September 26, 2022

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Ice Group trading halted - E24

Ice Group trading halted – E24

The shares of the telecom company have been suspended from trading under notification. The suspension of trading comes two days after the company submitted quarterly figures and announced the continuation of the restructuring process.

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The case is updated…

The trading halt was announced 13 minutes before the start of trading on the Oslo Stock Exchange at 09:00.

Recently, on Wednesday, Ice Group presented its fourth-quarter results. Then it was confirmed that the refinancing process that was announced before the New Year was still in progress.

It was also emphasized that due to the short-term need for liquidity, it is crucial to enter into definitive agreements within a short period of time.

It is not yet known whether the message that the market is now waiting for is related to the restructuring process.

Back in November, it became known that the company would raise 2.5 billion NOK to resolve the dispute with the Goldentree fund, and investment opportunities such as the 5G rollout.

But on December 16, Ice Group put the original restructuring plan into the drawer. Then she was in talks about alternative payment solutions for Goldentree.

In connection with the quarterly report on Wednesday, the Board of Directors and management received and evaluated offers and proposals for several transaction structures from various investor groups.

The company then stated that it is confident of a solution in which the credit values ​​are preserved, but the offers received indicate that there are risks to the share price.

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After the quarterly presentation, the stock price fell more than 20 percent. The slowdown continued on Thursday, down 5.8 percent.

“The time, structure and size of any financing or capital transaction are unclear, and no agreement has been entered into,” the company wrote in the quarterly report.