Quantafuel's CEO Lars Rosenløv encourages remaining shareholders to accept Viridor’s offer

Quantafuel will welcome Viridor as controlling shareholder following the decision by Viridor to acquire close to 80% of the shares in Quantafuel already committed by accepting shareholders. All conditions for the offer are met or waived and steps are now being taken to delist the company. The offer from Viridor remains open for shareholders who still haven’t accepted until Friday 28^th April. Following the expiry of the offer period, the liquidity and share price will be highly uncertain. Remaining shareholders are therefore encouraged to accept the offer while it is still available.

Two months have passed since Viridor announced an offer recommended by the Quantafuel board to acquire all Quantafuel’s outstanding shares. The main shareholders, BASF and Kirkbi, have accepted the offer. The offer was a result of a broad strategic review advised by ABG Sundal Collier. During the past week, the remaining conditions set by Viridor to complete the offer, have been fulfilled; Quantafuel has sold its Geminor shares and the 90% acceptance condition has been waived by Viridor. This has enabled the acquisition process to move forward, Viridor will be closing the Offer Period on Friday, and settlement of accepting shares will be made within the next couple of weeks.

“This is very good news. The past few months have been intense, but now we can finally look forward to becoming an integral part of Viridor. We are about to reach completion of the offer process, which is why it is important for me to remind all remaining shareholders that the final extension of the offer period is this Friday. I encourage you all to accept Viridor’s offer. The trading volume and the market price for the share will be more uncertain once Viridor have completed their takeover and become our controlling shareholder. Existing shareholders must expect that the company will need substantial further capitalisation in near term,” says Quantafuel’s CEO Lars Rosenløv.

The settlement of the offer is expected to take place May 5^thand Viridor will then become the controlling shareholder of the company. The following week, May 12^th, an Extraordinary General Meeting will be held with the following items, reflecting Viridor's controlling ownership, on the agenda:

• Election to the Board, as nominated by Viridor
• Proposal to apply for delisting of the Company from Euronext Growth
• Proposal to convert the Company from a public company (ASA) to a private company (AS)
• Proposal to grant an authorisation to issue shares at the maximum permitted under statutory law (i.e. 50%)

Viridor will have voting power to secure support for all resolutions proposed.

Given the financial situation of the company, the Board will consider to convert the NOK 250 million loan facility provided by Viridor into new shares. The loan conversion and any issuance of new shares are expected to increase Viridor’s ownership level further.