Stepstone to raise Ä3.19 million through directed issue

StepStone ASA has placed 117,000,000 shares at NOK 0.225 per share, for gross proceeds of NOK 26,325,000 (Ä3.19m) payable in cash. The funds will strengthen the Companyís financial and operational position.

The Board resolved to immediately issue 69,000,000 shares, each with a par value of NOK 0.02, under the proxy given to the Board in general meeting. The pre-emptive rights of the existing shareholders to subscribe for the new shares are waived. The new shares are entitled to dividends from and including the year 2003.

It also resolved to give notice to the shareholders of an extraordinary general meeting to be held as soon as reasonably practicable to propose that the general meeting authorises the placement of the remaining 48,000,000 shares, also with a subscription price of NOK 0.225 per share. Current shareholders representing 33% of the votes of the Company have already indicated support for the proposal. The Companyís largest shareholder has agreed to lend out shares pending agreement by shareholders to this additional placement.