Norconsult CEO Egil Hogna secures a profit of around NOK eight million.
Norconsult boss Egil Hogna has had a profitable journey of three years in the boss’s chair. Photo: Anders Park FramstadPublished:
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Norconsult CEO Egil Hogna has sold shares for around NOK 11 million in connection with Norconsult’s impending IPO. according to one stock exchange announcement Thursday.
With a cost price of less than a third, the CEO has a profit of around NOK 8 million from the sale.
The sale of around 580,000 shares constitutes 35 per cent of Hogna’s holdings before the IPO.
As announced
Norconsult is 100 per cent owned by the employees, who have committed in advance to sell off at least 25 per cent.
Several major shareholders have also announced that they want to sell up to 35 per cent.
Hogna has previously stated to E24 that he has been open to selling more.
– I will still be a significant shareholder in the company, Hogna said in September.
Seller
The management and a number of board members have sold 25-35 percent of their holdings, according to today’s announcement.
Norwegian CEO Bård Sverre Hernes, like Hogna, has sold 35 percent of the holdings.
With experience since 1986, Hernes is the only one in the group management with a larger shareholding than the CEO.
Hernes has sold shares for over NOK 13 million, it appears.
CFO Dag Fladby, who started at Norconsult two years ago, has sold shares for around NOK 1.7 million.
The sale of 90,000 shares constitutes 30 per cent of the CFO’s previous holding of 300,000 shares.
Buyer
Several in the management and on the board also have subscribed and were allocated shares in the share offer.
Both Hogna and Hernes have been awarded 52,631 shares for around NOK one million each, which they subscribed for.
That adjusts the reduction in their respective share holdings before the stock market listing to around 32 per cent.
Lowered the price
Last week, Norconsult announced that the shares put up for sale have been pre-subscribed and oversubscribed within the indicative price range between NOK 19 to 23 per share.
The oversubscription applied to the entire share offer, including the over-allotment option, which increases the offer from around 94 million to 109 million shares.
On Tuesday, the message was repeated, while the offer price was adjusted down to NOK 19 per share.
Sold for 1.8 billion
On Thursday morning, it became known that the subscription process has been completed, and that the employees have sold shares for around NOK 1.8 billion.
An over-allotment option for the sale of up to 15 million of the company’s own shares opens up a transaction value of NOK 2.1 billion in total.
A sale of a total of 109 million shares corresponds to around 37 per cent of the total outstanding shares.
Norconsult is expected to be listed on the Oslo Stock Exchange next Friday, 10 November.
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2023-11-09 11:00:55
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