The issue comes after the Saga Tankers share rose just over 67 percent on Tuesday, at a closing price of NOK 1.42. The company is priced at NOK 377.9 million on the Oslo Stock Exchange Oslo Axess.
The report states that Spetalen, which is the largest owner in Saga Tankers through Tycoon Industrier, has committed to subscribe for shares for around NOK 15 million. He will be allotted these shares, the company writes in a statement on Tuesday night.
The company confirmed on Tuesday night that it has completed a share issue of NOK 70 million. The issue was “substantially” oversubscribed, according to the report.
Spetalen subscribed in advance for 15 million shares in the issue. A stock exchange announcement on Tuesday night states that Spetalen bought just over 11.5 million shares in the company in the issue.
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Does not exclude repair issue
The money from the issue will be used to strengthen the company’s working capital and for general company purposes, it is stated.
The brokerage house Fearnley Securities was hired as a facilitator.
«The board is of the opinion that the share issue is in the best interests of the company and the shareholders. The board has, among other things, taken into account that the issue will provide the necessary liquidity and increase capital faster than with a preferential issue “, the company wrote in the announcement on Tuesday afternoon.
Name change and new boss
On Monday night, Saga Tankers announced that the company is launching a new strategy for renewable energy where Bjørn Simonsen has been hired as the new CEO. At the same time, they want to change their name to Saga Pure.
The market liked the announcement, and sent the stock up at the stock exchange opening on Tuesday morning. The share rose immediately by 120 percent at the opening of the stock exchange.
Prior to the issue, Spetalen had a shareholding corresponding to 64.9 per cent of the company with 172.8 million shares. Spetalen now has around 184.5 million shares in the company, but he allows himself to be diluted somewhat in the issue. The company has not ruled out a repair issue, in order to limit the dilution effect of the private placement.
Saga Tankers is the owner of a number of Norwegian, listed companies. When the name change was completed on Monday night, it was also revealed that the new company will sell Saga’s 55 percent stake in the indoor hall Vallhall in Oslo to Spetalens Tycoon Industrier for NOK 120 million.
In addition, the company will sell its 18.4 per cent shareholding in Standard Drilling to the 30 largest shareholders in Saga. They will also sell shares in other investments worth around NOK 32 million. New Saga Pure retains ownership of Vistin Pharma.
– Over time, we have seen that there is a lot of exciting Saga can do in this field. We are now changing the strategy in Saga to work towards it and become a renewable investment company, said chairman of the board of Saga Martin Nes to DN.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other form of use of all or part of the content, can only take place with written permission or as permitted by law. For additional terms look here.
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