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Denmark

Denmark

STOCK EXCHANGE DEBUT FOR NORDTANK

Nordtank Energy Group A/S will be floated on the Danish stock exchange, Børsen, during the first ten days of this month. The current share holding of one million shares will be diluted to 1,150,000 shares, with a total nominal value of DKK 23 million. Of these 750,000 will be offered for sale for a nominal price of DKK 20 each. If interest warrants it, a further offering of 115,000 shares will be made within 30 days. Trading in Nordtank shares on the stock exchange is expected to start on November 14. The flotation is being undertaken by a consortium of Unibank and Alfred Berg (joint lead managers) and the Union Bank of Switzerland (UBS) (co-lead manager) with Unibank as book-runner. Nordtank's administrative director, Vagn Trend Poulsen, currently owns 25% of Nordtank's share capital, with an option to buy a further 10% of share capital from UBS at the time of the flotation. After flotation Poulsen will retain 20% of shares in the company. UBS Capital BV today owns 75% of Nordtank shares. This holding will be brought down to 5-15%, depending on how many shares are finally offered for sale.

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