KEY LEGAL INFORMATION FOR SHAREHOLDERS IN KVÆRNER ASA
Set out below is a summary of certain Norwegian legal issues related to shareholding in Kværner ASA (referred to below as the “Company”).
This summary does not purport to be a comprehensive description of all the legal rights and obligations that may be relevant to the shareholders in the Company and does not address legal issues regulated by other than Norwegian law. The summary is based on applicable Norwegian laws, rules and regulations, as they exist as of the date set out below. Such laws, rules and regulations are subject to change. The summary is solely intended to provide brief introductory information and does not address all aspects that may be relevant. The information in this summary is subject to change without notice.
Dated: 28 December 2011
Home-state – Norway
The Company’s home-state for requirements for periodic information according to the Norwegian Securities Trading Act section 5-4, disclosure requirements of acquisitions of large shareholdings, rights to shares and voting rights section 4-2, obligations to prepare prospectus section 7-7 (4), cf. section 7-9 is Norway.
Norwegian Corporate Shareholders – tax exemption method
For Norwegian corporate shareholders the so-called tax exemption method is applicable for investment in the shares of the Company. Corporate shareholders comprise limited liability companies and certain similar entities. Norwegian shareholder refers to the tax residency and not the nationality of such shareholder.
Norwegian takeover regulations
The Company is subject to the takeover regulations of Norway and takeover bid supervision by Oslo Børs. Click here for a brief introduction to the Norwegian takeover regulations.
Norwegian takeover regulations and shareholding disclosure requirements
Trading in the shares in the Company is subject to the shareholding disclosure regulations of Norway. Click here for a brief introduction to the obligations imposed on shareholders under these rules.