Fairness opinion
Alpha Corporate Finance provides the Board of Norman ASA with fairness opinion
Alpha Corporate Finance (“Alpha”) has provided the Board of Directors of Norman ASA (“Norman”) with a fairness opinion of the mandatory offer (”the Offer”) for all outstanding shares in Norman launched by the FSN Capital controlled SPV, Ola Holding AS. (“Ola Holding”). On 9 June, it was announced that Ola Holding had agreed to acquire 6,644,162 shares, corresponding to 67.8% of the shares in Norman. The offer price is NOK 28 per share settled in cash.
NOK 274m - 2009

In Alpha’s fairness opinion dated 17 July 2009, we indicate that the fair value of Norman is NOK 36. To reflect the underlying uncertainty in the valuation’s key parameters, we applied a relatively broad value range. We concluded that the Offer price was at the very low end of our value range, yet, due to the underlying uncertainty in the valuation and the current market conditions, nevertheless had to be considered fair to the shareholders of Norman, from a financial perspective. Link to the fairness opinion as well as the statement of the Board by clicking here.

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