COMPULSORY ACQUISITION OF SHARES IN BEERENBERG

20 Nov 2024 16:35 CET

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, INTO OR WITHIN CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, HONG
KONG, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL.

20 November 2024: Reference is made to the announcement made earlier today
regarding the completion of the board recommended voluntary unregulated cash
offer (the "Offer") made by Altrad Investment Authority S.A.S ("Altrad" or the
"Offeror") to acquire all outstanding shares ("Shares") in Beerenberg AS
("Beerenberg" or the "Company") not already owned by the Offeror. Following
completion of the Offer, Altrad owns a total of 23,702,252 Shares, which
corresponds to approximately 96.47% of the issued and outstanding share capital
and voting rights of the Company.

Altrad has resolved, effective from after close of trading on the Euronext
Growth Oslo today, to carry out a compulsory acquisition of all remaining Shares
in Beerenberg not owned by Altrad, pursuant to section 4-26 of the Norwegian
Private Limited Liability Companies Act. As a consequence, Altrad has from such
time become the sole owner of Beerenberg.

The offered redemption price under the compulsory acquisition will be NOK 41.50
per Share, which corresponds to the offer price in the Offer. The Offeror has
deposited the total redemption amount for the remaining Shares into a designated
account in a bank licensed to operate in Norway in accordance with requirement
set out in the Norwegian Private Limited Liability Companies Act section 4-26
(5). Settlement of the redemption price is expected to occur as soon as possible
and is expected within 29 November 2024.

Any objections to, or rejection of, the offered compulsory acquisition
redemption price must be made at the latest by 26 January 2025. Former
shareholders of Beerenberg who do not object to, or reject, the offered
compulsory acquisition redemption price within this deadline will be deemed to
have accepted the compulsory acquisition redemption price. A letter regarding
the compulsory acquisition will be sent to all former shareholders subject to
the compulsory acquisition whose addresses are known. In addition, the
compulsory acquisition will be announced through the electronic notice service
of the Norwegian Register of Business Enterprises.

Following the compulsory acquisition, Altrad will pursue a delisting of
Beerenberg's Shares from Euronext Growth Oslo. A separate announcement will be
made regarding such delisting.

Advisers

BNP Paribas is acting as exclusive financial adviser and Advokatfirmaet
Wiersholm AS is acting as legal adviser to Altrad. Danske Bank, Norwegian branch
is acting as receiving agent for the Offer.

SpareBank 1 Markets AS is acting as financial advisor and Wikborg Rein
Advokatfirma AS is acting as legal advisor to Beerenberg.

More information:
Access the news on Oslo Bors NewsWeb site