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Preliminary results: SAS rights issue oversubscribed

May 3, 2010 15:45

Preliminary results of SAS AB’s (“SAS”) rights issue, for which the subscription period ended 29 April 2010, indicate that approximately 98.2 percent of the offered shares were subscribed for with subscription rights and approximately 39.8 percent were subscribed for without subscription rights. As a result the rights issue is oversubscribed by approximately 38.0 percent. The final results of the rights issue will be published on or around 5 May 2010, and subscribers who have been allocated shares subscribed for without subscription rights will be notified shortly thereafter.

Through the rights issue SAS will receive proceeds amounting to approximately SEK 5 billion before transaction costs.

“In these very challenging times for the airline industry we are grateful for the continued support from current shareholders and the interest from new investors. The rights issue will strengthen our financial and strategic flexibility and secure the implementation of the remaining parts of Core SAS. With Core SAS we have a stable foundation to build on and we are confident that SAS is well positioned for a future market recovery”, says Mats Jansson, President and CEO of SAS Group.

Those who have subscribed for new shares without subscription rights will be allocated shares as described in the prospectus published on 9 April 2010.

The final day for trading in the BTA 1 is expected to be on or around 6 May 2010. Trading in the new shares subscribed for with subscription rights on NASDAQ OMX Stockholm, NASDAQ OMX Copenhagen and Oslo Børs is expected to commence on or around 7 May 2010.

J.P. Morgan, Nordea and SEB Enskilda, are acting as Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners, DnB NOR Markets and The Royal Bank of Scotland, are acting as Joint Lead Managers and Joint Bookrunners, and Danske Markets, is acting as Co-Lead Manager for the rights issue.For further information, please contact
Sture Stølen, Head of SAS Group Investor Relations, +46 70 997 14 51
SAS Group Investor RelationsSAS discloses this information pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was provided for publication on 3 May 2010, at 3:45 p.m. CET.

This document is not being distributed to persons in any state or jurisdiction where the offer or sale of the rights or shares is not permitted.

These materials are not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. The issuer of the securities does not intend to register any part of the offering in the United States or to conduct a public offering of the Rights or the Shares in the United States.

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as “relevant persons”). The Rights and the Shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

This document is an advertisement and is not a prospectus for the purposes of Directive 2003/71/EC (such Directive, together with any applicable implementing measures in the relevant home Member State under such Directive, the “Prospectus Directive”). A prospectus prepared pursuant to the Prospectus Directive will be published, which, when published, can be obtained from the SAS Group. Investors should not subscribe for any securities referred to in this document except on the basis of information contained in the prospectus.

In any EEA Member State that has implemented the Prospective Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

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