Ferd’s Funding Firm Sells 22 Million Shares in Elopak for NOK 740 Million – Improve in Free Move of Shares in Elopak and Portfolio Allocation Technique

Ferd, Johan H. Andresen’s funding firm, mentioned in a message that it bought 22 million shares at a value of NOK 33.50 on Tuesday night.

In whole, this offers NOK 740 million for the share, which is 8.2 % of the corporate, which Ferd himself helped begin 67 years in the past.

Ferd engaged Arctic Securities and SEB to research the opportunity of promoting about 20 million shares in Elopak, however then elevated the variety of shares by 2 million after the corporate made its first public announcement after inventory trade closing time at the moment.

Within the transaction, Ferd has given a reduction of NOK 2.95 per share in comparison with the closing value on Tuesday, when Elopak’s share was final given at NOK 36.45.

The aim of the sale is to extend the free move of shares in Elopak, it’s mentioned. For Ferd, it is also about portfolio allocation.

Nonetheless important proprietor after sale

“Elopak has robust operational and business outcomes, supported by profitable strategic execution and its strengthened place. I’m very blissful to see that the corporate is forward of schedule with the targets introduced on the IPO in June 2021,” commented CEO Ferd Morten Borge.

Elopak was listed on the inventory trade at a value of NOK 28. On Tuesday, the share ended at NOK 36.45. It was additionally traded with out NOK 1.46 shares.

If about 22 million shares are bought, Ferd will nonetheless be left with about 51.8 % possession in Elopak. With that, the free variety of Elopak shares will rise to 43.2 %.

Ferd can even interact in a 90-day lock-in assure for remaining stock.