For a long time a group of shareholders consisting of the companies Verdipapirfondet Skagen Vekst, Det Stavangerske Dampskipsselskap, Unistar Holding Inc. and Leif Inge Sletthei AS, ("Stavanger group") has expressed massive criticism of the company's board and management and the company's strategy.
It was the "Stavanger group" who requested that the court of probate and bankruptcy investigate a decision made at the company's annual general meeting on 20 June 2003 concerning indemnification of board and management until a decision, if any, is made in a question of guilt.
The company's advisor and organiser of the AIM listing of DNO's shares on London Stock Exchange has advised the company not to implement the listing as long as the "Stavanger group" opposes the company's board, management and strategy.
DNO is facing major challenges in the time ahead, and it is important that our shareholders believe in our strategy and enable us to concentrate on creating additional long-term value for our shareholders.
5 September 2003
For further information, please contact:
Group Managing Director
Telephone: 55 22 47 00 / 23 23 84 80