Reference is made to the announcement made by DOF ASA ("DOF" and together with its subsidiaries the "Group") on 22 June 2022 regarding the execution of an agreement with a substantial group of creditors and certain other stakeholders on a comprehensive financial restructuring (the "Restructuring"), the announcement on 13 October 2022 with an update on the Restructuring process and the notice published on 21 October 2022 of the extraordinary general meeting in DOF to be held on 11 November 2022 (the "EGM").

DOF has today received a letter from the advisors of the main creditors of the Group (the "Creditor Letter"). The Creditor Letter is attached to the enclosed letter from the chairman of DOF to the shareholders. The shareholders are urged to read the letters and the information highlighted below carefully prior to making any decisions on how to vote at the EGM.
>>> Aksjonærbrev 03.11.2022 (PDF)
>>> Letter to DOF from Creditors 03.11.2022 (PDF)

It is made clear in the Creditor Letter that:
(i) there is no room for further negotiations with the creditors;
(ii) the implementation of the Restructuring as proposed to the EGM is the only consensual alternative to a claim from the creditors for full repayment of the loans; and
(iii) in the event that the shareholders fail to approve the required resolutions at the EGM, the proposed

Restructuring will be implemented as a forced process pursuant to the Norwegian Reconstruction Act or through a bankruptcy in DOF, providing the shareholders with less or no value compared to the proposed consensual Restructuring.

As emphasized by the chairman in the attached letter to the shareholders of DOF, all shareholders should prior to deciding how to vote in particular consider the following elements carefully:
(i) The shareholders of DOF will receive the highest value (and the largest portion of any future upside) in the event that the Restructuring is approved by the EGM;
(ii) the proposed consensual Restructuring provides the shareholders with 4 % of the share capital even if the equity in DOF in reality is lost in the prevailing financial situation. This is a favorable solution given the existing status of the Group and also compared to similar restructuring cases;
(iii) in the event that the shareholders fail to approve the Restructuring at the EGM, the Restructuring will be implemented as a forced process pursuant to the Norwegian Reconstruction Act in which event the shareholders will only be secured 1 % of the share capital following the Restructuring;
(iv) in the event that the Restructuring cannot be implemented pursuant to the Reconstruction Act, the Restructuring will be implemented through a bankruptcy in DOF and the shareholders of DOF will be left with zero value; and
(v) the arguments presented by the group of minority shareholders relating to underlying values in the Group and that a bankruptcy will not be declared, are unfortunately based on fundamental misunderstandings as the bankruptcy alternative will be adopted if required and the existing shareholders then will be left with zero value.

It is also emphasised that an already submitted power of attorney, until the EGM (at 12:00 on 11 November 2022), can be withdrawn and changed to an instruction to vote in favour of the proposed resolutions at the EGM.

DOF has also noted that certain minority shareholders have expressed that they have not received required information from DOF. It should in this respect be noted that representatives of DOF have reached out to a large number of shareholders in order to explain the information provided to the shareholders through stock exchange announcements and the notice of the EGM. However, any shareholder who still require additional information are welcome to contact:
CFO Hilde Drønen, tel. +47 916 61 009
CFO (Acting) Martin Lundberg, tel. +47 916 21 057
Group General Counsel Petter O. Pharo, tel. +47 982 06 4777

>>> Aksjonærbrev 03.11.2022 (PDF)
>>> Letter to DOF from Creditors 03.11.2022 (PDF)

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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