Introduction & History

Nordic Panorama Plc is the owner of Vrådal Panorama AS a company involved in the operation and development of an all seasons holiday destination in Telemark, Norway.

Information relating to the Offer made by Nordic Panorama AS dated 16 March 2010 can be found under the news section.

Vradal Panorama Eiendom AS and Vradal Panorama Skisenter AS were founded by Petter Johnsen in 1990.

The ski resort at Vradal Panorama was originally acquired by Vradal Skisenter AS (now VPS) in 1991. VPS was incorporated in May 1990. At the time of the acquisition by VPS, Vradal Panorama was a small resort comprising a 2-seat chairlift, an old café building and some ski slopes. A few kilometres from the ski resort there were two hotels providing accommodation for tourists.

Since 1991, Vradal Panorama has been developed into a modern ski resort, offering skiing for all abilities from beginners to experienced skiers. The opening of the world’s first 8-seat chairlift at Vradal Panorama in February 1998 was the first major step taken to develop Vradal Panorama into a major resort in the southern region of Norway.

VPE was incorporated in February 2000 as Vradal Eiendom AS to build and sell chalets and log cabins, as distinct from the operation of the resort, which is carried out by VPS.

In January 2007 the two companies were acquired by Maisha Plc by way of a reverse takeover and the Company's name was changed to Nordic Panorama Plc and was listed on the London Stock Exchange AIM.

The Company was subsequently delisted on 12 August 2008.

Vradal

Vradal is a small community situated in an area of natural beauty in southern Norway, approximately 200 kilometres from the Norwegian capital of Oslo. The combination of mountains and lakes attracts tourists all year-round. The opportunities for leisure activities in Vradal are numerous, with skiing, hiking, fishing, swimming, cycling, climbing, riding, hunting, camping and various water sports available.

Vradal Panorama is easily accessible from major cities and ports. The travelling time by road from Oslo and its suburbs is less than three hours. There are also good links from the ferry ports in Larvik, Kristiansand and Sandefjord. These ferry ports, as well as Torp Airport in Sandefjord allow access to tourists from overseas markets. In addition, several smaller Norwegian cities are situated less than two hours drive from Vradal. In the winter season (January to April) 2006 the municipality of Kviteseid, in which Vradal is one of the main tourist areas, attracted 7,797 overnight stays in rented cabins and camping sites, an increase of 112.6 per cent from 2005. Foreign guests accounted for 3,589 of these nights.