Arctic acted as Manager in relation to the NOK 220 million Private Placement in Nel ASA

The Private Placement took place through an accelerated bookbuilding process managed by Arctic Securities and Carnegie after close of markets on 27 September 2017. The Company successfully raised NOK 220 million in gross proceeds through a private placement of 88,000,000 new shares at a price per share of NOK 2.50.

Transaction details:

  • Successful placement of 88,000,000 new shares at NOK 2.50 per share raising gross proceeds of NOK ~220 million
  • The deal was significantly oversubscribed
  • Transaction placed at 12.3% discount to last close and 7.2% to VWAP last 10 days
  • Notification of allotment will be sent to the subscribers on or about 28 September 2017
  • New Shares will be issued based on a Board authorisation granted by the Company's annual general meeting
  • The Private Placement will be settled with existing and unencumbered shares in the Company pursuant to a share lending agreement with key shareholders. The shares will thus be tradable as of 28 September 2018 (regular DVP+2)
  • The board has resolved to undertake a subsequent offering of 10 million shares towards existing shareholders not participating in the issue

Link to relevant stock exchange announcements:

 

 

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