Company Updates

Aker Offshore Wind, Aker Horizons Merger to be Finalized on June 17

The previously-announced merger between Aker Offshore Wind AS (“Aker Offshore Wind” or “AOW”) and Aker Horizons ASA (“Aker Horizons”) will be carried out on June 17, 2022, as a triangular merger whereby AOW will merge with Aker Horizons’ wholly-owned subsidiary AH Tretten AS as the surviving entity and Aker Horizons will issue consideration shares.

The creditor notice period for the merger has now expired, in accordance with section 13-17 of the Norwegian Public Limited Liability Companies Act, without any creditors objecting. All conditions for completion of the merger are therefore fulfilled. The boards of Aker Offshore Wind and AH Tretten AS have therefore resolved to complete the merger by final registration in the Norwegian Register of Business Enterprises after close of trading on the Oslo Stock Exchange today, Friday 17 June 2022 (the "Effective Date") which will be the last day of trading in the AOW shares on Euronext Growth (Oslo).

Eligible shareholders in AOW (other than Aker Horizons) will receive 0.1304 merger consideration shares in Aker Horizons for each share owned in AOW as of the expiry of the Effective Date, as such shareholders appear in the respective shareholder register with Euronext Securities Oslo (the “VPS”) as at the expiry of Tuesday 21 June 2022 (the “Record Date”).

The consideration shares will be delivered to the eligible shareholders through VPS on Wednesday 22 June 2022. Fractions of shares will not be allotted, and the number of consideration shares delivered to each eligible AOW shareholder will be rounded down to the nearest whole number. Excess shares, which as a result of this round down will not be allotted, will be issued to and sold by DNB Markets, a part of DNB Bank ASA. The sales proceeds will be given to Aker Horizons, which will give the sales proceeds further to charity.

The merger is executed and implemented in parallel with a contemplated triangular merger between Aker Horizons and Aker Clean Hydrogen AS (“ACH”). Upon completion of both mergers, the shareholders of ACH and AOW will receive a total of up to 80,612,586 consideration shares in Aker Horizons.

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