INNKALLING TIL EKSTRAORDINÆR NOTICE OF … · AS, reg.no 915 155 995 ... («RG») på bakgrunn av en låneavtale inngått samme dag mellom Selskapet som låntaker og RG som långiver

#7870116/1 1 (10)

INNKALLING TIL EKSTRAORDINÆR

GENERALFORSAMLING I ICE GROUP AS

NOTICE OF EXTRAORDINARY GENERAL

MEETING IN ICE GROUP AS

Styret innkaller herved til ekstraordinær

generalforsamling i ICE Group AS, org.nr.

915 155 995 («Selskapet»), 15. juni 2018

kl. 10.00 i lokalene til Advokatfirmaet BAHR

AS, Tjuvholmen allé 16, 0252 Oslo.

The Board of Directors hereby convenes an

extraordinary general meeting in ICE Group

AS, reg.no 915 155 995 (the “Company”), 15

June 2018 at 10:00 (CET) in the offices of

Advokatfirmaet BAHR AS, Tjuvholmen allé 16,

0252 Oslo, Norway.

Registrering av fremmøtte finner sted fra kl.

9.30. Følgende saker foreligger til behandling:

Registration of attendance will take place

from 09:30 (CET). The following items are on

the agenda:

1 Åpning av generalforsamlingen ved

Johan Bernt Michelsen som styret har

utpekt til å åpne møtet. Registrering av

møtende aksjeeiere, herunder

aksjeeiere representert ved fullmakt

1 Opening of the general meeting by

Johan Bernt Michelsen which the board

of directors has appointed to open the

meeting. Registration of participating

shareholders, including shareholders

represented by proxy

2 Valg av møteleder og person til å

undertegne protokollen sammen med

møtelederen

2 Appointment of chair of the meeting

and person to sign the minutes together

with the chair

3 Godkjennelse av innkalling og dagsorden 3 Approval of the notice and agenda

4 Godkjennelse av salget av AINMT Group

Brazil Holdings BV til Access

4 Approval of sale of AINMT Group Brazil

Holdings BV to Access

AINMT Holdings AB har mottatt et tilbud om å

selge 100 % av aksjene i AINMT Group Brazil

Holdings BV («Transaksjonen») til AI Media

Holdings (NMT) LLC (eller et tilknyttet selskap)

(«Access») mot en samlet kjøpesum på USD 70

millioner.

Access vil betale for aksjene etter signering av

aksjekjøpsavtalen. Hvis Transaksjonen blir

terminert kan, Access og Selskapet, på

nærmere angitte vilkår, bestemme at plikten

til å tilbakebetale kjøpesummen med tillegg

av renter skal gjøres opp ved utstedelse til

Access av nye aksjer i Selskapet.

AINMT Holdings AB has received an offer to sell

100% of the shares in AINMT Group Brazil

Holdings BV (the “Transaction”) to AI Media

Holdings (NMT) LLC (or an affiliated company)

(“Access”) at against aggregate purchase price

of USD 70 million.

Access will prepay for the shares upon signing of

the share purchase agreement. If the Transaction

is terminated, Access and the Company may,

subject to certain conditions, determine that the

obligation to repay the purchase price plus

interest shall be settled through the issue to

Access of new shares in the Company.

#7870116/1 2 (10)

5 Fullmakt til utstedelse av konvertibelt

lån i forbindelse med salget av AINMT

Group Brazil Holdings BV

5 Authorisation to issue of a convertible

bond in connection with the sale of

AINMT Group Brazil Holdings BV

På bakgrunn av sak 4 er det foreslått at

Selskapet utsteder et konvertibelt lån der

Access, på de vilkårene som følger av avtalen

om salg av aksjene i AINMT Group Brazil

Holdings BV, kan kreve at Selskapet utsteder

aksjer til Access for å gjøre opp forpliktelsen

til å tilbakebetale kjøpesummen med tillegg

av renter dersom Transaksjonen blir terminert.

Styret foreslår at generalforsamlingen tildeler

styret fullmakt til å utstede et slikt

konvertibelt lån i henhold til aksjeloven

§ 11-8, slik at dette lånet til Access kan

utstedes uten avholdelse av ytterligere en

generalforsamling i Selskapet.

På denne bakgrunn foreslår styret at

generalforsamlingen fatter følgende vedtak:

Against the background of item 4 above, it is

proposed that the Company issues a

convertible loan where Access, on the terms of

the agreement regarding sale of the shares in

AINMT Group Brazil Holdings BV, may require

that the Company issues shares to Access to

settle the obligation to repay the purchase

price plus interest if the Transaction is

terminated.

The Board of Directors proposes that the

General Meeting authorises the Board of

Directors to issue such convertible loan in

accordance with Section 11-8 of the Private

Limited Companies Act, so that this loan to

Access may be issued without holding of

another General Meeting in the Company.

On this basis the Board of Directors proposes

that the General Meeting adopt the following

resolution:

1) «Styret gis fullmakt til å treffe

beslutning om opptak av lån som nevnt i

aksjeloven § 11-1.

2) Det samlede beløp for lån som kan tas

opp, er NOK 800 millioner (eller

tilsvarende beløp i annen valuta basert

på valutakursen den dag låneavtalen

inngås).

3) Aksjekapitalen kan i alt forhøyes med

inntil NOK 24 millioner.

4) Fullmakten gjelder i to år fra

generalforsamlingens beslutning om å

tildele fullmakten.

5) Aksjeeiernes fortrinnsrett ved tegning av

lånene etter aksjeloven § 11-4, jf. § 10-4

og § 10-5, kan fravikes.

6) Fullmakten kan bare benyttes til å

1) “The Board of Directors is authorized to

adopt resolutions regarding borrowings as

mentioned in Section 11-1 of the Private

Limited Companies Act.

2) The aggregate amount of loans that may

be borrowed is NOK 800 million (or a

corresponding amount in another

currency based on the exchange rate on

the day the loan agreement is entered

into).

3) The share capital may in total be

increased by up to NOK 24 million.

4) The authorization applies for two years

from the General Meeting’s resolution to

grant the authorization.

5) The shareholders pre-emptive rights upon

subscription of the loans pursuant to

Sections 11-4 cf. 10-4 and 10-5 of the

Private Limited Companies Act may be

deviated from.

6) The authorization may only be utilized to

#7870116/1 3 (10)

utstede et konvertibelt lån til AI Media

Holdings (NMT) LLC (eller et tilknyttet

selskap) for å oppfylle forpliktelsene i

henhold til avtale om salg av aksjene i

AINMT Group Brazil Holdings BV til AI

Media Holdings (NMT) LLC (eller et

tilknyttet selskap). Dessuten kan

fullmakten bare benyttes dersom styrets

beslutning om å utstede et slik

konvertibelt lån er enstemmig.

issue a convertible loan to AI Media

Holdings (NMT) LLC (or an affiliated

company)] to satisfy the obligations in

accordance with the agreement regarding

sale of the shares in Ice Group Brazil

Holdings BVAINMT Group Brazil Holdings

BV to AI Media Holdings (NMT) LLC (or an

affiliated company). Moreover, the

authorization may only be utilised if the

resolution by the board of directors to

issue such convertible loan is passed by

unanimous decision.”

6 Fisjon av Selskapet der ICE Group

International AS er overtakende selskap

6 De-merger of the Company, with ICE

Group International AS as the transferee

company

Det er foreslått at Selskapet fisjoneres med

Ice Group International AS, org.nr.

920 598 951, som overtakende selskap.

Styret foreslår at generalforsamlingen fatter

følgende vedtak:

It is proposed that the Company de-merge with

Ice Group International AS, org. no.

920 598 951, as transferee company.


General Meeting pass the following resolution:

«Fisjonsplan datert 1. juni 2018 for fisjon av

Selskapet godkjennes.

Ved fisjonens ikrafttredelse overfører

Selskapet nærmere angitte eiendeler til Ice

Group International AS AS, org. no.

920 598 951, (“Ice International”), som er

overtakende selskap. Den nærmere fordeling

av eiendeler, rettigheter og forpliktelser på

Selskapet og Ice International fremgår av

redegjørelsen for fisjonsplanen inntatt i

vedlegg 2.2 til fisjonsplanen.

Fisjonen innebærer at netto virkelig verdi i

Selskapet fordeles med 90 % på Selskapet og

10 % på Ice International. Bytteforholdet er

basert på virkelig verdi av Ice International og

de eiendeler i Selskapet som fordeles ved

fisjonen.

Ved fisjonens ikrafttredelse nedsettes aksje-

kapitalen i Selskapet med NOK 4 933 403,90

mens overkursen reduseres med

NOK 165 826 000. Aksjekapitalen settes ned

ved at pålydende per aksje reduseres fra

«The de-merger plan dated 1 June 2018 for

the de-merger of the Company is approved.

Upon the effective date of the de-merger, the

Company transfers further specified assets to

Ice Group International AS, org. no.

920 598 951, (“Ice International”), which is

the transferee company. The specific

allocation of assets, rights and liabilities

between the Company and Ice International is

stipulated in the explanatory statement on

the de-merger plan set out in Appendix 2.2 to

the de-merger plan.

The de-merger implies that the net fair value

in the Company shall be allocated with 90% on

the Company and 10% on Ice International.

The exchange ratio is based on the fair value

of Ice International and the assets in the

Company allocated in the de-merger.


share capital of the Company shall be reduced

by NOK 4,933,403.90, whilst the share

premium shall be reduced by

NOK 165,826,000. The share capital shall be

#7870116/1 4 (10)

NOK 1 til NOK 0,90.

Denne beslutningen skal straks meldes til

Foretaksregisteret.»

reduced by the nominal value of each share

being reduced from NOK 1 to NOK 0.90.

This resolution shall be reported to the

Register of Business Enterprises immediately.»

7 Endring av selskapets vedtekter som

følge av fisjonen

7 Amendment of the Articles of

Association of the company as a

consequence of the de-merger


følgende vedtak, med virkning fra fisjonens

ikrafttredelse:


General Meeting pass the following resolution,

with effect from the effective date of the de-

merger:

«§ 4 Aksjekapitalen

Aksjekapitalen er NOK 44 400 635,10

fordelt på 49 334 039 aksjer hver

pålydende NOK 0,90. Aksjene skal

registreres i Verdipapirsentralen.»

«Article 4 Share capital

The share capital shall be

NOK 44,400,635.10 divided on

49,334,039 shares each with a nominal

value of NOK 0.90. The shares shall be

registered with Verdipapirsentralen.»

8 Endring av vilkårene for tidligere

utstedte frittstående tegningsretter

8 Amendments to the conditions of

previously issued subscription rights

Generalforsamlingen besluttet 30. oktober

2015 å utstede et konvertibelt lån og

frittstående tegningsretter til

RASMUSSENGRUPPEN AS, org.nr. 929 477 545,

(«RG») på bakgrunn av en låneavtale inngått

samme dag mellom Selskapet som låntaker og

RG som långiver («RG Låneavtalen»).

Som følge av restruktureringen av Selskapet,

herunder fisjonen, vil Selskapet inngå en

tilleggsavtale til RG Låneavtalen, hvoretter

det gjøres enkelte endringer i de eksisterende

vilkårene for utøvelsen av de frittstående

tegningsrettene utstedt til RG.


generalforsamlingen fatter følgende vedtak,

med virkning fra fisjonens ikrafttredelse:

The General Meeting resolved on 30 October

2015 to issue a convertible bond and

subscription rights to RASMUSSENGRUPPEN AS,

org. no. 929 477 545, («RG») on the basis of a

loan agreement entered into on the same date

between the Company as borrower and RG as

lender (the “RG Loan Agreement”).

As a consequence of the restructuring of the

Company, including the de-merger, the

Company will enter into an addendum to the

RG Loan Agreement, whereby certain

amendments are made to the existing

conditions for exercising the subscription

rights issued to RG.


that the General Meeting pass the following

resolution, with effect from the effective date

of the de-merger:

1) Følgende antall frittstående tegnings- 1) The following number of subscription

#7870116/1 5 (10)

retter utstedt av Selskapet til

RASMUSSENGRUPPEN AS, org.nr.

929 477 545, («RG») under en

SEK 340 000 000 secured perpetual

callable subordinated convertible

låneavtale datert 30. oktober 2015, som

endret («RG Låneavtalen») skal bli

effektive: 5 269 944.

2) RGs rett til å konvertere hele eller deler

av lånet under RG Låneavtalen til aksjer i

Selskapet, skal bortfalle i sin helhet.

3) 1 011 312 (dvs. 19,19 %) av RGs

tegningsretter skal bare kunne utøves

dersom Selskapet ikke tilbakebetaler

Interest Amount (som definert i RG

Låneavtalen) innen 30 virkedager etter

gjennomføring av en børsnotering av

Selskapets aksjer. For denne delen av

tegningsrettene utstedt til RG, skal siste

dato for utøvelsesperioden for

tegningsrettene være tidligst 60 dager

etter gjennomføring av slik børsnotering.

4) Utøvelsesprisen for de frittstående

tegningsrettene utstedt til RG skal

justeres til SEK 71,86.

5) Senest datoen som faller fem uker etter

datoen for registreringen i

Foretaksregisteret av fisjonen av

Selskapet, kan RG ved skriftlig notis til

Selskapet utøve en rett til å bytte alle

eller deler av sine frittstående

tegningsretter i Selskapet mot ytterligere

tegningsretter i det overtakende

selskapet i fisjonen, ICE Group

International AS («NewCo

Tegningsretter»). Én tegningsrett i

Selskapet skal byttes mot ni NewCo

Tegningsretter og utøvelsesprisen avtalt

for NewCo Tegningsretter (SEK 7.98) skal

gjelde.

6) Umiddelbart etter ikrafttredelsen av

fisjonen av Selskapet, skal Selskapet

være forpliktet til å betale til ICE Group

International AS, SEK 21.57 multiplisert

med det antall tegningsretter i Selskapet

som RG beslutter at skal byttes i

ytterligere NewCo Tegningsretter i

samsvar med punkt 5 ovenfor. Dette er

vederlag for de tegningsretter i Selskapet

som bortfaller.

rights issued by the Company to

RASMUSSENGRUPPEN AS, org. no.

929 477 545, (“RG”) under a

SEK 340,000,000 secured perpetual

callable subordinated convertible loan

agreement dated 30 October 2015, as

amended (the “RG Loan Agreement”)

shall become effective: 5,269,994.

2) RG’s right to convert the loan (in full or

in parts) under the RG Loan Agreement

into shares in the Company shall lapse.

3) 1,011,312 (ie. 19.19%) of RG’s

subscription rights shall only become

exercisable if the Company fails to repay

the Interest Amount (as defined in the RG

Loan Agreement) within 30 business days

after completion of an initial public

offering of the Company’s shares. To this

part of the subscription rights issued to

RG, the end date of the exercise period

for the subscription rights shall not be

earlier than 60 days post closing of such

initial public offering.

4) The exercise price for the subscription

rights issued to RG shall be adjusted to

SEK 71.86.

5) No later than the date falling five weeks

after the date of the registration with

Foretaksregisteret of the de-merger of

the Company, RG may by written notice

to the Company exercise a right to

exchange all or parts of its subscription

rights in the Company into additional

subscription rights in the transferee

company in the de-merger, ICE Group

International AS (“NewCo Subscription

Rights”). One subscription right in the

Company shall be exchanged into nine

NewCo Subscription Rights and the

exercise price agreed for for NewCo

Subscription Rights (SEK 7.98) shall apply.

6) Immediately following the effective date

of the de-merger of the Company, the

Company shall be obliged to pay to ICE

Group International AS SEK 21.57

multiplied by the number of subscription

rights in the Company which RG

determines shall be exchanged into

additional NewCo Subscription Rights in

accordance with item 5 above. This is a

consideration for the subscription rights

in the Company being terminated.

#7870116/1 6 (10)

7) RG skal betale kontant til Selskapet SEK 2

millioner som vederlag for opsjonen

beskrevet i punkt 5 ovenfor.

8) Denne beslutningen er betinget av og skal

først gjennomføres etter at fisjonen av

Selskapet har trådt i kraft.

7) RG shall pay in cash to the Company SEK

2 million as consideration for the option

described in item 5 above.

8) This resolution is subject to and shall be

completed afer of the effective date of

the de-merger of the Company.

9 Fullmakt til å gjennomføre

kapitalforhøyelse ved tingsinnskudd

9 Authorisation to carry out a capital

increase by contribution in kind


styret fullmakt til å gjennomføre en

kapitalforhøyelse ved tingsinnskudd. Formålet

er å åpne for at de som eier aksjer i AINMT

Holdings AB, bytter disse med aksjer i

Selskapet, og at Selskapet utsteder aksjer som

oppgjør for gjeld til ICE Group International

AS.





Directors to carry out a capital increase by

contribution in kind. The purpose is to allow

the persons holding shares in AINMT Holdings

AB to exchange these with shares in the

Company, and to allow the Company to issue

shares as settlement for debt to ICE Group

International AS.



resolution:

1) Styret gis fullmakt til å forhøye

aksjekapitalen med inntil NOK 7 000 000.

2) Fullmakten gjelder frem til den ordinære

generalforsamlingen i 2019, men uansett

ikke lenger enn til 30. juni 2019.

3) Aksjeeiernes fortrinnsrett etter

aksjeloven og allmennaksjeloven § 10-4

kan fravikes.

4) Fullmakten omfatter kapitalforhøyelse

mot innskudd i andre eiendeler enn

penger, men ikke beslutning om fusjon

etter aksjeloven og allmennaksjeloven §

13-5.


erverve aksjer i AINMT Holdings AB eller

til å utstede aksjer som oppgjør for gjeld

1) The board of directors shall be authorised

to increase the share capital with up to

NOK 7,000,000.

2) The authorisation shall be valid until the

ordinary General Meeting in 2019,

however in any event no later than until

30 June 2019.

3) The shareholders' pre-emption rights

pursuant to the Private Limited

Companies Act and the Public Limited

Companies Act section 10-14 may be

deviated from.

4) The authorisation includes an increase of

the share capital with contribution in

kind, but not any decision on merger



Companies Act section 13-5.

5) The authorisation may only be utilized to

acquire shares in AINMT Holdings AB or to

issue shares as settlement of debt to ICE

#7870116/1 7 (10)

til ICE Group International AS. Group International AS.

10 Fullmakt til kjøp og salg av egne aksjer 10 Authorisation to purchase and sell own

shares


styret fullmakt til å erverve og selge egne

aksjer. Med en slik fullmakt kan styret

gjennomføre kjøp og salg av egne aksjer fra

eller til ansatte som deltar eller har deltatt i

Selskapets opsjonsprogram.





Directors to purchase and sell own shares.

With such authorisation, the Board of Directors

may implement purchases and sales of own

shares from and to employees participating, or

which has participated, in the Company’s

option programme.



resolution:

1) Styret gis fullmakt til å erverve og

avhende egne aksjer med samlet

pålydende inntil NOK 10 000 000.




3) Erverv av egne aksjer skje skal mot et

vederlag på minimum NOK 0 og

maksimum NOK 200 for hver aksje.

4) Erverv og avhendelse av egne aksjer kan

bare skje for å oppfylle

opsjonsprogrammet for Selskapets

ansatte.


to purchase and sell own shares with a

total nominal value of up to

NOK 10,000,000.




30 June 2019.

3) The compensation for the purchase of

own shares shall be minimum NOK 0 and

maximum NOK 200 for each share.

4) The purchase and selling of own shares

may only occur to fulfil the option

programme for the Company’s

employees.

11 Kapitalforhøyelse ved tingsinnskudd av

aksjer i AINMT Holdings AB (flip-up)

11 Capital increase by contribution in kind

of shares in AINMT Holdings AB (flip-up)


følgende vedtak:


General Meeting pass the following resolution:

1) Aksjekapitalen forhøyes med

NOK 66 768 226,20 ved utstedelse av

74 186 918 aksjer hver pålydende

NOK 0,90.

1) The share capital is increased by

NOK 66,768,226.20 by issuance of

74 186 918 shares each with a nominal

value of NOK 0.90.

2) Bare AI Media Holdings (NMT) LLC

(Delaware reg.nr. 4645801) kan tegne

aksjer.

2) Only AI Media Holdings (NMT) LLC

(Delaware reg. no. 4645801) may

subscribe for shares.

#7870116/1 8 (10)

3) Aksjene tegnes på særskilt

tegningsdokument innen tre måneder fra

tidspunktet for generalforsamlingens

beslutning (Vedlegg 1).

3) Subscription of shares shall take place on

a distinct subscription form within three

months from the date of the resolution

by the General Meeting (Appendix 1).

4) Det skal betales NOK 98,764214 per aksje,

slik at samlet aksjeinnskudd blir

NOK 7 327 012 642,24.

4) NOK 98.764214 shall be paid per share,

meaning that the total capital

contribution for the shares will be

NOK 7,327,012,642.24.

5) Aksjeinnskuddet skal gjøres opp senest to

uker etter at aksjene er tegnet, men

tidligst rett etter ikrafttredelsen av

fisjonen av Selskapet, ved at AI Media

Holdings (NMT) LLC overfører til

Selskapet 74 186 918 aksjer i AINMT

Holdings AB (bestående av 28 394 348 A-

aksjer og 45 792 570 B-aksjer), svensk

org.nr. 556771-3440, dvs. 58,6161 % av

selskapets totale aksjekapital.

5) The share contribution shall be settled no

later than than two weeks after the

shares are subscribed for, but in any

event not before the effective date of

the de-merger of the Company, by AI

Media Holdings (NMT) LLC transferring to

the Company 74,186,918 shares in AINMT

Holdings AB (comprising of 28,394,348

class A shares and 45,792,570 class B

shares), Swedish org. no. 556771-3440,

i.e. 58.6161% of the company’s total

share capital.

6) Tegneren garanterer at de eier de

aksjene som skal overføres til Selskapet,

jf. punktet ovenfor, og at disse aksjene

er fri for enhver heftelse, herunder at

det ikke knytter seg panteretter,

forkjøpsrett eller andre løsningsretter til

aksjene, og at ingen rettigheter knyttet

til aksjene (herunder utbytte,

fortrinnsrett ved kapitalforhøyelse, mv.)

er skilt fra aksjene. For øvrig overtas

aksjene «som de er», og Selskapet

fraskriver seg herved enhver rett til å

gjøre gjeldende at det foreligger en

mangel ved aksjene etter kjøpsloven § 19

og ethvert annet grunnlag.

7) En nærmere beskrivelse av

tingsinnskuddet følger i styrets

redegjørelse inntatt som Vedlegg 2.

Denne redegjørelsen er bekreftet av

revisor, se Vedlegg 3.

6) The subscriber guarantees that it owns

the shares which shall be transferred to

the Company, and that these shares are

free of any encumbrances, including no

pre-emption right or other right of

redemption to the shares, and that no

rights to the shares (hereunder right to

dividend, preferential rights for capital

increases etc.) are separated from the

shares. Further, the shares are

transferred on an “as is” basis, and the

Company waives any right to claim that

the shares have any defects pursuant to

the Norwegian Sales of Goods Act section

19 or any other legal basis.

7) A more detailed description of the

contribution in kind follows in the

board’s statement included in

Appendix 2. This statement has been

confirmed by an auditor, see Appendix 3.

8) De nye aksjene gir aksjonærrettigheter

fra det tidspunktet kapitalforhøyelsen er

registrert i Foretaksregisteret, herunder

rett til utbytte som vedtas etter

registreringen. Fra samme tidspunkt skal

§ 4 i vedtektene lyde: «Aksjekapitalen er

NOK 111 168 861,30 fordelt på


NOK 0,90. Aksjene skal registreres i

Verdipapirsentralen.»

8) The new shares shall carry shareholder

rights in the company from the date on

which the capital increase is registered in

the Register of Business Enterprises,

including the right to receive dividends

resolved after the registration. From the

same date, article 4 of the Articles of

Association shall read: «The share capital

shall be NOK 111,168,861.30 divided on


value of NOK 0.90. The shares shall be

#7870116/1 9 (10)

registered with Verdipapirsentralen.»

9) De anslåtte utgiftene til kapital-

forhøyelsen er på NOK 50 000.

9) The estimated costs related to the

capital increase are NOK 50,000.

10) Gjennomføring av denne beslutningen er

betinget av og skal ikke skje før fisjonen

av Selskapet har trådt i kraft.

10) Implementation of this resolution is

conditional upon and shall not enter into

effect until after the de-merger of the

Company has entered into effect.

Formålet med forslaget er å samle eierskapet i

AINMT Holdings AB i Selskapet. Forslaget

utgjør en del av samme restrukturering som

fisjonen omtalt ovenfor.

***

The purpose of the proposal is to gather the

ownership in AINMT Holdings AB in the

Company. The proposal forms part of the same

restructuring as the de-merger noted above.

***

Styrets forslag til beslutning om fisjon og

fisjonsplanen og øvrige saksdokumenter, jf.

aksjeloven § 13-6 til § 13-11, er gjort

tilgjengelig på www.icegroup.com. Det samme

gjelder redegjørelse fra styret om

kapitalforhøyelsen i sak 11 utarbeidet etter

reglene i aksjeloven § 2-6 (1) og (2), jf.

§ 10-2 (3). For å få tilsendt dokumentene

vederlagsfritt kan aksjeeierne henvende seg til

Anders Koch (e-post

[email protected]).

The Board of Directors’ proposed resolutions

regarding the de-merger, as well as the de-

merger plan and other case documents, cf.

Section 13-6 to Section 13-11 of the Private

Limited Companies Act, have been made

available on www.icegroup.com. The same

applies to the statement from the board on

the capital increase in item 11, prepared in

accordance with the Private Limited

Companies Act Section 2-6 (1) and (2), cf.

Section 10-2 (3). The shareholders may contact

Anders Koch (e-mail

[email protected]) to have the

documents sent to them free of charge.

Avskrift av Selskapets seneste årsregnskap,

årsberetning og revisjonsberetning er lagt ut

på Selskapets kontor samtidig med denne

innkallingen, jf. aksjeloven § 10-3 (5).

Etter styrets oppfatning har det siden siste

balansedag ikke inntruffet forhold av vesentlig

betydning for Selskapet.

A copy of the Company’s latest annual

accounts, the board’s report and auditor’s

report has been made available at the

Company’s office at the same time with this

notice convening the General Meeting in

accordance with Section 10-3 (5) of the Private

Limited Companies Act.

The Board of Directors is of the view that no

circumstances of significance to the company

have occurred since the last balance sheet

date.

* * *

#7870116/1 10 (10)

Aksjeeiere som ønsker å delta på

generalforsamlingen, enten personlig eller ved

fullmektig, bes om å gi beskjed om dette til

Selskapet innen 14. juni 2018 kl. 12.00.

Shareholders who wish to participate at the

general meeting either in person or by proxy,

are asked to notify the Company of their

attendance no later than 14 June 2018 at

12:00 (noon) (CET).

Melding om deltakelse kan gis ved å fylle ut og

returnere vedlagte påmeldingsblankett

scannet per epost til [email protected] og

[email protected], alternativt per

post til ICE Group AS, c/o DNB Bank ASA,

Verdipapirservice, postboks 1600 Sentrum,

0021 Oslo, Norge, eller elektronisk via VPS

Investortjenester.

Notification of attendance can be given by

completing and returning the enclosed

attendance form scanned by email to

[email protected] and anders.koch@ icegroup.com,

or alternatively by ordinary mail to ICE Group

AS, c/o DNB Bank ASA, Registrar’s

Department, P.O. Box 1600 Sentrum, 0021

Oslo, Norway, or electronically through VPS

Investor Services.

* * *

1. juni 2018 1 June 2018

ICE Group AS

The Board of Directors

mailto:[email protected]



mailto:anders.koch@%20icegroup.com

#7870012/1 1 (9)

DE-MERGER PLAN

FOR A DE-MERGER WITH

ICE GROUP AS (AS THE TRANSFEROR COMPANY)

AND

ICE GROUP INTERNATIONAL AS (AS THE TRANSFEREE COMPANY)

www.bahr.no

#7870012/1 2 (9)

1. PARTIES TO THE DE-MERGER

1.1 The transferor company: ICE Group AS («ICE Group»)

Enterprise registration no.: 915 155 995

Municipality of registered office: Oslo

Address: Nydalsveien 18B, 0484 Oslo

1.2 The transferee company: ICE Group International AS («ICE International»)

Enterprise registration no.: 920 598 951

Municipality of registered office: Oslo

Address: Nydalsveien 18B, 0484 Oslo

2. BRIEF DESCRIPTION OF THE DE-MERGER AND ITS RATIONALE

The de-merger entails the transfer by ICE Group of certain specified assets to ICE

International, which is incorporated prior to the de-merger. As consideration for this, the

shareholders of ICE Group shall receive 1 share in ICE International for each share they hold

in ICE Group.

The rationale behind the proposed transfer of ICE Group’s shares in ICE Group International

Holdings BV (as specified in section 3.1 below) to ICE International by way of de-merger is

to separate and maintain the Scandinavian and international subsidiaries of ICE Group in

different corporate structures.

3. COMPLETION OF THE DE-MERGER

3.1 De-merger contribution

ICE International, which was incorporated on 5 March 2018, is the transferee company in

the de-merger.

On the effective date of the de-merger, ICE International shall receive the following assets

from ICE Group:

(a) 4,288 shares in ICE Group International Holdings BV, Dutch enterprise registration no.

62871102, i.e. 38.9795% of the total issued share capital of the company.

In addition, ICE International shall on the effective date of the de-merger issue two

guarantees: one guarantee in favour of RASMUSSENGRUPPEN AS, enterprise registration no.

929 477 545, (“RG”) securing 15% of the repayment obligations of ICE Group from time to

time under a certain loan agreement entered into on 30 October 2015 between ICE Group

as borrower and RG as lender; and one guarantee in favour of Goldentree Asset

Management LLP (“Goldentree”) securing 30% of the repayment obligations from time to

time under a certain loan agreement entered into on 30 September 2015 between AINMT

Holdings AB as borrower and Goldentree as agent for a consortium of financial investors.

#7870012/1 3 (9)

3.2 De-merger consideration. Changes to the share capital and amendments to the Articles

of Association of the transferee company, ICE International

Upon the effective date of the de-merger, the share capital of ICE International shall be

increased by NOK 44,400,635.10, divided on 49,334,039 shares each with a nominal value

of NOK 0.90. As de-merger consideration, the shareholders of ICE Group shall receive 1

share in ICE International for each share they hold in ICE Group.

The shares in ICE International are deemed to be subscribed for by way of the General

Meeting of ICE Group approving the de-merger plan, cf. Section 14-6 (1), cf.

Section 13-3 (3), of the Private Limited Companies Act. The share contribution for these

shares is settled by way of ICE International receiving the abovementioned assets upon

registration of the completion of the de-merger, cf. Section 3.6.

Draft minutes of a General Meeting with proposed resolutions regarding share capital

increase and amendments to the Articles of Association of ICE International are set out in

Appendix 2.1 and shall be deemed to form part of the de-merger plan.

3.3 Changes to the share capital and amendments to the Articles of Association of the

transferor company, ICE Group

ICE Group is the transferor company in the de-merger. The business not transferred to ICE

International in the de-merger will remain and be continued in ICE Group after completion

of the de-merger.

Upon the effective date of the de-merger, the share capital of ICE Group shall be reduced

by NOK 4,933,403.90, whilst the share premium shall be reduced by NOK 165,826,000. The

share capital shall be reduced by the nominal value of each share being reduced from

NOK 1 to NOK 0.90. The Articles of Association of the company shall be amended

accordingly, cf. Appendix 1.1 to the de-merger plan.

3.4 Completion for tax-, accounting- and value added tax purposes

The de-merger shall be effected on a full going-concern basis for tax purposes pursuant to

Chapter 11 of the Tax Act and in accordance with Chapter 14 of the Private Limited

Companies Act.

The de-merger entails a reorganisation with unchanged ownership and shall be accounted

for based on IFRS. The book values reflect information known at the date of this de-merger

plan.

3.5 Allocation of net value and share capital upon the de-merger

Section 11-8 (1) of the Tax Act stipulates that nominal and paid-up share capital shall be

allocated in the same proportion as the net values (based on fair value) are allocated

between the companies.

The fair value (the net value) and the share capital of ICE Group shall be allocated as

follows upon the de-merger:

#7870012/1 4 (9)

ICE Group: 90%

ICE International: 10%

The allocation of the net values is based on the fair value as at the date of signing of the

de-merger plan by the Board of Directors.

Tax positions in ICE Group prior to the de-merger are allocated in accordance with Section

11-8 of the Tax Act.

3.6 Effective date

As from the date of this de-merger plan, transactions in ICE Group that relate to assets to

be transferred to ICE International shall for accounting purposes be deemed to have been

made for the account of the latter, cf. Section 14-4 (1), cf. Section 13-6 (1), No. 2, of the

Private Limited Companies Act.

The effective date of the de-merger for company law purposes is the date on which it is

registered as having been implemented in the Register of Business Enterprises following the

expiry of the six-week creditor notification period, cf. Section 14-8, cf. Section 13-16, of

the Private Limited Companies Act. The following effects of the de-merger will be

implemented as per the said date:

(a) the share capital of ICE Group is reduced;

(b) the share capital of ICE International is increased;

(c) the assets specified in Section 3.1 are transferred to ICE International;

(d) the shares in ICE International are issued to those who are shareholders of ICE Group

as at the same date; and

(e) the de-merger is effected on a going-concern basis for tax purposes in accordance

with the provisions of Chapter 11 of the Tax Act, cf. Section 11-10 of the Tax Act.

As from and including 1 January 2018, any taxable profit or loss shall for tax purposes be

allocated between ICE Group and ICE International in the same proportion as the share

capital is allocated.

4. CONDITIONS PRECEDENT TO THE EXERCISE OF SHAREHOLDER RIGHTS AND

ENTITLEMENTS TO DISTRIBUTIONS

Those who are registered in the Register of Shareholders of ICE Group or who report and

document that they are shareholders of ICE Group on the date on which the de-merger is

registered as implemented in the Register of Business Enterprises, may as from the same

date exercise rights as shareholder of ICE International and be entitled to any dividends

and other distributions on the shares in ICE International that are resolved subsequent to

the registration in the Register of Business Enterprises. Said shareholders shall thereafter

be registered in the Register of Shareholders of ICE International without undue delay.

#7870012/1 5 (9)

5. SPECIAL RIGHTS

RG as lender and ICE Group as borrower have entered into a SEK 340,000,000 secured

perpetual callable subordinated convertible Loan agreement dated 30 October 2015, as

amended (the “Loan”) (the “RG Loan Agreement”).

Pursuant to the RG Loan Agreement, RG may convert the Loan (in full or in parts) into

ordinary shares in ICE Group at a price of SEK 79.84 per share in the period from

disbursement of the Loan to and including 30 October 2019 (the "Conversion Period”) in

accordance with the provisions of the RG Loan Agreement (the “Conversion Rights”).

Further, ICE Group shall upon receiving a notice from RG specifying the amount of the Loan

to be converted in its sole discretion decide on whether the corresponding part of the

accrued and unpaid interest, as well as interest accrued which is not paid in cash to RG on

the relevant interest payment date (“PIK Amount”) with interest (“PIK Interest”) shall be

paid in full in cash or settled by way of ordinary shares at the conversion price of SEK 79.84

per share.

Under the RG Loan Agreement, RG has also been awarded subscription rights (Nw.

frittstående tegningsretter) whereby RG has the right to subscribe for new ordinary shares

in ICE Group in the amount of SEK 340,000,000 at SEK 79.84 per share during the

Conversion Period (the "ICE Group Subscription Rights"). The ICE Group Subscription Rights

shall become effective (in whole or part, corresponding to the part of the Loan called by

ICE Group) if and when ICE Group exercises an option to repay the Loan (in whole or in

parts) before the expiry of the Conversion Period and RG does not convert the Loan (in

whole or in parts) within 2 weeks after such option having been exercised. The ICE Group

Subscription Rights shall become assignable by RG upon becoming effective.

In connection with the restructuring of ICE Group, including the de-merger, ICE Group and

RG have or will enter into an addendum to the RG Loan Agreement (the “RG Addendum”).

Pursuant to the RG Addendum, as of the effective date of the de-merger, all of the

Conversion Rights shall automatically lapse, the ICE Group Subscription Rights shall become

effective and RG shall receive subscription rights in ICE International (the “ICE

International Subscription Rights”). The number of ICE Group Subscription Rights shall be

the outstanding Loan including accrued and unpaid interest, PIK Amounts and PIK Interest

at 1 August 2018 (the “Outstanding Loan”) divided by SEK 79.84. The number of the ICE

International Subscription Rights shall be equal to the ICE Group Subscription Rights and

will constitute 5,269,994.

Under the RG Addendum, ICE Group undertakes not to repay any part of the Outstanding

Loan on or prior to 1 August 2018. Further, ICE Group and ICE International undertake to

procure that the shareholders of ICE Group upon completion of the de-merger receive one

share in ICE International for each share they hold in ICE Group and that AI Media Holdings

(NMT) LLC will own one share in ICE International for each share it holds in AINMT Holdings

AB as at the date of the RG Addendum. In addition, the following terms apply:

(a) The exercise price for the ICE International Subscription Rights shall be SEK 7.98 (the

“ICE International Exercise Price”) and the exercise price for the ICE Group

Subscription Rights shall be adjusted to SEK 71.86, resulting in a combined exercise

price of SEK 79.84 for one ICE International Subscription Right and one ICE Group

Subscription Right. No later than the date falling five weeks after the date of the

#7870012/1 6 (9)

registration with Foretaksregisteret of the de-merger of ICE Group as part of the

Restructuring, RG may by written notice to the Borrower,

(i) exercise a right to prolong the end date for the Conversion Period for the ICE

International Subscription Rights until 31 December 2021, provided that the

ICE International Exercise Price will be adjusted accordingly keeping the value

of the ICE International Subscription Rights unchanged assuming a 40%

volatility using the Black-Scholes option pricing formula, and/or

(ii) exercise a right to exchange all or parts of the ICE Group Subscription Rights

into additional ICE International Subscription Rights. For the avoidance of

doubt, one ICE Group Subscription Right shall be exchanged into nine ICE

International Subscription Rights and the exercise price for ICE International

Subscription Rights shall apply.

(b) The ICE International Subscription Rights and the ICE Group Subscription Rights shall

be exercisable at any time from the effective date of the de-merger and for the

entire Conversion Period, provided that:

(i) 19.19% of the ICE International Subscription Rights, and

(ii) 19.19% of the ICE Group Subscription Rights,

shall only become exercisable if ICE Group, within 30 business days after completion

of an initial public offering of ICE Group’s shares (the “IPO”), fails to repay in cash

all accrued and unpaid interest, PIK Amounts and PIK Interest outstanding under the

RG Loan Agreement at the time of completion of the IPO. To this part of the ICE

International Subscription Rights and ICE Group Subscription Rights, the end date of

the Conversion Period shall not be earlier than 60 days post closing of the IPO.

(c) The other terms of the ICE Group Subscription Rights shall apply to the ICE

International Subscription Rights mutatis mutandis.

Upon the effective date of the de-merger, and provided that RG has not converted all the

ICE Group Subscription Rights into ICE International Subscription Rights, the parties will

seek to agree on an exchange of the remaining ICE Group Subscription Rights for additional

ICE International Subscription Rights on identical economic terms as the existing ICE

International Subscription Rights, keeping the total value of the subscription rights

unchanged after such exchange.

Immediately following the effectivate date of the de-merger:

(d) ICE Group shall be obligated to pay to ICE International SEK 21.57 multiplied by the

number of ICE Group Subscription Rights which RG determines shall be exchanged

into additional ICE International Subscription Rights pursuant to 5 (a) (ii) above, and

the payment of this amount by ICE Group to ICE International shall be deemed to

constitute i) settlement for the ICE Group Subscription Rights being terminated, and

ii) consideration payable on behalf of RG for the ICE International Subscription Rights

being issued pursuant to 5 (a) (ii); and

#7870012/1 7 (9)

(e) RG shall pay in cash to ICE Group SEK 2 million as consideration for the option

described in 5 (a) (ii) above where RG may determine to what extent the majority of

its subscription rights shall remain in ICE Group or be transferred to ICE

International.

Except as set out above, no shareholders have special rights in ICE Group.

No special rights or benefits shall accrue to any Director or General Manager of ICE Group

or ICE International upon the de-merger.

6. NO DISTRIBUTIONS

ICE International shall not be entitled to distribute any dividends or make any other

distributions on the shares from signing of the de-merger plan until the effective date of

the de-merger without the consent of all shareholders of ICE Group.

7. COSTS

The costs associated with the de-merger shall be covered by the companies in the same

proportion as they receive values.

8. REPORT ON THE DE-MERGER AND EXPLANATORY STATEMENT ON THE DE-MERGER PLAN

8.1 Report on the de-merger

The Boards of Directors of ICE Group have prepared a report on the de-merger and its

implications for the company in accordance with Section 14-4 (3), cf. Section 13-9, of the

Private Limited Companies Act. The report is set out in Appendix 1.2.

The sole shareholder of ICE International has consented to that no report on the de-merger

is prepared in accordance with the requirements under Section 13-9 (1), cf. Sections

14-4 (3) and 13-9 (2), of the Private Limited Companies Act.

Since neither ICE Group, nor ICE International, has any employees, the Boards of Directors

have not prepared any report on the potential implications of the de-merger for employees

of the companies, cf. Section 13-9 (2), second sentence.

8.2 Explanatory statement on the de-merger plan

The Board of Directors of ICE Group has prepared an explanatory statement on the de-

merger plan in compliance with Section 14-4 (3), cf. Section 13-10 (1) and (2) and Section

2-6 (2), of the Private Limited Companies Act. The explanatory statement is set out in

Appendix 1.4. The auditors’ confirmation of the explanatory statement is enclosed as

Appendix 1.5.

The sole shareholder of ICE International has consented to that no explanatory statement

on the de-merger plan fulfilling the requirements under Sections 13-10 (1) and (2) of the

Private Limited Companies Act is prepared, cf. Sections 14-4 (3) and 13-10 (4) of the

Private Limited Companies Act. The Board of Directors of ICE International has therefore

only prepared an explanatory statement in accordance with Section 13-10 (3), cf. Sections

10-2 (3) and 2-6 (1) and (2), of the Private Limited Companies Act. The explanatory

statement is set out in Appendix 2.2. The auditors’ confirmation of the explanatory

statement is enclosed as Appendix 2.3.

#7870012/1 8 (9)

9. FINANCIAL STATEMENTS AND ARTICLES OF ASSOCIATION

The most recent annual financial statement and annual report, including auditors’ report,

of ICE Group are set out in Appendix 1.3.

The current Articles of Association of ICE International are set out in Appendix 2.4. ICE

International was incorporated on 5 March 2018 and has not yet prepared any annual

financial statement or annual report.

10. EMPLOYEE MATTERS

Neither ICE Group nor ICE International has any employees.

11. UNKNOWN/INADVERTENTLY OMITTED ASSETS, RIGHTS, OBLIGATIONS AND LIABILITIES

If it turns out that ICE Group upon signing of the de-merger plan had any assets, rights,

obligations or liabilities which have not been included or taken into consideration in

preparing the plan, and which are not related to the assets allocated upon the de-merger,

the value of the assets/rights or liabilities/obligations shall be allocated in the same

proportion as the share capital of ICE Group is allocated upon the de-merger. This also

includes any claims made after the signing of the plan on the basis of earlier matters,

including, inter alia, any claims in relation to damages or taxes.

12. AMENDMENTS

The Boards of Directors of ICE Group and ICE International are authorised to jointly make

minor amendments to the de-merger plan without submitting these to the General

Meeting, including any amendment to the RG Addendum which the Board of Directors find

appropriate and necessary.

***

(signature page to follow)

#7870012/1 9 (9)

Oslo, on 1 June 2018

The Board of Directors of ICE Group AS

By: sign.

By: sign.

Name: Johan Bernt Michelsen Name: Hermann Siegfried Jörg Mohaupt

By: sign.

Name: Trygve Lauvdal

The Board of Directors of ICE Group International AS

By: sign.

Name: Henning Karlsrud (Chairman)

***

#7870012/1 1 (1)

APPENDICES TO DE-MERGER PLAN

1. ICE Group as the transferor company

1.1 Articles of Association of ICE Group subsequent to the de-merger

1.2 Report on the de-merger from the Board of Directors of ICE Group

1.3 The most recent annual financial statement and annual report, including auditors’ report,

of ICE Group

1.4 Explanatory statement on the de-merger plan from the Board of Directors of ICE Group

1.5 Confirmation from the auditors of the explanatory statement of the Board of Directors

2. ICE International as the transferee company

2.1 Draft minutes of a General Meeting with proposed resolutions on share capital increase and

amendments to the Articles of Association of ICE International

2.2 Explanatory statement on the de-merger plan from the Board of Directors of ICE

International

2.3 Confirmation from the auditors of the explanatory statement of the Board of Directors

2.4 Current Articles of Association

#7870012/1 1 (1)

Appendix 1.1

ARTICLES OF ASSOCIATION

OF

ICE GROUP AS

(In effect upon completion of the de-merger)

§ 1

Foretaksnavn

Selskapets foretaksnavn er ICE Group AS.

§ 2

Forretningskommune

Selskapet har sitt forretningskontor i Oslo.

§ 3

Selskapets virksomhet

Selskapets virksomhet er å eie og eventuelt avhende aksjer i AINMT Holdings AB.

§ 4

Aksjekapitalen

Aksjekapitalen er NOK 44 400 635,10 fordelt på 49 334 039 aksjer hver pålydende NOK 0,90. Aksjene

skal registreres i Verdipapirsentralen.

§ 5

Samtykke til aksjeerverv. Forkjøpsrett

Erverv av aksjer er ikke betinget av samtykke fra selskapet. Aksjeeierne har ikke forkjøpsrett iht.

aksjeloven.

§ 6

Innkalling til og informasjon til aksjeeierne i forbindelse med generalforsamling

Innkalling til generalforsamling skal sendes på papir til alle aksjeeiere med kjent adresse, men kan

sendes elektronisk til aksjeeiere som uttrykkelig har godtatt dette.

Når dokumenter som gjelder saker som skal behandles på generalforsamlingen, er gjort tilgjengelige

for aksjeeierne på selskapets internettsider, gjelder ikke lovens krav om at dokumentene skal

sendes til aksjeeierne. Dette gjelder også dokumenter som etter lov skal inntas i eller vedlegges

innkallingen til generalforsamlingen. En aksjeeier kan likevel kreve å få tilsendt dokumenter som

gjelder saker som skal behandles på generalforsamlingen.

#7870012/1 1 (2)

Appendix 1.2

To the General Meeting of ICE Group AS («ICE Group»)

REPORT FROM THE BOARD OF DIRECTORS ON THE DE-MERGER OF ICE GROUP

1. The de-merger

This report on the de-merger of ICE Group is prepared by the Board of Directors of the company

pursuant to Section 14-4 (3), cf. Section 13-9, of the Private Limited Companies Act.

ICE Group will upon the de-merger transfer certain assets as further specified in the de-merger plan

to ICE Group International AS («ICE International»), which is incorporated prior to the de-merger. In

consideration for this, the shareholders of ICE Group will receive 1 share in ICE International for

each share they hold in ICE Group. The de-merger shall be effected on a full going-concern basis for

tax purposes.

2. Rationale behind the de-merger

The rationale behind the de-merger proposal of the Board of Directors is to separate and maintain

the Scandinavian and international subsidiaries of ICE Group in different corporate structures.

3. Implications for ICE Group

The de-merger implies that the net fair value in ICE Group shall be allocated with 90% on ICE Group

and 10% on ICE International. The exchange ratio is based on the fair value of ICE International and

the assets of ICE Group allocated in the de-merger.

ICE Group is the transferor company in the de-merger. The business not transferred to ICE

International in the de-merger will remain and be continued in ICE Group after completion of the

de-merger.

Upon the effective date of the de-merger, the share capital of ICE Group shall be reduced by NOK

4,933,403.90, whilst the share premium shall be reduced by NOK 165,826,000. The share capital

shall be reduced by the nominal value of each share being reduced from NOK 1 to NOK 0.90. The

Articles of Association of the company shall be amended accordingly, cf. Appendix 1.1 to the de-

merger plan.

4. Implications for the employees

Neither ICE Group nor ICE International has any employees.

***


#7870012/1 2 (2)



By: sign.

By: sign.


By: sign.


#7870012/1 1 (1)

Appendix 1.3

THE MOST RECENT ANNUAL FINANCIAL STATEMENT AND ANNUAL REPORT, INCLUDING AUDITORS’

REPORT, OF ICE GROUP AS

#7870012/1 1 (2)

Appendix 1.4

To the General Meeting of ICE Group AS («ICE Group»)

EXPLANATORY STATEMENT FROM THE BOARD OF DIRECTORS ON THE DE-MERGER PLAN FOR THE

DE-MERGER OF ICE GROUP

1. Brief overview of the de-merger

This explanatory statement on the de-merger plan dated 1 June 2018 2018 is prepared by the Board

of Directors of ICE Group pursuant to Section 14-4 (3), cf. Section 13-10 (1) and (2) and

Section 2-6 (2), of the Private Limited Companies Act.

ICE Group will upon the de-merger transfer certain assets as further specified in the de-merger plan

to ICE Group International AS («ICE International»), which is incorporated prior to the de-merger. In

consideration for this, the shareholders of ICE Group will receive 1 share in ICE International for

each share they hold in ICE Group.

2. Principles for determination of the consideration to the shareholders, cf.

Section 13-10 (2) of the Private Limited Companies Act

The determination of the consideration to the shareholders, including the exchange ratio between

the shares in the transferor company and the transferee company, is based on the fair value as at

the signing of the de-merger plan of ICE International and the assets of ICE Group allocated in the

de-merger.

The de-merger entails a reorganisation with unchanged ownership and shall be accounted for based

on IFRS. The book values reflect information known at the date of this statement.

The shares of ICE Group International Holdings BV are valued based on the equity method in ICE

Group AS, since there are no indications of impairment of such shares upon signing of the plan. The

Board of Directors has obtained a valuation dated 30 May 2018 which has served as basis for the

assessment.

The method adopted in the valuation is deemed to be appropriate.

The Board of Directors is of the view that the consideration to the shareholders, including the

exchange ratio between the shares in the transferor company and the transferee company, is

reasonable and well founded.

No particular difficulties have been encountered in determining the consideration.

***


#7870012/1 2 (2)



By: sign.

By: sign.


By: sign.


#7870012/1 1 (1)

Appendix 1.5

CONFIRMATION FROM THE AUDITORS OF THE EXPLANATORY STATEMENT OF THE BOARD OF

DIRECTORS OF ICE GROUP AS INCLUDED IN APPENDIX 1.4

#7870012/1 1 (7)

Appendix 2.1

(Unofficial translation. The official language of these minutes is Norwegian. In the event of any discrepancies between the Norwegian and English text, the Norwegian text shall precede.)

PROTOKOLL FRA

EKSTRAORDINÆR GENERALFORSAMLING

I

ICE GROUP INTERNATIONAL AS

(org.nr. 920 598 951)

MINUTES FROM

EXTRAORDINARY GENERAL MEETING

IN

ICE GROUP INTERNATIONAL AS

(org. no. 920 598 951)

Den [date] 2018 ble det avholdt ekstraordinær

generalforsamling i ICE Group International AS

(«Selskapet») i Selskapets lokaler.

[Name of chair of the meeting] åpnet

generalforsamlingen og registrerte at

Selskapets eneste aksjeeier, AI Media Holdings

(NMT) LLC, var representert ved [name] [som

fremviste skriftlig og datert fullmakt].

Samtlige aksjeeiere var således representert.

Til behandling lå følgende saker:

On [date] 2018, an Extraordinary General

Meeting of ICE Group International AS (the

“Company») was held at the premises of the

Company.

[Name of chair of the meeting] opened the

General Meeting and noted that the sole

shareholder of the company, AI Media Holdings

(NMT) LLC, was represented by [name] [who

presented a written and dated proxy]. Thus,

all shareholders were represented.

The following matters were on the agenda:

1 Valg av møteleder og person til å

undertegne protokollen sammen med

møtelederen

1 Appointment of chair of the meeting

and person to sign the minutes together

with the chair

[møteleder] ble valgt til møteleder.

[medundertegner] ble valgt til å undertegne

protokollen sammen med møtelederen.

[The chair of the meeting] was appointed to

chair the meeting. [The countersignatory] was

appointed to sign the minutes together with

the chair of the meeting.

2 Godkjennelse av innkallingen og

dagsordenen

2 Approval of the notice of meeting and

agenda

Innkallingen og dagsordenen ble godkjent.

Endelig bekreftet eneaksjeeieren uttrykkelig

at den har samtykket til at styret ikke

utarbeider en redegjørelse for fisjonsplanen i

samsvar med aksjeloven § 13-10 (1) og (2),

The notice of meeting and agenda were

approved.

Further, the sole shareholder expressly

confirmed that it have consented to the Board

of Directors not preparing an explanatory

statement on the de-merger plan in

#7870012/1 2 (7)

eller en rapport om fisjonen som oppfyller

kravene i § 13-9 (1).

accordance with Section 13-10 (1) and (2) of

the Private Limited Companies Act, nor a

report on the de-merger fulfilling the

requirements under Section 13-9 (1).

3 Kapitalnedsettelse 3 Capital reduction

I samsvar med styrets forslag fattet

generalforsamlingen følgende vedtak om

kapitalnedsettelse:

Aksjekapitalen nedsettes med NOK 30 000 fra

NOK 30 000 til NOK 0. Nedsettingsbeløpet skal

utdeles til selskapets eneste aksjeeier.

Kapitalnedsettelsen gjennomføres ved at

samtlige aksjer i selskapet innløses.

Gjennomføringen av denne beslutning er

betinget av at det gjennomføres en

kapitalforhøyelse som angitt i neste punkt

nedenfor.

In accordance with the proposal by the Board

of Directors, the General Meeting adopted the

following resolution regarding capital

reduction:

The share capital shall be reduced by

NOK 30,000 from NOK 30,000 to NOK 0. The

amount thus reduced shall be distributed to

the sole shareholder of the company. The

share capital reduction shall be implemented

by the redemption of all shares of the

company. The completion of this resolution

shall be conditional upon the completion of a

share capital increase as indicated in the next

section below.

4 Kapitalforhøyelse ved tingsinnskudd av

aksjer i ICE Group International Holdings

BV

4 Capital increase by contribution in kind

of shares in ICE Group International

Holdings BV

I samsvar med styrets begrunnede forslag

fattet generalforsamlingen følgende vedtak om

kapitalforhøyelse:

In accordance with the substantiated proposal

by the Board of Directors, the General Meeting

adopted the following resolution regarding

capital increase:

1) Aksjekapitalen forhøyes med

NOK 66 768 226,20 ved utstedelse av


NOK 0,90.




value of NOK 0.90.

2) Bare AI Media Holdings (NMT) LLC

(Delaware reg.nr. 4645801) kan tegne

aksjer.

2) Only AI Media Holdings (NMT) LLC

(Delaware reg. no. 4645801) may

subscribe for shares.

3) Aksjene tegnes på særskilt

tegningsdokument innen innen tre

måneder fra tidspunktet for

generalforsamlingens beslutning (Vedlegg

1).

3) Subscription of shares shall take place on

a distinct subscription form within three

months from the date of the resolution

by the General Meeting (Appendix 1).

4) Det skal betales NOK 6,692657169 per

aksje, slik at samlet aksjeinnskudd blir

NOK 496 507 608,57.

4) NOK 6.692657169 shall be payable per

share, meaning that the total capital

contribtion for the shares will be

#7870012/1 3 (7)

NOK 496,507,608.57.

5) Aksjeinnskuddet skal gjøres opp senest to

uker etter at aksjene er tegnet ved at AI

Media Holdings (NMT) LLC overfører til

Selskapet 6 448 aksjer i ICE Group

International Holdings BV, nederlansk

org. no. 62871102, dvs. 58,6161 % av

selskapets totale aksjekapital.

5) The share contribution shall be settled no

later than two weeks after the shares are

subscribed for by AI Media Holdings (NMT)

LLC transferring to the Company 6,448

shares in ICE Group International Holdings

BV, Dutch company no. 62871102, i.e.

58.6161% of the company’s total share

capital.

6) Tegneren garanterer at den eier de

aksjene som skal overføres til Selskapet,

jf. punktet ovenfor, og at disse aksjene

er fri for enhver heftelse, herunder at

det ikke knytter seg panteretter,

forkjøpsrett eller andre løsningsretter til

aksjene, og at ingen rettigheter knyttet

til aksjene (herunder utbytte,

fortrinnsrett ved kapitalforhøyelse, mv.)

er skilt fra aksjene. For øvrig overtas

aksjene «som de er», og Selskapet

fraskriver seg herved enhver rett til å

gjøre gjeldende at det foreligger en

mangel ved aksjene etter kjøpsloven § 19

og ethvert annet grunnlag.

7) En nærmere beskrivelse av

tingsinnskuddet følger av styrets

redegjørelse inntatt som Vedlegg 2 til

denne prtokollen. Denne redegjørelsen er

bekreftet av revisor, se Vedlegg 3.

6) The subscriber guarantees that it owns

the shares which shall be transferred to

the Company, cf. the section above, and

that these shares are free of any

encumbrances, including no pre-emption

right or other right of redemption to the

shares, and that no rights to the shares

(hereunder right to dividend, preferential

rights for capital increases etc.) are

separated from the shares. Further, the

shares are transferred on an “as is” basis,

and the Company waives any right to

claim that the shares have any defects

pursuant to the Norwegian Sales of Goods

Act section 19 or any other legal basis.

7) A more detailed description of the

contribution in kind follows in the

board’s statement included in Appendix 2

to these minutes. This statement has

been confirmed by an auditor, see

Appendix 3.

8) De nye aksjene gir aksjonærrettigheter

fra det tidspunktet kapitalforhøyelsen er

registrert i Foretaksregisteret, herunder

rett til utbytte som vedtas etter

registreringen. Fra samme tidspunkt skal

§ 4 i vedtektene lyde: «Aksjekapitalen er

NOK 66 768 226,20 fordelt på 74 186 918

aksjer hver pålydende NOK 0,90.»



which the capital increase is registered in

the Register of Business Enterprises,

including the right to receive dividends

resolved after the registration. From the



is NOK 66,768,226.20 divided on


value of NOK 0.90.»

9) De anslåtte utgiftene til

kapitalforhøyelsen er på NOK 50 000.

9) The estimated costs of the capital

increase are NOK 50,000.

#7870012/1 4 (7)

5 Fullmakt til å gjennomføre

kapitalforhøyelse ved tingsinnskudd

5 Authorisation to carry out a capital

increase by contribution in kind

I samsvar med styrets begrunnede forslag

fattet generalforsamlingen følgende vedtak:

In accordance with the substantiated proposal

by the Board of Directors, the General Meeting

adopted the following resolution:

1) Styret gis fullmakt til å forhøye

aksjekapitalen med inntil NOK 5 000 000.




3) Aksjeeiernes fortrinnsrett etter

aksjeloven og allmennaksjeloven § 10-4

kan fravikes.

4) Fullmakten omfatter kapitalforhøyelse

mot innskudd i andre eiendeler enn

penger, men ikke beslutning om fusjon

etter aksjeloven og allmennaksjeloven §

13-5.


erverve aksjer i ICE Group International

Holdings BV.


to increase the share capital with up to

NOK 5,000,000.




30 June 2019.

3) The shareholders' pre-emption rights



Companies Act section 10-14 may be

deviated from.

4) The authorisation includes an increase of

the share capital with contribution in

kind, but not any decision on merger



Companies Act section 13-5.

5) The authorisation may only be utilized to

acquire shares in ICE Group International

Holdings BV.

6 Fisjon av ICE Group AS der Selskapet er

overtakende selskap

6 De-merger of ICE Group AS with the

Company as the transferee company

Generalforsamlingen vurderte hvorvidt det

hadde skjedd verdiendringer av betydning for

bytteforholdet for fisjonen etter styrets

signering av fisjonsplanen, men fant at det

ikke var tilfellet.

I samsvar med styrets forslag fattet

generalforsamlingen følgende vedtak om

fisjon:

The General Meeting considered whether there

had been any changes in value of significance

to the exchange ratio of the de-merger after

the signing of the de-merger plan by the Board

of Directors, but concluded that such was not

the case.

In accordance with the proposal of the Board

of Directors, the General Meeting adopted the

following resolution regarding de-merger:

Fisjonsplan datert 1. juni 2018 for fisjon av

ICE Group AS, org.nr. 915 155 995 («ICE

Group») godkjennes.

Ved fisjonens ikrafttredelse overfører ICE

The de-merger plan dated 1 June 2018 for the

de-merger of ICE Group AS, org. no

915 155 995 (“ICE Group”) is approved.

Upon the effective date of the de-merger, ICE

#7870012/1 5 (7)

Group nærmere angitte eiendeler til

Selskapet, som er overtakende selskap. Den

nærmere fordeling av eiendeler på ICE Group

og Selskapet fremgår av redegjørelsen for

fisjonsplanen inntatt i vedlegg 2.2 til

fisjonsplanen.

Fisjonen innebærer at netto virkelig verdi i

ICE Group fordeles med 90 % på ICE Group og

10 % på Selskapet. Bytteforholdet er basert på

virkelig verdi av Selskapet og de eiendeler i

ICE Group som fordeles ved fisjonen.

Ved fisjonens ikrafttredelse nedsettes

aksjekapitalen i ICE Group med NOK 4 933

403,90 mens overkursen reduseres med NOK

165 826 000. Aksjekapitalen settes ned ved at

pålydende per aksje reduseres fra NOK 1 til

NOK 0,90.

Denne beslutningen skal straks meldes til

Foretaksregisteret.

Group transfers further specified assets and

liabilities to the Company, which is the

transferee company. The specific allocation of

assets and liabilities between ICE Group and

The Company is stipulated in the explanatory

statement on the de-merger plan set out in

Appendix 2.2 to the de-merger plan.

The de-merger implies that the net fair value

in ICE Group shall be allocated with 90% on

ICE Group and 10% on The Company. The

exchange ratio is based on the fair value of

The Company and the assets in ICE Group

allocated in the de-merger.


share capital of ICE Group shall be reduced by

NOK 4,933,403.90, whilst the share premium

shall be reduced by NOK 165,826,000. The

share capital shall be reduced by the nominal

value of each share being reduced from NOK 1

to NOK 0.90.

This resolution shall be reported to the

Register of Business Enterprises immediately.

7 Kapitalforhøyelse som følge av fisjonen 7 Capital increase as a consequence of the

de-merger

På bakgrunn av vedtaket om fisjon ovenfor

traff generalforsamlingen følgende vedtak:

Against the background of the above de-

merger resolution, the General Meeting

adopted the following resolution:

1) Aksjekapitalen forhøyes med NOK 44 400

635,10 ved utstedelse av 49 334 039

aksjer hver pålydende NOK 0,90.




value of NOK 0.90.

2) Aksjene utstedes til aksjeeierne i ICE

Group AS («ICE Group») og anses tegnet

ved at generalforsamlingen i ICE Group

godkjenner fisjonsplanen datert 1. juni

2018 for fisjon av ICE Group.

2) The shares shall be issued to the

shareholders of ICE Group AS («ICE

Group») and are deemed to be subscribed

for by way of the General Meeting of ICE

Group approving the de-merger plan

dated 1 June 2018 for the de-merger of

ICE Group.

3) Det skal betales NOK 6,692657169 per

aksje, slik at samlet aksjeinnskudd blir

NOK 330 175 809,77.

3) NOK 6.692657169 shall be payable per

share, meaning that the total capital

contribution for the shares will be

NOK 330,175,809.77.

#7870012/1 6 (7)

4) Aksjeinnskuddet gjøres opp ved at

Selskapet idet fisjonen trer i kraft,

mottar fra ICE Group 4 288 aksjer i ICE

Group International Holdings BV,

nederlandsk org.nr. 62871102, dvs.

38,9795% av den totale utstedte

aksjekapitalen i selskapet.

4) The share contribution shall settled by

way of the Company receiving, upon the

de-merger entering into effect, from ICE

Group 4,288 shares in ICE Group

International Holdings BV, Dutch

enterprise registration no. 62871102, i.e.

38.9795% of the total issued share capital

of the company.

5) For en nærmere beskrivelse av

tingsinnskuddet vises det til

redegjørelsen inntatt i vedlegg 2.2 til

fisjonsplanen. Denne redegjørelsen er

bekreftet av revisor, se vedlegg 2.3 til

fisjonsplanen.

5) Reference is made to the explanatory

statement included in Appendix 2.2 to

the de-merger plan for a more detailed

description of the contribution-in-kind.

The said explanatory statement is

confirmed by the auditors; see Appendix

2.3 to the de-merger plan.

6) De nye aksjene gir aksjonærrettigheter i

selskapet fra det tidspunkt fisjonen er

registrert gjennomført i

Foretaksregisteret, herunder rett til

utbytte som vedtas deretter. Fra samme

tidspunkt skal § 4 i vedtektene lyde:

«Aksjekapitalen er NOK 111 168 861,30

fordelt på 123 520 957 aksjer hver

pålydende NOK 0,90.»



which the de-merger is registered as

implemented in the Register of Business

Enterprises, including the right to receive

dividends resolved thereafter. From the



is NOK 111,168,861.30 divided on


value of NOK 0.90.»

7) De anslåtte utgiftene til

kapitalforhøyelsen er på NOK 50 000.

7) The expenses associated with the share

capital increase are estimated at

NOK 50,000.

8) Gjennomføring av denne beslutningen er

betinget av at fisjonen av ICE Group trer i

kraft.

8) Completion of this resolution is

conditional upon the de-merger of ICE

Group entering into effect.

* * * * * *

Det forelå ikke flere saker til behandling og

generalforsamlingen ble hevet.

No further matters were on the agenda and

the General Meeting was adjourned.

* * * * * *

(Signaturside følger) (Signature page follows)

#7870012/1 7 (7)

* * *

By: _______________________________

By: ______________________________

Name: [Name of chair of the meeting] Name: [Name of countersignatory]

#7870012/1 1 (4)

Appendix 2.2

(Unofficial translation. The official language of

this document is Norwegian. In the event of any

discrepancies between the Norwegian and

English text, the Norwegian text shall

precede.)

Til generalforsamlingen i ICE Group

International AS, org.nr. 920 598 951

(«Selskapet»)

To the General Meeting of ICE Group

International AS, org. no. 920 598 951 (the

«Company»)

REDEGJØRELSE FRA STYRET FOR

FISJONSPLAN DATERT 1. juni 2018 DER

SELSKAPET ER OVERTAKENDE SELSKAP

EXPLANATORY STATEMENT FROM THE BOARD

OF DIRECTORS ON THE DE-MERGER PLAN

DATED 1 June 2018 WITH THE COMPANY AS

THE TRANSFEREE COMPANY

1 Beskrivelse av fisjonsinnskuddet, jf.

aksjeloven § 2 6 (1) nr. 1 til 3

1 Description of the de-merger

contribution, cf. Section 2-6 (1), Nos. 1 to

3, of the Private Limited Companies Act

Eneaksjeeieren i Selskapet har samtykket i at

det ikke utarbeides en redegjørelse for

fisjonsplanen som oppfyller kravene i

aksjeloven § 13-10 (1) og (2), jf. § 14-4 (3) og

§ 13-10 (4). Styret har derfor bare utarbeidet

en redegjørelse i samsvar med aksjeloven

§ 13-10 (3), jf. § 10-2 (3) og § 2-6 (1) og (2).

Som det fremgår av fisjonsplanen, vil

Selskapet motta følgende eiendeler fra ICE

Group AS («ICE Group») ved gjennomføringen

av fisjonen («Fisjonsinnskuddet»):

4 288 aksjer i ICE Group International

Holdings BV, nederlandsk org.nr.

62871102, dvs. 38,9795% av den totale

utstedte aksjekapitalen i selskapet.

Det vises til siste årsregnskap for ICE Group

International Holdings BV for nærmere

The sole shareholder of the Company has

consented to that no explanatory statement on

the de-merger plan fulfilling the requirements

in Section 13-10 (1) and (2) of the Private

Limited Companies Act is prepared, cf.

Sections 14-4 (3) and 13-10 (4) of the Private

Limited Companies Act. The Board of Directors

has therefore only prepared an explanatory

statement in accordance with Section 13-10

(3), cf. Section 10-2 (3) and Section 2-6 (1)

and (2), of the Private Limited Companies Act.

The Company will, as noted in the de-merger

plan, receive the following assets from ICE

Group AS («ICE Group») upon the completion

of the de-merger (the “De-merger

Contribution”):

4,288 shares in ICE Group International

Holdings BV, Dutch enterprise

registration no. 62871102, i.e.

38.9795% of the total issued share

capital of the company.

Reference is made to the most recent annual

financial statements of ICE Group International

#7870012/1 2 (4)

informasjon om Ice Group International

Holdings BV.

I tillegg skal Selskapet når fisjonen trer i kraft

utstede to garantier: en garanti i favør av

RASMUSSENGRUPPEN AS, org.nr. 929 477 545,

(«RG») som sikrer 15% av

tilbakebetalingsforpliktelsene til ICE Group

under en låneavtale inngått 30. oktober 2015

mellom ICE Group som låntaker og

Rasmussengruppen AS som långiver; og en

garanti i favør av Goldentree Asset

Management LLP («Goldentree») som sikrer

30% av tilbakebetalingsforpliktelsene under en

låneavtale inngått 30. september 2015 mellom

AINMT Holdings AB som låntaker og Goldentree

som agent for et konsortium av finansielle

investorer.

Overføringen av Fisjonsinnskuddet til Selskapet

medfører en omorganisering med uendret

eierskap og skal regnskapsføres etter IFRS. De

bokførte verdier er vurdert ut fra kjent

informasjon på dagen for denne redegjørelsen.

Aksjene i ICE Group International Holdings BV

er vurdert til den bokførte verdien av

egenkapitalen i ICE Group AS, siden det ikke

foreligger indikasjoner på verdifall for disse

aksjene ved signeringen av planen.

Virkelig verdi overstiger etter styrets

oppfatning balanseført verdi av de eiendeler

som Selskapet overtar.

Styret er ikke kjent med øvrige forhold som

kan være av betydning for bedømmelsen av de

eiendeler som overføres ved fisjonen.

Holdings BV for further information on ICE

Group International Holdings BV.

In addition, ICE International shall on the

effective date of the de-merger issue two

guarantees: one guarantee in favour of

RASMUSSENGRUPPEN AS, enterprise registration

no. 929 477 545, (“RG”) securing 15% of the

repayment obligations of ICE Group from time

to time under a certain loan agreement entered

into on 30 October 2015 between ICE Group as

borrower and RG as lender; and one guarantee

in favour of Goldentree Asset Management LLP

(“Goldentree”) securing 30% of the repayment

obligations from time to time under a certain

loan agreement entered into on 30 September

2015 between AINMT Holdings AB as borrower

and Goldentree as agent for a consortium of

financial investors.

The transfer of the De-merger Contribution to

the Company entails a reorganisation with

unchanged ownership and shall be accounted

for based on IFRS. The book values reflect

information known at the date of this

statement.

The shares of ICE Group International Holdings

BV are valued based on the equity method in

ICE Group AS, since there are no indications of

impairment of such shares upon signing of the

plan.

The Board of Directors is of the view that the

fair value exceeds the book value of the assets

transferred to the Company.

The Board of Directors is not aware of any

other circumstances which may be of material

significance to the assessment of the assets

that are transferred upon the de-merger.

#7870012/1 3 (4)

2 Erklæring om verdien av

fisjonsinnskuddet og -vederlaget, jf.

aksjeloven § 2-6 (1) nr. 4

2 Declaration on the value of the de-merger

contribution and the de-merger

consideration, cf. Section 2 6 (1), No. 4,

of the Private Limited Companies Act

Styret i Selskapet erklærer herved at de

eiendeler som Selskapet skal overta ved

fisjonen, har en verdi, per signering av

fisjonsplanen, som minst svarer til det avtalte

vederlaget, herunder pålydende med tillegg av

overkurs på de aksjer som utstedes til

aksjeeierne i ICE Group.

The Board of Directors of the Company hereby

declares that the value of the assets to be

transferred to the Company upon the de-

merger is, as at the signing of the de-merger

plan, at least equal to the agreed

consideration, including the nominal value

with the addition of share premium on the

shares to be issued to the shareholders of ICE

Group.

*** ***


#7870012/1 4 (4)


The Board of Directors of ICE Group International AS

By: sign.

Name: Henning Karlsrud (Chairman)

#7870012/1 1 (1)

Appendix 2.3

CONFIRMATION FROM THE AUDITORS OF THE EXPLANATORY STATEMENT OF THE BOARD OF

DIRECTORS OF ICE GROUP INTERNATIONAL AS AS INCLUDED IN APPENDIX 2.3

#7870012/1 1 (1)

Appendix 2.4

CURRENT ARTICLES OF ASSOCIATION OF ICE GROUP INTERNATIONAL AS (PRIOR TO THE DE-

MERGER)

"§ 1

Foretaksnavn

Selskapets foretaksnavn er ICE Group International AS.

§ 2 Forretningskommune

Selskapets forretningskontor er i Oslo kommune.

§ 3 Selskapets virksomhet

Selskapets virksomhet er å fungere som holdingselskap for internasjonal telekommunikasjons-virksomhet.

§ 4 Aksjekapitalen

Selskapets aksjekapital er NOK 30 000, fordelt på 30 aksjer, hver aksje pålydende NOK 1 000.

§ 5 Samtykke til aksjeerverv. Forkjøpsrett

Erverv av aksjer er ikke betinget av samtykke fra selskapet. Aksjeeierne har ikke forkjøpsrett iht. aksjeloven.

§ 6

Signatur Selskapets firma tegnes av styrets leder alene.»

#7870060/1 1 (4)

(Unofficial translation. The official language of these minutes is Norwegian. In the event of any discrepancies between the Norwegian and English text, the Norwegian text shall precede.)

Til generalforsamlingen i ICE Group AS, org.

no. 915 155 995 («Selskapet»)

To the general meeting of ICE Group AS, org.

no. 915 155 995 (the “Company”)

REDEGJØRELSE FRA STYRET OM

KAPITALFORHØYELSE VED TINGSINNSKUDD,

JF. AKSJELOVEN § 10-2 (3) OG § 2-6

STATEMENT FROM THE BOARD REGARDING

SHARE CONTRIBUTION BY CONTRIBUTION IN

KIND, CF. SECTIONS 10-2 (3) AND 2-6 OF THE

PRIVATE LIMITED LIABILITY COMPANIES ACT

1 Beskrivelse av tingsinnskuddet 1 Description of the contribution in kind

Styret har foreslått at aksjekapitalen forhøyes

med NOK 66 768 226,20 ved utstedelse av

74 186 918 aksjer hver pålydende NOK 0,90.

Dessuten har styret foreslått AI Media Holdings

(NMT) LLC tegner samtlige aksjer i

kapitalforhøyelsen.

Det skal betales NOK 98,764214 per aksje.

Aksjeinnskuddet skal gjøres opp senest to uker

etter at aksjene er tegnet ved tingsinnskudd

som følger («Tingsinnskuddet»):

AI Media Holdings (NMT) LLC overfører

til Selskapet 74 186 918 aksjer i AINMT

Holdings AB, svensk org.nr. 556771-

3440, dvs. 58,6161 % av selskapets

totale aksjekapital.

Det vises til siste årsregnskap for AINMT

Holdings AB for nærmere informasjon om

AINMT Holdings AB.

Tegneren garanterer at de eier de aksjene som

skal overføres til Selskapet, og at disse aksjene

er fri for enhver heftelse, herunder at det ikke

knytter seg panteretter, forkjøpsrett eller

andre løsningsretter til aksjene, og at ingen

rettigheter knyttet til aksjene (herunder

utbytte, fortrinnsrett ved kapitalforhøyelse,

mv.) er skilt fra aksjene. For øvrig overtas

aksjene «som de er», og Selskapet fraskriver

seg herved enhver rett til å gjøre gjeldende at

The Board of Directors has proposed that the

share capital is increased by NOK 66,768,226.20

by issuance of 74 186 918 shares each with a

nominal value of NOK 0.90. Moreover, the board

has proposed that AI Media Holdings (NMT) LLC

subscribes for all shares in the capital increase.

NOK 98.764214 shall be payable per share. The

share contribution shall be settled no later than

two weeks after the shares are subscribed for

by contribution in kind as follows (the

“Contribution in Kind”):

AI Media Holdings (NMT) LLC transferring

to the Company 74,186,918 shares in

AINMT Holdings AB, Swedish org. no.

556771-3440, i.e. 58.6161% of the

company’s total share capital.

Reference is made to the most recent annual

financial statements of AINMT Holdings AB for

further information on AINMT Holdings AB.

The subscriber guarantees that it owns the

shares which shall be transferred to the

Company, and that these shares are free of

any encumbrances, including no pre-emption

right or other right of redemption to the

shares, and that no rights to the shares

(hereunder right to dividend, preferential

rights for capital increases etc.) are separated

from the shares. Further, the shares are

transferred on an “as is” basis, and the

#7870060/1 2 (4)

det foreligger en mangel ved aksjene etter

kjøpsloven § 19 og ethvert annet grunnlag.

Company waives any right to claim that the

shares have any defects pursuant to the

Norwegian Sales of Goods Act section 19 or any

other legal basis.

2 Nærmere om prinsippene for

verdsettelsen

2 Further on the principles for the

valuation

Tingsinnskuddet er verdsatt til virkelig verdi

på tidspunktet for denne redegjørelsen.

Selskapets virksomhet består utelukkende i å

eie aksjer i AINMT Holdings AB. Antallet

utestående aksjer i Selskapet svarer til det

antall aksjer som Selskapet eier i AINMT

Holdings AB. Det er derfor lagt til grunn at en

aksje i Selskapet har samme verdi som en

aksje i AINMT Holdings AB.

Styrets anbefaling av tegningskurs er basert på

syv ulike kilder samt mer kvalitative metoder

som aksjenes omsetning, nylige tegningskurser

ved utstedelse av aksjer, effekten på gruppens

balanse, tester av fremtidige forringelser,

forventet fremtidig tegningskurs ved

børsnotering og kontantstrømbaserte

verdsettelsesmetoder. Disse metodene er

nærmere redegjort for i notatet innhentet av

styret av 30. mai 2018. På bakgrunn av dette

foreslår styret en tegningskurs på NOK

98,764214 per aksje.

The Contribution in Kind is valued at actual

value at the time of this report.

The Company’s sole business is to own shares in

AINMT Holdings AB. The number of outstanding

shares in the Company is equal to the number

of shares held by the Company in AINMT

Holdings AB. The board has therefore assumed

that one share in the Company is worth the

same as one share in AINMT Holdings AB.

The board of directors’ recommendation of the

share subscription price is based on seven

different valuation sources and more qualitative

metrics such as the share’s trading pattern,

recent subscription prices in share issues, the

effect on the balance sheet of the group, future

impairment tests, the expected subscription

price in the future IPO and cash flow based

valuation methods. These methods are further

described in the memo obtained by the board of

directors of 30 May 2018. On this background

the board of directors recommend a

subscription price of NOK 98.764214 per share.

3 Øvrige forhold av betydning 3 Other circumstances of significance

Styret er ikke kjent med øvrige forhold som

kan være av betydning for bedømmelsen av

Tingsinnskuddet.

The board is not aware of any other

circumstances that may be of significance for

the assessment of the Contribution in Kind.

4 Erklæring fra styret 4 Declaration by the board

Styret erklærer herved at Tingsinnskuddet har

en verdi, per datoen for denne redegjørelsen,

som minst svarer til NOK 7 327 012 642,24, som

er lik pålydende med tillegg av overkurs på de

aksjene som selskapet utsteder til tegnerne.

The board hereby declares that the

Contribution in Kind has a value, as per the

date of this statement, which is at least equal

to NOK 7,327,012,642.24, which is equal to the

nominal value with addition of share premium

on the shares that the company issues to the

subscribers.

#7870060/1 3 (4)

*** ***


#7870060/1 4 (4)

***

1 June 2018

By: sign.

By: sign.


By: sign.


Documents

INNKALLING TIL EKSTRAORDINÆR NOTICE OF … · AS, reg.no 915 155 995 ... («RG») på bakgrunn av en låneavtale inngått samme dag mellom Selskapet som låntaker og RG som långiver