Private placement and stock listing for Reach Subsea

Completion of combination with Reach Subsea AS and NOK 42 million private placement

(News from www.newsweb.no)
Reference is made to Transit Invest ASA's  
(the "Company") stock exchange notices of (i) 31 
October 2012 regarding a contemplated combination 
with Reach Subsea AS (the "Combination"), (ii) 1 
November 2012 regarding the completed placing of new 
shares in the Company with gross proceeds of NOK 42 
million (the "Private Placement") and (iii) 28 
November 2012 regarding the adoption by the 
extraordinary general meeting of the Company held on 
the same date of the required corporate resolutions 
to implement the Combination and the Private 
Placement. 

The Company hereby announces that the Combination and 
the Private Placement have been completed. As from 
the completion, the following changes have been 
implemented:

The Company has a new board of directors consisting 
of the following persons: Rune Lande (Chairman), 
Sverre B. Mikkelsen, Martha Kold Bakkevig, Anders 
Onarheim and Merete Haugli.

Kåre Johannes Lie has been appointed as the new CEO 
of the Company.

The resolutions made by the extraordinary general 
meeting in the Company held on 28 November 2012, 
which include inter alia (i) a consolidation of the 
Company's shares in the ratio 20:1, (ii) the share 
capital increase required to issue the consideration 
shares in relation to the Combination, (iii) the 
share capital increase required to issue the new 
shares in relation to the Private Placement and (iv) 
the change of the Company's name to "Reach Subsea 
ASA" and other amendments to the Company's articles 
of association, are expected to be registered in the 
Norwegian Register of Business Enterprises on or 
around 5 December 2012. 

Following the registration of the share capital 
increases related to the above, the Company's new 
share capital will be NOK 43,828,104, divided into 
43,828,104 shares with a nominal value of NOK 1 each.

Reference is also made to the document attached 
hereto for disclosure of large shareholdings in 
relation thereto, including disclosure of 
shareholdings of primary insiders.

Pareto Securities AS is acting as manager for the 
Combination and the Private Placement.

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