TK Development A/S publishes a prospectus today for a rights issue of 14,021,905 new shares of DKK 15 nominal value each at DKK 15 per new share

Not for release, publication or distribution in Australia, Canada, Japan or the
United States 

This announcement does not constitute an offer to sell or the solicitation of
an offer to buy the securities of TK Development A/S (the “Securities”) in
Australia, Canada, Japan or the United States or in any other jurisdiction. The
securities may not be offered or sold in the United States absent registration
or an exemption from the registration obligation under the U.S. Securities Act
of 1933, as amended. TK Development A/S has not registered and does not intend
to register the Securities or any portion thereof in the United States or in
any other jurisdiction outside Denmark and does not intend to make a public
offering of the Securities, whether directly or indirectly, in the United
States or any other jurisdiction outside Denmark. 




TK Development A/S publishes a prospectus today for a rights issue of
14,021,905 new shares of DKK 15 nominal value each at DKK 15 per new share 

Today, TK Development A/S (the ”Company”) publishes a prospectus relating to
the offer of 14,021,905 new shares with preemptive rights to the Company's
existing shareholders (the ”Offering”) pursuant to a resolution to increase the
Company's share capital adopted by the shareholders at the Company's
extraordinary general meeting held on 1 July 2010. Reference is made to the
prospectus in its entirety for a description of the Company and the Offering. 
	 
The new shares are offered to the Company's existing shareholders at the
subscription ratio of 1:2, meaning that one (1) preemptive right will be
granted for each existing share held, and two (2) preemptive rights will be
required to subscribe for one (1) new share against payment of the subscription
price of DKK 15 per new share. 
	
The Company expects to receive gross proceeds from the Offering of DKK 210.3
million, and net proceeds of approximately DKK 198.3 million after deduction of
estimated costs in connection with the Offering. 

Reasons for the Offering

Management reviews the capital structure of TK Development on a regular basis,
as well as the need for any adjustments. Management's overall aim is to provide
a capital structure that supports the Company's long-term growth, while at the
same time ensuring the best possible relation between equity and loan capital
and thus maximising the return for the shareholders. 

Management believes that the present cash flows and equity base of TK
Development will be sufficient to execute the projects currently in progress,
also without selling any of the completed projects. Moreover, it is expected
that the projects which have been fully financed, either by bank loans or by
forward funding, can be executed. In order to initiate the development and
construction of additional projects and thus exploit the project opportunities,
management assesses that a capital injection of about DKK 200 million will be
necessary and will provide an opportunity to increase shareholder returns.
These expectations are based on several specific projects for which the Company
would like to secure the rights at the current price level. Management expects
that this will help the Company gain faster access to projects with a higher
anticipated return than that offered by most of the existing ongoing projects
in the portfolio. The scope of additional projects initiated will, apart from
the capital injection, also depend on the future sale of completed projects,
general market conditions,etc. 

Advance commitments and underwriting

A group of existing shareholders has made advance commitments to TK
Development, subject to the satisfaction of certain conditions, to exercise
preemptive rights allocated on the basis of the existing shares held by each of
them to subscribe for a total of 3,870,676 new shares corresponding to total
gross proceeds of DKK 58.1 million. 

Furthermore, a number of investors have made underwriting commitments to the
Company, subject to the satisfaction of certain conditions, to subscribe, in
proportion to their underwriting commitments, for up to 10,152,884 new shares
at the subscription price which have not been subscribed for by the existing
shareholders pursuant to preemptive rights allocated or by investors pursuant
to preemptive rights acquired on expiry of the subscription period,
corresponding to total gross proceeds of DKK 152.3 million. 

Consequently, the company has received advance and underwriting commitments to
subscribe for at total of 14,023,560 new shares corresponding to more than the
total number of shares in the Offering. 


Terms and conditions of the offering

Offering and subscription ratio
The offering comprises 14,021,905 new shares of DKK 15 nominal value each,
which are offered with preemptive rights to existing shareholders. 

The new shares are offered with preemptive rights to the existing shareholders
of TK Development A/S at the ratio of 1:2, meaning that one (1) preemptive
right will be allocated for each existing share held, and that two (2)
preemptive rights will entitle the holder to subscribe for one (1) new share. 

Capital reduction
Subject to the completion of the Offering, the share capital will be reduced by
a nominal amount of DKK 140,219,050 by reducing the denomination of the shares
from DKK 20 nominal value to DKK 15 nominal value. The capital reduction will
take place concurrently with the registration of the capital increase related
to the Offering with the Danish Commerce and Companies Agency. The completion
of the Offering is subject to the final completion and registration of the
capital reduction. 

Trading in preemptive rights
The preemptive rights can be traded on NASDAQ OMX Copenhagen A/S from 9 August
2010 at 9.00 a.m. CET to 20 August 2010 at 5 p.m. CET. 

Holders of preemptive rights wishing to sell their preemptive rights should
instruct their custodian bank or other financial intermediary accordingly. 

Subscription price
The new shares are offered at DKK 15 per share with a nominal value of DKK 15.

Subscription period
The new shares may be subscribed for from 12 August 2010 at 9.00 a.m. CET to 25
August 2010 at 5 p.m. CET. 

Listing of the new shares
The new shares will, following registration with the Danish Commerce and
Companies Agency, be admitted to trading and official listing under the ISIN
code of the existing shares, which is expected to take place on 31 August 2010. 

Expected timetable
Last day of trading in existing shares cum preemptive rights:		
6 August 2010

First day of trading in existing shares ex preemptive rights:		
9 August 2010

Trading period for preemptive rights commences:		
9 August 2010 at 9.00 a.m. CET

Allocation time for preemptive rights: 		
11 August 2010 at 12.30 p.m. CET 

Subscription period for new shares commences:		
12 August 2010 at 9.00 a.m. CET

Trading period for preemptive rights closes: 		
20 August 2010 at 5 p.m. CET

Subscription period for new shares closes: 		
25 August 2010 at 5 p.m. CET

Completion of the capital reduction and the Offering: 		
The Offering will be completed only if and when the new shares subscribed for
are issued by the Company after registration of the capital increase and
simultaneous registration of the capital reduction with the Danish Commerce and
Companies Agency, expected to take place on 27 August 2010 

Announcement of the results of the Offering: 		
Expectedly two business days after the end of the subscription period, expected
to take place on 27 August 2010 

Date of admission of the new shares to trading and official listing under the
ISIN code of the existing shares:		
Expected to take place on 31 August 2010 


Lead Manager
Nordea Markets (Division of Nordea Bank Danmark A/S) is the Lead Manager in
connection with the Offering. 

Prospectus
Requests for copies of the prospectus containing detailed information about TK
Development and the complete terms and conditions of the Offering may be
addressed to: 

Nordea Bank Danmark A/S
Securities Operations / HH 7324
PO Box 850
0900 Copenhagen C
Denmark
Tel.: +45 33 33 50 92
Fax: +45 33 33 31 82
E-mail: prospekt.ca@nordea.com

The prospectus will also be available from the Company's offices in Aalborg and
can, subject to certain exceptions, including prohibition on access by persons
located in the United States, be downloaded from the Company's website:
http://www.tk-development.dk/. The contents of the website do not form part of
the prospectus. 


Any questions you may have to this announcement may be addressed to Frede
Clausen, President and CEO, on tel. +45 8896 1010. 

This announcement has been prepared in a Danish-language and an
English-language version. In the event of discrepancies, the Danish version
shall prevail. 


Forward-looking statements
This announcement contains certain forward-looking statements, including
statements concerning TK Development's business and the Offering. Such
forward-looking statements are based on information, assumptions and beliefs
deemed reasonable by the company. They may change or be changed due to
uncertainty relating to the economic, financial, competitive, regulatory and
marketing environment. In addition, the Company's business activities and its
ability to meet its goals may be adversely affected if one or more of the risks
that are set forth in the prospectus prepared by the Company for the Offering
should materialise, or if other risks, currently unforeseen or considered
insignificant, materialise. TK Development does not undertake to achieve the
objectives stated in the prospectus and does not give any assurance that it
will achieve the objectives set forth in the prospectus. Investors should
carefully consider each of the risk factors described in the prospectus before
making any investment decision.