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Namsos Trafikkselskap ASA Updates on Agreement with Sunde Invest AS Regarding Co-Ownership of Namdalske AS and Sunde Transport AS and Acquisition of Sunde Renovasjon AS in Relation to Reorganization

Thursday, 16 Aug 2012 10:01am EDT 

Namsos Trafikkselskap ASA announced that it has on August 16, 2012 entered into an agreement with Sunde Invest AS regarding co-ownership of Namdalske AS and Sunde Transport AS. This will happen through the establishment of NTS Transport AS (s.u.s.) that will own 100% of the aforementioned companies. NTS Transport AS will be owned 50.1% by the Company and 49.9% by Sunde Invest AS, and thus will become a subsidiary of the Company. The reason for the combination is to find a proper solution for Namdalske AS. None of the employees of the companies will be affected. NTS Transport AS will be established with a cash deposit of NOK 4 million, of which the Company's share is NOK 2 million. The transaction will be founded partly through equity and cash, and partly through issuing new shares in NTS Transport AS. In addition, the Company announced that it has entered into an agreement with Sunde Invest AS regarding acquisition of up to 100% shares in Sunde Renovasjon AS. The Company will initially acquire 67% of shares in Sunde Renovasjon. In addition, there is an option that gives the Company right to acquire up to 100% of shares at same conditions until six months after completion period. The transaction is valued at NOK 4 million. Sunde Renovasjon will change its name to NTS Miljo AS. It will be a new business area of the Company. Both the transaction are subjects to competition authority's approval and are expected to be completed no later than on October 1, 2012. 

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