The board of listed firm Norwegian Property has proposed to offer 50 million new shares to enable shareholders who were not invited to take part in an earlier announced private placement to maintain their relative shareholding in the company.
The board of listed firm Norwegian Property has proposed to offer 50 million new shares to enable shareholders who were not invited to take part in an earlier announced private placement to maintain their relative shareholding in the company.
The new 'repair' offering will increase the company's equity by up to NOK 300 mln (EUR 33.7 mln).
The subscription price will be the same as in the private placement, NOK 6 per share. The subscription price was determined through a book-building process conducted by Arctic Securities, Pareto Securities and Pareto Private Equity as managers for the private placement.
The 'repair' offering is expected to start around mid-August and run for 10 days. The board will put the proposal for the private placement to a shareholders' meeting on 24 June. The operation will involve the placement of almost 202 million new shares to raise NOK 1.2 bn (EUR 135 mln).
Since listing on Oslo Stock Exchange on 15 November 2006, Norwegian Property has built up a portfolio of commercial property valued at more than EUR 3 bn. The company also owns Norgani Hotels, the largest hotel owner in the Nordic market with 73 hotels.
