DOF To Petition For Reconstruction Proceedings
Dof ASA (DOF.OL):
DOF ASA: PETITION FOR RECONSTRUCTION
BOARD OF DIRECTORS IS OF VIEW THAT THERE IS NO OTHER AVAILABLE SOLUTION THAT ENSURES CONTINUED OPERATIONS IN GROUP THAN AGREED RESTRUCTURING
DUE TO FAILURE TO OBTAIN APPROVAL OF PROPOSED RESTRUCTURING AT EGM, DOF WILL PETITION FOR RECONSTRUCTION PROCEEDINGS WITH HORDALAND DISTRICT COURT
BOARD HAS NOT RECEIVED INFORMATION WHICH INDICATES THAT MINORITY SHAREHOLDERS HAVE ANY VIABLE ALTERNATIVE SOLUTION TO RESTRUCTURING
ACCORDING TO TERMS OF RESTRUCTURING AGREEMENT, DOF IS IN CURRENT SITUATION OBLIGED TO PROCURE THAT RECONSTRUCTION PROCEEDINGS ARE OPENED
COMPANY SEE ONCE MORE NEED TO REITERATE THAT RESTRUCTURING PROPOSAL THAT WAS PRESENTED TO EGM PROVIDED FOR EQUAL TREATMENT OF ALL SHAREHOLDERS OF COMPANY
MAIN SHAREHOLDER IN DOF HAS ALSO CONFIRMED THERE IS NO AGREEMENT OR ARRANGEMENT REGARDING PREFERENTIAL TREATMENT OF MAIN SHAREHOLDER COMPARED TO OTHER SHAREHOLDERS IRRESPECTIVE OF HOW RESTRUCTURING IS IMPLEMENTED
EMPLOYEES OF COMPANY HAVE, IN ACCORDANCE WITH RESTRUCTURING AGREEMENT, BEEN TRANSFERRED TO COMPANY'S WHOLLY OWNED SUBSIDIARY DOF AS TOGETHER WITH RELATED THIRD-PARTY AGREEMENTS NECESSARY TO OPERATE GROUP
HAS TRANSFERRED MAJORITY OF ITS BUSINESS, ASSETS AND CONTRACTUAL LIABILITIES TO ITS WHOLLY OWNED SUBSIDIARY DOF SERVICES AS