Grenland Group Share Issue Successful

Grenland Group ASA has fulfilled a private placement as a preparation for the stock-exchange listing on Oslo BÝrs. The transaction was more than 60% oversubscribed from the highest volume.

The company has decided to set the share price at NOK 18 per share, which values the equity of Grenland Group at NOK 389 million prior to the share issue of NOK 70 million. Value of Grenland Group post share issue will be NOK 459 million.

The total transaction is approximately NOK 202 million, of which NOK 70 million represents the share issue, and the rest will be secondary sale of shares. The secondary sale will mainly be done by Hitec Industries. Grenland Offshore Holding is not participating in the secondary sale of shares.

Retail sale of shares and stock-exchange listing

Grenland Group will now carry out retail sale of shares with a minimum subscription of NOK 9000 per subscription. At the same time, a smaller share issue for the company's own employees will take place. Both transactions will be executed at a share price of NOK 18 per share, but the employees will benefit from a discount of NOK 1500 each, on their subscriptions.

The application period for the retail tranche and the employee share issue is scheduled from and including November 24th to and including December 1, 2005. The company anticipates that the first day of trading on the Oslo Stock Exchange will be December 12, 2005.

Pareto Securities ASA and Pareto Private Equity ASA are managers for the initial public offering.


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