Business News

Schibsted ASA (SCH) – Extended agreement regarding financial exposure to Polaris Media

Monday 19. April 2010 - Schibsted has extended an agreement with SEB Enskilda AS regarding financial exposure to 17,751,236 shares, equal to 36.3% of the shares and votes in Polaris Media ASA (not taking into consideration the voting limitations stated in the articles of association).

The new agreement is valid as of 30th May 2010 and has a one year maturity. The agreement is based on normal commercial terms, and implies an interest cost for Schibsted corresponding to three months NIBOR plus 200 basis points, calculated on the basis of NOK 390,527,192.
 
The background for the transaction is the fact that Schibsted in June 2009 divested 36.3% of the shares and votes in Polaris Media to meet the condition set by the Norwegian Media Authority to establish Media Norge. As a consequence of the challenging condition in the stock market, Schibsted entered into an agreement implying financial exposure to a similar number of shares. The agreement was approved by the Norwegian Media Authority.
 
Schibsted ASA holds 3,471,716 shares, equivalent to 7.1% of shares and votes (not taking into consideration the voting limitations stated in the articles of association), in Polaris Media ASA.
 
Schibsted is represented in the Board of Directors of Polaris Media.