Aban Offshore informs TRWS agreement of Aban Singapore with Sinvest Share

Aban Offshore Ltd has announced regarding Total Return Swap (TRS) Agreements entered into by the Company's Subsidiary Aban Singapore Pte Ltd (ASPL,) with Sinvest Share as underlying asset.

The Stock Exchange Appeals Committee (SEAC) has decided to upheld the decision of the Oslo Stock Exchange (OSE) that ASPL and the TRS Counter parties are deemed to have acted in concert.

In this connection ASPL has made the following announcement to OSE:

"Aban Singapore Pte Ltd with subsidiaries (‘Aban’) has received the decision of the Stock Exchange Appeals Committee dated December 12, 2006 and would Like to make the following announcement pursuant to the notification requirement under Section 4-8 of the Norwegian Securities trading Act (the STA).

Aban hereby nobly that a reduction of its shareholding in Sinvest ASA will be carried out in accordance with Section 4-9 of the STA within the prescribed time period. As an alternative to the sale of shares held by Aban, the sale may be carried out by ICICI Bank UK Ltd (ICICI) and First Securities ASA (First), with whom the Stock Exchange Appeals Committee has concluded that Aban has acted in concert under certain total return swap agreements. Aban reserves its right to maintain its current shareholding in Sinvest ASA to the extent such sale is carried our by ICICI and First.

Further, Aban is currently in the process of exploring the possibilities of obtaining sufficient financing in order to present a mandatory offer. To the extent such financing is obtained on terms satisfactory to Aban, Aban may reverse this notification of sale pursuant to sect 4-8 third paragraph of the STA, by later presenting a mandatory offer.

A potential mandatory offer referred to in the previous paragraph may be made by Aban and neither ICICI nor First will thus present any mandatory offer.

Aban may wish to seek judicial review of the decision by the Stock Exchange Appeals Committee and reserves any rights in connection therewith."

Source : Equity Bulls

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