Introduction to Aker Horizons ASA's Proposal
Aker Horizons ASA has recently undergone significant strategic changes. Following the merger with Aker Horizons Holding AS and Aker HoldCo AS, the company has reached a pivotal juncture that involves a proposal for liquidation and delisting its shares from Euronext Oslo Børs.
Overview of the Company’s Current Status
As of the completion of the merger, Aker Horizons ASA has ceased operational activities and no longer maintains an investment portfolio. The company currently possesses roughly NOK 17 million in cash as well as a receivable of approximately NOK 1.6 billion tied to its subordinated convertible bond loan due in 2026. This bond, with a principal amount of NOK 1.5 billion, is anticipated to be settled fully at maturity.
Financial Position After Settlement
Upon settling the outstanding bond, Aker Horizons ASA will face a transformation into an effectively empty entity, posing significant questions about its future direction. The Board of Directors has determined that no viable operational alternatives exist that might allow the company to continue. Any new ventures would demand considerable equity funding, which is not feasible under current circumstances.
Liquidation Proposal
The Board of Directors conducted a thorough analysis and has proposed that the company should enter liquidation. Alongside this recommendation, there will be a request for share delisting from Euronext Oslo Børs. This proposal will be clarified and put forward at an extraordinary general meeting.
Expected Assets Available for Distribution
It is projected that the remaining assets available for distribution as a liquidation dividend will range between NOK 4 to 6 million. However, this estimate will depend on the final accounting, as well as the settlement of existing liabilities and expenses related to both the liquidation and delisting processes. As such, the final amounts and their timing are still uncertain.
Next Steps
A separate notice will be issued shortly to convene an extraordinary general meeting where details regarding the liquidation and delisting proposals will be discussed in-depth.
Communication with Stakeholders
For any inquiries or further information, stakeholders can reach out to the designated contact: Mats Ektvedt, who is available at the phone number +47 41 42 33 28.
Conclusion
The developments at Aker Horizons ASA present a notable chapter in its journey. The decision to liquidate and delist its shares reflects broader strategic evaluations and the effects of its recent merger. Keeping interested parties informed will be crucial as the company navigates this transition.
Frequently Asked Questions
What is the current status of Aker Horizons ASA?
Aker Horizons ASA has proposed liquidation and delisting, following the completion of its recent merger, leaving it without operational activities or an investment portfolio.
What is the estimated cash situation?
The company holds approximately NOK 17 million in cash, plus a receivable of around NOK 1.6 billion related to a convertible bond loan, expected to be settled soon.
How much is expected to be distributed as liquidation dividends?
Liquidation dividends are estimated to be between NOK 4 to 6 million, subject to liabilities and liquidation expenses.
When will the extraordinary general meeting take place?
A notice will be announced shortly regarding the scheduling of the extraordinary general meeting to discuss liquidation and delisting proposals.
Who can be contacted for more information?
Mats Ektvedt is the contact person for media inquiries at +47 41 42 33 28.
