in such shares and other securities of
the Company or related investments in connection with the Private Placement or
otherwise. Accordingly, references in any subscription materials to the shares
being issued, offered, subscribed, acquired, placed or otherwise dealt in should
be read as including any issue or offer to, or subscription, acquisition,
placing or dealing by, such Managers and any of their affiliates acting as
investors for their own accounts. The Managers do not intend to disclose the
extent of any such investment or transactions otherwise than in accordance with
any legal or regulatory obligations to do so.
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "aims", "expect",
"anticipate", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies, and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies, and other important factors could
cause actual events to differ materially from the expectations expressed or
implied in this release by such forward-looking statements. Forward-looking
statements speak only as of the date they are made and cannot be relied upon as
a guide to future performance. The Company, each of the Managers and their
respective affiliates expressly disclaims any obligation or undertaking to
update, review or revise any forward-looking statement contained in this
announcement whether as a result of new information, future developments or
otherwise. The information, opinions and forward-looking statements contained in
this announcement speak only as at its date and are subject to change without
notice.
This announcement is for information purposes only. It does not purport to be
complete, and it is not to be relied upon in substitution for the exercise of
independent judgment. It is not intended as investment advice and under no
circumstances is it to be used or considered as an offer to sell, or a
solicitation of an offer to buy any securities or a recommendation to buy or
sell any securities of the Company. Neither the Managers nor any of their
respective affiliates accepts any liability arising from the use of this
announcement. The Company and the Managers, and their respective affiliates,
expressly disclaims any obligation or undertaking to update, review or revise
any statement contained in this announcement whether as a result of new
information, future developments or otherwise.
The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Lars Stubhaug, VP Finance Edda
Wind ASA on 25 June 2024 at 16:30 (Oslo time).

More information:
Access the news on Oslo Bors NewsWeb site

622367_Edda Wind - Company Presentation.pdf

Source

Edda Wind ASA

Provider

Oslo Børs Newspoint

Company Name

EDDA WIND ASA

ISIN

NO0010998529

Symbol

EWIND

Market

Oslo Børs