Fairness opinion
Alpha Corporate Finance provides the Board of Powel ASA with fairness opinion
Alpha Corporate Finance (“Alpha”) has provided the Board of Directors of Powel ASA (“Powel”) with an opinion as to the fairness, from a financial perspective, of the mandatory offer (”the Offer”) for all outstanding shares in Powel launched by Arendals Fossekompani ASA. (“Arendals”). The offer was triggered by Arendals acquiring 1,966,500 shares on 15 May 2009 and thus reaching an ownership of 51.52% in Powel. In the offer dated 9 June 2009, Arendals offers NOK 15.00 per Powel share with settlement in cash.
NOK 288m - 2009

In Alpha’s fairness opinion dated 30 June 2009, we concluded that our valuation indicated that the fair value of Powel was significantly higher than what was reflected in the Offer. We therefore concluded that the Offer from a financial perspective was not fair to the shareholders of Powel. Link to the fairness opinion as well as the statement of the Board by clicking here.

The offer period expires July 10 2009. Arendals has thus far reached ownership of more than 85% of the shares in Powel.

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