Through the Private Placement, the Company will issue 19,650,000 new shares (the “Offer Shares”) at a price of NOK 25.50 per Offer Share (the “Offering Price”), constituting approximately 40% of the total 49,650,000 shares outstanding after the Private Placement. The Private Placement attracted large interest and was well oversubscribed with a broad range of Norwegian and international investors subscribing for and being allocated Offer Shares.

Five cornerstone investors subscribed for and were allocated Offer Shares for NOK 232.50 million as follows: (i) Paladin Asset Management: NOK 82.5 million / 3.23 million Offer Shares; (ii) Nordea Investment Management: NOK 50 million / 1.96 million Offer Shares; (iii) Farvatn Capital: NOK 50 million / 1.96 million Offer Shares; (iv) Verdipapirfondet Fondsfinans Norge: NOK 25 million / 0.98 million Offer Shares, and (v) MP Pensjon PK: NOK 25 million / 0.98 million Offer Shares.

The net proceeds from the Private Placement will be used to make preparations for the Company’s commencement of operations as operator of four ships on the Norwegian Coastal Route, to finance working capital related to the delivery and operation of its four vessels under construction, and for general corporate purposes.

The Company, current sole shareholder Havila Holding AS, and members of the Company's board of directors and management have entered into customary lock-up arrangements with the Managers that will restrict, subject to certain exceptions, their ability to, without the prior written consent of the Managers, issue, sell or dispose of shares, as applicable, for a period of 12 months, after the commencement of trading in the shares on Euronext Growth Oslo.

Havila Kystruten will immediately apply for, and will, subject to successful completion of the Private Placement and the necessary approvals from the Oslo Stock Exchange, list the shares of the Company on Euronext Growth (the “Listing”). The first day of trading on Euronext Growth is expected to be shortly after completion of the Private Placement, and is currently anticipated to be on or about 28 July 2021. Following the Listing, the Company will start preparations for an uplisting on Euronext Expand or Oslo Børs, with an ambition to complete the uplisting within 6-12 months, subject to prevailing market conditions and satisfaction of applicable listing requirements.

Completion of the Private Placement is subject to the following conditions (the “Conditions”): (i) the corporate resolutions of the Company required to implement the issue of the Offer Shares, including the Board’s resolution to proceed with the Private Placement (ii) payment and registration of the share capital increase pertaining to the Private Placement in the Norwegian Register of Business Enterprises and registration of the Offer Shares in the VPS, (iii) the admission to trading of the Company’s shares on Euronext Growth Oslo, and (iv) the approval by the Company’s lenders of certain amendments required for listing or trading of the Company’s shares.

There will be in total 49,650,000 shares in issue in Havila Kystruten following the issuance of the Offer Shares, each with a nominal value of NOK 1.00, resulting in a post-money market capitalization of the Company of approximately NOK 1,266 million based on the Offering Price.Notification of allocation to investors is expected to be communicated on or about 14 July 2021. The Private Placement is expected to be settled by the Managers on a delivery-versus-payment basis on or about 28 July 2021 following the registration of the new share capital in the Norwegian Register of Business Enterprises and the issuance of the new shares in VPS. The delivery-versus-payment settlement in the Private Placement is facilitated by a pre-funding agreement between the Company and the Managers.

AdvisorsFearnley Securities AS and SpareBank 1 Markets AS are engaged as financial advisors to the Company and acted as Joint Global Coordinators and Bookrunners in the Private Placement and Listing. Wikborg Rein Advokatfirma AS is acting as legal advisor to Havila Kystruten.

Earlier announcement: Listing on Euronext Growth for Havila Kystruten AS