Reference is made to the stock exchange announcement by Borgestad ASA (the “Company” and, together with its consolidated subsidiaries, the “Group”) published on 27 October 2023 regarding the conditional agreement entered into with Bjuv municipality in Sweden for the sale and leaseback of two properties in Sweden, where the Group’s production plant and other production facilities for refractory products are located (the “Transaction”).
The municipal council of Bjuv has today approved the Transaction. The approval may be appealed within a three-week period and will only become binding when the appeal period has expired without any appeals having been made, or when any appeals have been finally resolved. The appeal period begins when the minutes from the decision of Bjuv municipality is published. The completion of the Transaction is conditional upon the approval having become binding, and the satisfaction of certain other customary closing conditions, and is expected to take place in the first quarter of 2024.
The initial (non-binding) approval of the Transaction from the municipal council of Bjuv received today is one of the conditions for the completion of the private placement of new shares in the Company announced on 6 November 2023, as well as completion of the subsequent repair offering in the Company. The relevant condition for completion is consequently fulfilled.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.