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Hitt og þetta 27. apríl 2006

IMSK - Conversion to shares

A convertible bond of NOK 124 million was granted at the extraordinary general meeting of the company on 25th June 2001 and placed in the Norwegian market in July 2001. The convertible bond has seven years maturity with an option to convert to shares in I.M. Skaugen ASA (IMSK) during the first five years (05/2006). The conversion price is adjusted for previously paid dividends. The present conversion price is NOK 15 per share less NOK 5.25 per share, which will be paid at time of conversion as a compensation for dividend.

Two of the bondholders have today converted NOK 8,500,000 into 566,666 new shares. The new share capital after conversion will be NOK 409,138,230 divided into 27,275,882 shares at par value NOK 15. I.M. Skaugen ASA will write down its holding of NOK 8 million in the IMSK Convertible Bond. Correspondingly the nominal value of the Convertible bond will be reduced to NOK 0.