John Fredriksen’s Archer crashes after being issued at a huge discount

John Fredriksen’s Archer crashes after being issued at a huge discount

The main Oslo Poor’s index fell 0.8 percent on Tuesday, after ending the week’s first trading day barely in the red.

The price of oil (burn spot) on Tuesday was around 85.3 US dollars per barrel, up more than five percent so far this year.

Just before the stock exchange opened on Tuesday, shipping company Solstad Offshore announced that it had entered into an agreement to sell its entire PSV fleet, which consists of 37 supply vessels, for $577 million. This corresponds to approximately NOK six billion.

The stock fell 16.3 percent on Tuesday.

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The past few weeks have featured several private placements, including from Hexagon Purus, Zaptec, Edda Wind Nordic Mining, and Komplet Bank.

The latest was hydrogen company Nel, which announced on Tuesday evening that it had completed a NOK 1.6 billion issuance at NOK 14.9. This corresponds to a discount of just under nine percent from Monday’s closing price of NOK 16.4.

The share eventually fell to 8.6 percent.

On publicizing the issue, Neil wrote that the money would be used to fund further growth as well as general company purposes. He also stated that Neil will continue to invest to expand the business. This includes, among other things, the expansion of production capacity at the Herøya and Wallingford facilities in the US, which has already been reported.

However, it is also open to further expansion of Herøya with a capacity of 2 gigawatts, or to start building a new “giga plant” in the US.

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Neil lost NOK 731 million before tax in the fourth quarter, of which NOK 327 million was related to a reduction in the “refueling” segment.

Frederiksen was involved in the Archer share case

Before Neil made its announcement on Monday, it became clear that the oil service company Archer would also raise new capital in connection with its refinancing agreement with creditors.

It turned out, on Tuesday evening, that the company had received $100 million, about a billion kroner, in a private placement. John Fredriksen acquired the shares for $25 million, the pre-subscription also indicated.

This means Hemen Holding now owns just over 23 percent of Archer.

The private placement was made at a one NOK subscription price, a significant discount from Monday’s closing price of five NOK.

On Tuesday, the stock fell 68 percent.

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Dalila Awolowo

Dalila Awolowo

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