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Oslo, Norway, Nov 12, 2007 - (Hugin via ABN Newswire) - Tinius Nagell-Erichsen, the largest shareholder of Schibsted ASA and the Chairman of the Board for many years, died last night after several months of illness. He became 73 years old.
Tinius Nagell-Erichsen was born on the 15th of February 1934. He was a descendant of Christian Michael Schibsted, the founder of the Schibsted Group. Nagell-Erichsen was educated as an economist from the London School of Economics, and he spent his entire career working for the Schibsted Group and for the Group's newspapers.
After several years as a journalist in Aftenposten, he worked for VG from 1968 to 1973, and he then served as the Managing Director of Aftenposten from 1970 to 1983. He served as a Member of the Board of Aftenposten and of VG during several periods. From 1972 to 1983 he served as the Chairman of the Board of Avisenes Arbeidsgiverforening during several periods.
When Schibsted was listed in 1992, Tinius Nagell-Erichsen became the largest single shareholder of the Group, and he also became the first Chairman of the Board. He had this role for 10 years up until 2002. At the time of his death, Nagell-Erichsen served as the deputy Chairman of the Board of Schibsted ASA. At the time when Schibsted was transferred from a privately owned family company to a listed company, Tinius Nagell-Erichsen with his ownership stake of 26.1 percent, acquired the rights through the articles of association of negative control in the Group. In 1996 Mr Nagell-Erichsen created the Tinius Trust. The purpose was to transfer his influence in Schibsted to the Trust, either at his death or at his own will. The reason was the intent to keep his influence in Schibsted at one hand, and by doing so to guard the independence of Schibsted as a media Group with strong and independent editorial departments, trustworthiness, quality and a long term healthy economic development.
Nagell-Erichsen decided to transfer the voting share of his ownership stake in Schibsted to the Tinius Trust in May 2006. He was the Chairman of the Board of the Trust up until his death. After the death of Nagell-Erichsen, his previous ownership will be governed by the Board of the Trust, chosen by Mr Nagell-Erichsen himself, and as outlined by the articles of association of the Trust.
PRESS CONFERENCE: In relation to the death of Tinius Nagell-Erichsen, Schibsted ASA summons to a press conference at CET 12.00 in the Group's premises in Apotekergaten 10, Oslo. The Chairman of the Board, Ole Jacob Sunde, and CEO, Kjell Aamot, will be present.
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Schibsted Apotekergt 10, Pb 1178 Sentrum Oslo Norway
