The Tinus Trust

CHANGES IN BLOMMENHOLM INDUSTRIER

Changes in Blommenholm Industrier were made at the company’s annual general meeting on 22 December, with a view to strengthening the Tinius Trust.

Blommenholm Industrier AS, the company’s largest shareholder, owns 28,188,589 shares, representing 26.1% of the shares in Schibsted ASA. Blommenholm Industrier AS is represented on the board of Schibsted ASA by Board Chair Ole Jacob Sunde. Blommenholm Industrier AS initially had two share classes: Class A and Class B shares. The Class B shares, which are non-voting shares, are owned by four companies controlled by Tinius Nagell-Erichsen’s heirs.

 

The Class A shares are owned by the Tinius Trust. The Tinius Trust therefore has a controlling interest in Blommenholm Industrier AS. The objective for establishing Blommenholm Industrier AS and the Tinius Trust was to secure ownership of Schibsted ASA in order to ensure that Schibsted ASA maintained free and independent editorial control and also to ensure that the group's publications endeavored to deliver quality and credibility and to defend values such as freedom of faith, tolerance, human rights and democracy. Likewise, the Trust should aim to achieve long-term and sound financial growth of the group and a stable, Norwegian ownership.

 

The Class B shareholders, who until now have owned 99.9% of the total shares in Blommenholm Industrier AS, have wanted to reinforce these objectives. By virtue of the decision made by the annual general meeting on 22 December 2011, 80% of the Class B shares were converted to Class C shares with weak dividend entitlement. The Class C shares give entitlement to 10% of the company’s dividends. Later the same day, ¾ of the Class C shares, representing 60% of the total number of shares in Blommenholm Industrier AS, were sold to the Tinius Trust. The selling parties were Beltenut AS, Faros Forvaltning AS and Odden Forvaltning AS. Albe Forvaltning AS chose not to sell its Class C shares but has acquired an option to sell them to the Trust.

 

Since Blommenholm Industrier AS was established in 1992 and the Tinius Trust in 1996, taxation of long-term owners has become more stringent through a tightening of regulations. This has threatened Blommenholm Industrier AS’s ability to achieve its objectives. This transaction will help redress this situation. The transaction will also strengthen the Trust’s ability to further develop its role, defend the principles on which the Trust is founded, and secure long-term ownership of Schibsted.

 

After the transaction, Blommenholm Industrier AS will still own 28,188,589 shares, representing 26.1% of the shares in Schibsted ASA.

 

Published 06.01.12