News - 27.05.2009

Herkules reducing ownership in Pronova BioPharma to 50.01%

(Oslo, 27 May 2009) Herkules Capital has on behalf of Herkules Private Equity Fund ("Herkules") sold 25,269,931 shares in Pronova BioPharma ASA ("Pronova"). Following the sale of shares, Herkules owns a total of 150,450,336 shares in Pronova, or 50.01% of the outstanding shares, a reduction from 58.4% prior to the transaction.

“We still have great confidence in this investment, and we intend to stay on as a long term majority owner in the Company” says managing partner Gert W. Munthe in Herkules Capital. Mr. Munthe is also chairman of the board at Pronova. Herkules bought 100% of Pronova in January 2004, and listed the company at Oslo Stock Exchange in October 2007. During this process Herkules’ ownership was reduced to 58.4%. The price of the shares was set through a book building process managed by Carnegie ASA and SEB Enskilda AS. The shares were sold at a price of NOK 18.50 per share.

Total realized proceeds from this sale were NOK 461.4 million. To date the Pronova investment has generated proceeds of NOK 4,133.8 million, with a remaining Herkules’ ownership share of 50.01%.

Contact:
Gert W. Munthe, Managing partner at Herkules Capital and Chairman of the board at Pronova BioPharma ASA
Mob: +47 92 02 23 63

Rikke Reinemo, Director at Herkules Capital and member of the board at Pronova BioPharma ASA
Mob: +47 97 02 87 82