November 28, 2022

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He will bet on troubled companies - E24

He will bet on troubled companies – E24

Øystein Stray Spetalens Saga Pure will start a new investment company with NOK 500 million in cash. The plan is to separate and incorporate the new company.

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The new investment company will focus on distressed companies (so-called “Troubled assetsThey can be securities issued by companies close to – or are currently bankrupt. It could be stocks, debts, etc. ») according to one message.

The ambition is to have a separate listing on Euronext Growth during the first quarter of 2023.

The new company will receive 500 million NOK in cash.

The investment company will originate from Saga Pure, the green investment company of which Øystein Stray Spetalen is the largest shareholder.

Bjørn Simonsen, CEO of Saga Pure, says that over the past year they have seen increased volatility in the markets, and they expect it to continue.

– We see more investment opportunities within “Non-performing Assets”. In order to take advantage of these opportunities, the board of directors proposed creating a new investment firm with a broader investment mandate, Simonsen says.

The new company will be led by Håkon R. Fure, former head of specialist bank Mybank.

stock is rising

Saga Pure’s stake in Oslo Poor’s rose after the company announced the proposal to start the new investment firm.

The share price rose 11.4 percent to 2.15 Norwegian kroner. Trading in the stock in Oslo Bors has been temporarily suspended pending the announcement of the new investment company.

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The rate is still down 36 percent so far this year, according to numbers from Infront.

Since its inception in the last quarter of 2020, Saga Pure has generated a net profit of NOK 490 million. It has 780 million NOK in cash as of early November 2022.

Following the dissolution of the new company, Saga Pure will keep 280 million NOK in cash.

It will also retain ownership of Heimdall Power, Horisont Energi, Hyon and IC Technology.

shop owner profile

The board considers Saga Pure to be overcapitalised, according to the report.

The Council will now put the proposal to the plenary meeting. Then it is up to the general meeting to make the final decision. At the moment, we have no comments other than what appears in the exchange’s announcement,” Simonsen wrote in an SMS to E24.

The Saga Pure strategy will remain unchanged.

Prominent investor Øystein Stray Spetalen sits on the board. He is the largest shareholder in Saga Pure with 36.02 percent of the stock privately. His investment firm Tycoon Industrier owns 5.95 percent.

E24 has been in contact with Spetalen, but does not want to comment on the news.