Statement issued by the Tinius Trust on the first day of listing of Schibsted’s Class B shares on Oslo Børs.

Statement issued by the Tinius Trust on the first day of listing of Schibsted’s Class B shares on Oslo Børs.

The Tinius Trust and Blommenholm Industrier wish to congratulate Schibsted on the successful listing of two new share Classes on Oslo Børs. On this occasion, the trust wishes to publish a summary of the statement made at Schibsted’s annual general meeting on 8 May 2015 regarding the new class of share with limited voting rights:

Blommenholm Industrier is in a different position than all other shareholders, because it is the only shareholder which have the rights under the by-laws that follow from being the owner of more than 25%. The Tinius Trust holds a controling interest in Blommenholm Industrier.

As stipulated by it´s articles of association, the Trust’s mandate is to work to achieve a long-term, healthy financial development of the Schibsted Group. The Trust has no other agenda. It is not possible for the Trust’s Board to contribute to a dilution of less than 25 percent ownership in Schibsted without violating both its own mandate and the articles of association that guide the Trust’s activities.

Schibsted sees many strategic opportunities – both organic and through acquisitions – primarily to consolidate its position in already established markets. While Schibsted has some debt capacity, it may need fresh equity to capitalize on this growth potential.

Through Blommenholm Industrier AS, the Tinius Trust will participate in future capital increases in Schibsted. Still, Blommenholm Industrier´s financial resources cannot cover Schibsted’s expected capital requirements alone. The Tinius Trust therefore considers a Class B share a good way to ensure Schibsted’s access to fresh capital, while enabling the Trust to fulfill its mandate.

The Trust intends to maintain its financial exposure to Schibsted and to continue it´s work as a long-term and active supporter of the company.

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