(15 July 2022) Elopak and Packaging Management and Investing LLC, a company
beneficially owned by management of JSC Elopak, have reached an agreement (the
"SPA") for the sale and purchase of all of Elopak's shares in JSC Elopak.
Reference is made to stock notices on 3 March 2022 and 4 March 2022 regarding
the temporary suspension of Elopak's business activities in Russia. In
consequence of the outlook with respect to continued business operations in
Russia, Elopak has reached an agreement with local management representatives in
Russia for the sale of all of Elopak's shares in JSC Elopak, representing a full
divestment by Elopak from its existing Russian operations.
The SPA includes the materials terms of the transaction, including payment of
the purchase price, which will be payable in five annual instalments, the first
of which becomes due shortly after completion of the transaction. The completion
of the sale is subject to local governmental approvals. We do not expect further
material financial gains or losses recognised in Q2-22 as a result of concluding
the transaction. However, the investment is reporting in RUB and the settlement
is in RUB, hence there will be an inherent currency risk until the transaction
is closed.
In addition, in light of the unpredictable outlook in sanctions laws towards
Russia, Elopak has a right to withdraw from the transaction until closing in the
event that it becomes illegal under Norwegian law. It is expected that
completion of the sale will take place in Q3 or Q4 2022.
The information is such that Elopak ASA is required to disclose in accordance
with the EU Market Abuse Regulation and is subject to the disclosure
requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The
information was submitted for publication, through the agency of Thomas
Askeland, at 08:55 CEST on 15 July 2022.
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