As of 30 September 2007 Norwegian Property ASA through shares owned and share holder agreements effectively controlled Norgani Hotels ASA according to IFRS. Norwegian Property ASA will consequently consolidate Norgani Hotels ASA in the financial statements for the third quarter. In the P&L-statement the impact will be limited as Norwegian Property ASA only controlled Norgani Hotels ASA for a limited period. In the balance sheet Norgani Hotels ASA will be fully consolidated.

 

Norgani Hotels ASA is releasing the third quarter statements on 13 November 2007. Norwegian Property ASA will consequently also change the reporting date to 13 November 2007. Key figures on Norwegian Property's office portfolio (before the acquisition of Norgani Hotels ASA) will be released on 26 October 2007.

 

For further information  please contact

CFO, Svein Hov Skjelle, mobile +47 930 55 566