2013-01-25 16:03:52 -
SpareBank 1 SMN is to sell 5.88m shares of Polaris Media ASA at NOK 27.00 per
share to NWT Media (Nya Wermlands-Tidningens AB), for a total of NOK 158.8m.
Through this transaction SpareBank 1 SMN will reduce its stake in Polaris Media
from 23.4 to 11.4 per cent. SpareBank 1 SMN acquired 18.4 per cent of the shares
of Polaris Media in connection with the bankruptcy of Roll Severin Co in March
- "Since then we have indicated our reluctance to hold such a large stake in
Polaris Media in the long term, but that we are comfortable with an owner
position of this size in the medium term. We are selling to NWT Media in
agreement with the board of Polaris Media," says Group CEO Finn Haugan
SpareBank 1 SMN.
NWT Media has since 1990 proven its credentials as a long-term media investor in
Norway. The company has been an owner of Polaris Media since September 2011, and
is now increasing its stake from 14.4 to 26.4 per cent. This makes NWT Media the
second largest shareholder after Schibsted (29.0 per cent).
- "We are very pleased that SpareBank 1 SMN is selling to NWT Media, which we
have come to know as a professional, long-term media investor. Our collaboration
with our Swedish friends is excellent. At the same time it is positive that
SpareBank 1 SMN is to remain a substantial owner of Polaris Media. The bank
contributes to a beneficial, diversified ownership of the Group," says Kaare M.
Gisvold, board chair at Polaris Media.
Contact persons at SpareBank 1 SMN:
Group CEO Finn Haugan on (0047) 900 41 002
Head of Corporate Communications Hans Tronstad on (0047) 941 78 322
About SpareBank 1 SMN
SpareBank 1 SMN is the region's leading financial services group. It leads the
retail and corporate market, and is positioned in 43 localities across the
region's municipalities with a total of 51 offices.
We aim to be the recommended bank for customers in Trøndelag and in Møre and
Romsdal. Being a local, independent savings bank we feel a special
responsibility for stimulating growth and prosperity in the region. We base our
business on closeness to our customers, good accessibility, a full product range
and comprehensive financial advisory services.
Our head office is in Trondheim. The Group employs about 1,200 staff and
includes the following subsidiaries: SpareBank 1 SMN Finans, EiendomsMegler 1
Midt-Norge, Allegro Finans and SpareBank 1 SMN Regnskap. It is the largest
shareholder in BN Bank with a 33% stake.
SpareBank 1 SMN is one of six owners of SpareBank 1 Gruppen. For further
information, visit our website at www.smn.no.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: SpareBank 1 SMN via Thomson Reuters ONE