To the shareholders in Island Drilling Company ASA (the “Company”)
The board of directors of the Company has been made aware that Intrinsic Oppkjøp AS (“Intrinsic”)
has made an offer to the shareholders of the Company to buy all of the shares in the Company.
The board has no knowledge of Intrinsic other than the fact that it was established 17 August 2015
with a share capital of NOK 36,000, and that it does not hold any licenses with the Norwegian
Financial Supervisory Authority. Intrinsic has, according to their website, made an offer to acquire 82
companies in Norway and Sweden (http://intrinsicai.no/#/companies). Intrinsic has not made any
contact with the Company prior to making the offer, and we are unable to verify any of the details
regarding the offer. However, shares in Company are freely transferable, and each of the
shareholders should independently consider the offer.
Should any shareholders consider to accept the offer, the board would like to point out the following
risks:
(i)
(ii)
The offer is based on a share price of NOK 17.70, however, please note that
consideration in cash is not guaranteed. Intrinsic is offering consideration in cash or in
kind, the latter in the form of shares in an unspecified company which apparently shall
be listed within reasonable time. Furthermore, in the event of settlement in the form of
consideration shares in another company, costs incurred in connection with the
management and listing of such company will reduce the value of such consideration
shares.
The consideration shall be paid on 31 March 2016 at the latest. No security for the
consideration is offered in the interim period from the sale and transfer of the shares to
31 March 2016, and the shareholders who accepts the offer will lose its rights to dispose
over their shares immediately after acceptance of the offer. Upon acceptance of the
offer, the shares will be transferred to Intrinsic account with the VPS. This implies a high
degree of risk related to Intrinsic financial capability to honour its obligation to pay the
consideration.
Please note that the acceptance deadline is on 31 October 2015. Given the unusual nature of the
offer, the board urges each shareholder to carefully consider the significant risk factors mentioned
above before accepting the offer.