Exhibit 4.8
Agreement
between
Dyno ASA,
Dyno Industries USA Inc.
and
Dyno Nederland B.V.
(jointly as the "Sellers")
and
Dyno Nobel ASA,
Dyno Nobel Holding USA Inc.,
Dyno Nobel Holding Australia Ltd,
Dyno Nobel Holding Sweden AB,
and
Dyno Nobel B.V.
(jointly as the "Buyers")
Amendment Agreement no 1
to the Sale and Purchase Agreement dated 8th August 2000 relating to the
explosive business of the Dyno ASA Group transferred from the Sellers to the
Buyers (hereinafter the "Separation Agreement").
--------------------------------------------------------------------------------
1 Definitions
Unless otherwise defined herein, capitalised terms used in this Amendment
Agreement No 1 shall have the same meaning as set out in the Separation
Agreement.
2 Amendments of Definitions
"Explosive Assets"
means the assets relating to the Explosives Business as of the Closing Date,
including but not limited to, the assets listed in Schedule 1 D, the trade name
and trademarks "Dyno Nobel" and further all other assets of the Dyno ASA Group
which do not belong to or are related to the Chemicals Business, the Investco
Business or are Excluded Assets;
3 Clause 11 - Tradenames and trademarks
In accordance with section 11.3 of the Separation Agreement the Parties have
agreed that the ownership of the trade xxxx "DYNO" (the "Trade Xxxx") shall be
transferred to Dyno Nobel ASA without any further compensation. The transfer
shall take place within 90 days from the signing of this Amendment Agreement.
The Sellers shall however, be entitled to continue to use trade marks and trade
names where the Trade Xxxx is a part of such existing trade name or trade xxxx
of the Seller, if such trade xxxx or trade name is used by the Sellers as of
date of this Amendment Agreement. The right to use these trade marks and trade
names shall be royalty-free and non-exclusive. A list of such trade marks and
trade names that the Sellers are entitled to use, is attached as Schedule 11.
The Sellers shall within 3 years from signing the Amendment Agreement have
changed all trade names of the Sellers where the Trade Xxxx is a part of such
existing trade name, such that the Trade Xxxx is no longer part of the trade
names held be the Sellers.
4 Xxxxx Dyno
For the sake of clarification the parties hereby confirm that all assets and
liabilities located at Lanzarote, the Canary Islands, including the real
properties and household effects referred to as "Xxxxx Dyno", belongs to Dyno
Nobel ASA.
5 Schedules
5.1 The Parties hereby agree that Schedule 1 A is amended as reflected in the
attached Revised Schedule 1 A.
5.2 The Parties hereby agree that Schedule 1 D is amended as reflected in the
attached Amendments to Schedule 1 D. The amendments hereby conducted in
Schedule 1 D are not ment to represent alternations of the main principals
agreed upon between the parties as to the allocation of real property, but
only to correct certain errors made in the original listings in such
schedule.
5.3 The Parties hereby agree that Schedule 3.2 is amended as reflected in the
attached Revised Schedule 3.2.
This Amendment Agreement has been signed in eight original copies, one for each
of the Parties.
DYNEA ASA DYNO NOBEL ASA
------------------------------ ------------------------------
DYNO INDUSTRIES USA INC. DYNO NOBEL HOLDING USA INC.
------------------------------ ------------------------------
DYNO NEDERLAND B.V. DYNO NOBEL HOLDING AUSTRALIA LTD.
------------------------------ ------------------------------
DYNO NOBEL B.V. DYNO NOBEL HOLDING SWEDEN AB
------------------------------ ------------------------------
Revised Schedule 1A
------------------------------------------------------------------------------------------------------------------------------------
DYNO XXXXXX Polimoon
DYNO NOBEL DYNO GULLAUG EIENDOMS SUM Vendor Andel DYNO ASA
September 1999 DEFENCE NORWAY GULLAUG LANDBRUK DRIFT ELM. KORR. EXPLOSIVES Note B29-NK EXPLOSIVES
------------------------------------------------------------------------------------------------------------------------------------
51010 External cash and 38,556 37,863 127 868 0 -95,414 0 0
cash equivalents
10602 I/C ST (interest 0 0 0 0 0 0 0
bearing rec (ex trade AR))
31109 TOTAL OTHER LIQUID ASSETS 0 0 0 0 0 0 0
81213 External trade 18,929 69,512 2,125 0 0 85,586 171 85,737
receivables
12131 Internal trade 2,667 3,995 11,873 0 0 -7,046 11,379 8,539 19,919
receivables
81450 Other short-term 588 865 955 0 0 2,388 6,294 8,682
receivables, external
14801 I/C prepaid exp and 0 552 0 0 2,255 -2,255 552 552
other interim acc
81600 TOTAL INVENTORIES 20,853 26,025 8,489 176 0 56,342 55,342
21268 SHORT-TERM DEFERRED 0 0 0 0 0 0 0
TAX ASSET
10058 I/C LT interest-bearing 0 0 0 0 0 0 0
receivables
16120 Shares in subsidiaries 0 0 0 0 0 0 0
61823 Equity in non-consolidated 0 0 0 0 0 0 0
inventories
81829 LT equity securities 0 0 0 0 0 0 18,887 18,887
owned 0-20%
81845 Other LT receivables 621 3,566 2,284 0 0 6,471 220,000 32,945 259,416
81875 PREPAID PENSION 0 0 0 0 0 0 0
84999 TOTAL PROPERTY, PLANT 69,532 80,145 78,053 4,428 0 221,160 06,303 328,462
AND EQUIPMENT
81781 TOTAL INTANGIBLE ASSETS 0 0 0 0 0 0 0
81698 LT DEFERRED TAX ASSET 1,612 4,726 5,312 0 0 -11,550 0 0
------------------------------------------------------------------------------------------------------------------------------------
Total Assets 155,529 227,249 109,218 5,472 2,255 -9,301 -106,964 383,858 220,000 173,139 776,997
------------------------------------------------------------------------------------------------------------------------------------
81000 TOTAL ASSETS 155,529 227,249 109,218 5,472 2,255
------------------------------------------------------------------------------------------------------------------------------------
2012 Current portion of LT 0 0 0 0 0 0 0
loans, external
28120 Current portion of LT 0 0 0 0 0 0 0
loans, internal
82530 External current 0 0 21,190 0 0 -21,190 0 0
interest-bearing debt
26402 I/C ST payables (excl 0 0 0 0 0 0 0
trading acc payable)
2210 Income and capital 0 0 0 0 0 0 0
taxed payable
62253 Short-term deferred 0 0 0 0 0 0 0
tax liability
82013 External accounts payable 7,094 13,447 8,039 0 0 28,580 7,515 36,085
820131 Internal accounts payable 157 11,024 2,598 0 0 -6,992 6,787 1,182 7,988
82310 Payroll and Value 1,997 17,900 4,460 113 0 24,470 24,470
Added Taxes
25701 Proposed dividends 0 0 0 0 0 0 3,550 3,550
payable, internal
32450 Other interest-free 1,152 11,688 68 0 0 -54 12,855 14,677 27,532
current liabilities
24201 I/C accrued acc and 0 3,262 267 0 0 -2,255 1,274 1,274
other interim acc
------------------------------------------------------------------------------------------------------------------------------------
Sum Current liabilities 10,400 57,321 36,622 113 0 -9,301 -21,190 73,966 26,924 100,890
------------------------------------------------------------------------------------------------------------------------------------
82800 TOTAL CURRENT 10,400 57,321 36,622 113 0
LIABILITIES
------------------------------------------------------------------------------------------------------------------------------------
2713 External mortgage loans 0 0 0 0 0 0 0
82741 Ext bank loans and 0 0 0 0 0 273,818 273,818 220,000 159,825 653,643
other non-secur loans
27250 Internal LT 0 0 0 0 0 0 0
interest-bearing loans
27260 Internal LT 0 0 0 0 0 0 -19,300 -19,300
interest-free loans
27801 Subordinated loans, 0 0 0 0 0 0 0
internal
52,751 Long-term deferred 8,284 433 10,992 53 0 -19,772 0 0
tax liabilities
82762 Accrued pension 3,959 14,892 17,224 0 0 36,075 5,690 41,765
liabilities
82770 Other non-current 0 0 0 0 0 0 0
liabilities
OF Balance Differences 0 0 0 0 0 0 0
BALANCE
------------------------------------------------------------------------------------------------------------------------------------
Sum Non-current liabilities 12,223 15,325 28,216 83 0 0 254,046 309,893 220,000 146,215 676,108
------------------------------------------------------------------------------------------------------------------------------------
82705 TOTAL NON-CURRENT 12,223 15,325 28,216 83 0
LIABILITIES
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
82910 Total minority 0 0 0 0 0 0 0
interest (balance)
------------------------------------------------------------------------------------------------------------------------------------
28200 TOTAL SHAREHOLDERS 133,306 154,603 44,380 5,276 2,255 -339,820 0 0
EQUITY
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 155,529 227,249 190,218 5,472 2,255 -9,301 -106,964 383,858 220,000 173,139 776,997
------------------------------------------------------------------------------------------------------------------------------------
82000 TOTAL LIABILITIES AND 155,529 227,249 109,218 5,472 2,255
EQUITY
------------------------------------------------------------------------------------------------------------------------------------
Amendments to Schedule 1D
Real Property
(The "No"-references used below is equivalent to the number reference on
Schedule 1D in the Agreement.)
Engene
o From the property gnr 53 bnr 13 in Hurum municipality there shall
be parcelled out two properties related to the cottages named "Farup" and
"Xxxxxxxx". The Xxxxxxxx-cottage shall be returned to Dyno (has changed its
name to Dynea ASA).
o The property gnr 55 bnr 3 in Hurum has under separate agreement
(the Engene split) been divided between the Chemical Business and the
Explosive Business. The portion of the property gnr 53 bnr 3 related to the
Chemical Business has been parcelled out (into gnr 53 bnr 30) and
transferred to Dyno (has changed its name to Dynea ASA).
o The property gnr 53 bnr 256 shall be added to the list.
o The property gnr 1 bnr 232 in Hurum municipality does not longer exist
(merged with other property) and shall be removed from the list.
Explosive Warehouses
o The property gnr 105 bnr 69 (No 86, Hitra municipality), gnr 116 bnr 80 (No
87, Hitra municipality, gnr 19 bnr 1 fnr 8 (No 101, Xxxx municipality), gnr
18 bnr 1 fnr 1 (No 102, Xxxxxxxx municipality), gnr 65 bnr 1 fnr 124 (No
106, Hemnes municipality) and gnr 436 bnr 320 (No 108), Arendal
municipality)in Br0nn0y municipality shall be added to the list.
o The properties gnr 116 bnr 79 F and gnr 116 bnr 80 F shall be removed from
the list as the explosive warehouse has been shut down and the lease
agreement related to these properties was terminated prior to Closing.
Other
o 6/43 of the property gnr 131 bnr 6 in Ski municipality shall be added to
the list.
o The property gnr 32 bnr 5 in Ris0r municipality shall be added to the list.
o No 114 on the list shall be gnr 142 bnr 3 in Tokke municipality.
Revised Schedule 3.2
PROJECT FIRE
Purchase Price
NOK Purchase Price Interest cost US PP Fee to Fondinans Mgmt Options Purchase Price
75 846 010 0 0 0
-----------------------------------------------------------------------------------------------------------------------------
Dyno Nobel Shares 328 687 000 12 865 310 0 0 0 341 552 223
Australian Shares 508 631 000 19 806 153 0 0 0 528 437 153
Swedish Shares 284 667 000 11 084 967 0 0 0 295 751 967
Dutch Shares 63 800 000 2 418 182 0 0 0 66 218269
US Shares Dyno Nobel Inc. 460 090 000 18 870 042 0 0 0 478 960 042
US Shares Dyno Leasing Inc. 2 230 000 91 461 0 0 0 2 321 461
Explosives Business 275 035 000 10 709 895 0 0 0 285 744 895
-----------------------------------------------------------------------------------------------------------------------------
Total 1 923 140 000 75 846 010 1 998 986 010
=============================================================================================================================
Total excl. US Shares 1 460 820 000
US Shares will assume a total of 25% of all the costs that are to be allocated,
the rest is allocated proportionally.
In NOK Thousand Purchase Price
Dyno Nobel companies
Dyno Consult AS (Norway) 6 725
Bamble Mek. Ind. AS (60%) (Norway) 865
Nordenfjeldske Spraengstof AS (Norway) 851
Nobel Indusrier AS (Norway) 0
Dyno Nobel Slovakia a.s. (Slovakia) 384
Dyno Nitromed AS Ltd. (60%) (Bulgaria) 5 037
Dyno Nobel Czechia s.s.o. (Czech Republic) 0
Dyno Nobel Pland sp. Zoo (56%) (Poland) 1 721
Dyno Nobel Ltd. (Canada) 10 041
Dyno Nobel Colombia S.A. (91%) (Colombia) 9 239
Tec Harseim International SA (100%) (Chile) 500
Inversiones Dyno Nobel Chile Ltda. (Chile) 154 512
Tec Harseim s.a.i.c. 17
Tec Xxxxxxx XxxxxxXxxxxxx, Xxxxx Xxxx 0
Xxxx Xxxxx Xxxx Xxxx Ltd (China) 14 628
Dyno Nobel Zambia Limited (Zambia) 5 328
Dyno Nobel Japan Co Ltd. (51%) (Japan) 602
Thai Nitrate Company Limited (60%) (Thailand) 64 886
Ammonium Nitrate Development and Production Ltd. 14 566
Dyno Nobel Laos Limited 0
Dyno Explosives Asia Pacific Ltd 0
PT Dyno Nobel Indonesia 15 666
NE Agerup Spraengstof AS (50%) (Norway) 1 514
Nitro Nobel Zimbabwe (Pvt) Ltd (25%) (Zimbabwe) 1 239
Tenaga Kimia Sdn. Bhd. (Malaysia) 11 899
Nitedals Krutvaerk 22 100
Xxxxxxxx X.X., Panama 0
Total Dyno Nobel Shares 341 552
Schedule 11
LIST OF TRADE NAMES
Dynochem Ireland Ltd.
Dyno Industries (W.A.) Pty. Ltd.
Dyno Oil Field Chemicals Australia Pty. Ltd.
Dyno-Enpro Oil Field Chemicals India Pvt. Ltd.
PT Dyno Indria
PT Dyno Mugi Indonesia
PT Dyno Oil Field Chemicals Indonesia
Dyno Pakistan Limited
Dyno TTI Chemicals Co. Ltd.
Dyno Oil Field Chemicals ME Fze
Dynochem Vietnam Co. Ltd.
Industrias Quimicas Dyno do Brasil S.A.
Dyno Chemie B.V.
Dyno Nederland B.V.
Dyno Invest AS
Nordkem Dynopart Holding AS
Dynopart Holding AS
Dynopart AS
Dyno Industries UK Ltd.
Dynochem do Brasil Ltd.
Dyno Industries U.S.A. Inc.
Dynochem (Malaysia) Sdn. Bhd.
LIST OF TRADE MARKS
Dynoadd
Dynochem
Dynocryl
Dynoform
Dynokoll
DynoLam
Dynolex
Dynolink
Dynolyd
Dynomel
Dynopreg
Dynorit
Dynosol
Dynotal
Dynotech
