Spectrum has completed the book-building for the private placement of 10 million shares at a subscription price of NOK 5 per share, as announced on 5 June 2009. The private placement was oversubscribed.

 

The Board of Directors of Spectrum has today resolved to propose to the general meeting of Spectrum to be held on 26 June 2009 to resolve to issue the shares subscribed for in the private placement.

 

The shares subscribed for in the private placement will not be issued and tradeable until the share capital increase has been resolved by the general meeting of Spectrum, registered in the Norwegian register of business enterprises, and a listing prospectus has been approved by the Oslo Stock Exchange, expected on or around 2 July 2009.

 

The Board of Directors of Spectrum has today further resolved to propose to the general meeting to be held on 26 June 2009 to carry out a subsequent share issue with preferred subscription rights for the remaining shareholders in Spectrum as of 8 June 2009.

 

The subsequent share issue will comprise up to 2,500,000 shares at a subscription price of NOK 5 per share, for gross proceeds of up to NOK 12,500,000 million.

 

The subscription period for the share issue is, subject to the below conditions, scheduled to commence on or around 3 July 2009 and last until 17 July 2009. Any changes will be communicated in due course.

 

The gross proceeds from the private placement and the subsequent share issue will be used to redeem the loan from GGS, and for general corporate purposes, as announced on 5 June 2009.

 

The private placement and the subsequent share issue are subject to approval by the general meeting of Spectrum, which is scheduled to be held on 26 June 2009.

 

ABG Sundal Collier Norge ASA has been retained by Spectrum as manager for the private placement and the subsequent share issue.

 

 

For further information please contact Rhys Edwards on +44 (0) 1483 730201 or Rhys.Edwards@spectrumasa.com