Vow ASA Confirms Settlement and Loan Repayment
Vow ASA (OSE: VOW) is thrilled to announce that it has successfully received settlement for the sale of its shares in Vow Green Metals AS (VGM). In addition to this, the company has fully repaid the convertible loan associated with VGM.
Key Details of the Transaction
The announcement comes following a previous stock exchange notice regarding Vow's decision to accept an offer from Midas Industri AS, also known as HitecVision, to purchase all shares held in VGM. As a result, Vow has obtained net proceeds amounting to NOK 35.1 million from this transaction. This sum corresponds to the offering price of NOK 0.70 per share for the 50,173,890 shares Vow owned in VGM at the time the offer was made.
Financial Implications and Uses of Proceeds
The funds received have been allocated to make an additional payment on the term loan with DnB, signifying a strategic move by Vow to enhance its financial standing. Further, the previously issued convertible loan of NOK 22.5 million, which was established to cover costs linked to VGM's jurisdictional changes with Obligo, has now been settled in full. It is important to note that this loan to VGM was financed through a corresponding loan from DNB, which has also been cleared.
CEO's Insights on the Acquisition
In commenting on these developments, Gunnar Pedersen, CEO of Vow, expressed his congratulations to HitecVision on their acquisition of VGM. He emphasized that VGM continues to be a valued customer for Vow, and he anticipates ongoing collaborative efforts between the two entities.
About Vow and Its Mission
Vow ASA operates with a clear vision to prevent pollution through innovative solutions. The company, alongside its subsidiaries like Scanship, C.H. Evensen, and Etia, is dedicated to transforming biomass and waste into valuable resources that contribute to clean energy production across multiple industries.
Technological Innovations in Waste Management
By utilizing advanced technologies, Vow's solutions facilitate industry decarbonization and material recovery. Various waste types, such as sewage sludge, biomass, plastic waste, and expired tires, can be processed into low carbon fuels and renewable energy sources. This approach presents a sustainable alternative to conventional fossil fuels, underscoring Vow's commitment to environmental stewardship and efficient resource management.
Positioning in the Industry
Vow has established itself as a leader in the cruise sector for wastewater treatment and waste valorization. This dynamic allows industries to transition towards a more sustainable, fossil-free future, emphasizing the conversion of waste into practical resources and clean energy. In addition to this primary focus, Vow holds strong positions in specialized areas such as food safety, robotics, and industries with heavy heat demands that require significant carbon reduction efforts.
Contact Information for Further Inquiries
For more information regarding Vow ASA, please reach out:
Gunnar Pedersen, CEO, Vow ASA
Tel: +47 916 30 304
Email: gunnar.pedersen@vowasa.com
Cecilie Brænd Hekneby, CFO, Vow ASA
Tel: +47 992 93 826
Email: cecilie.hekneby@vowasa.com
Frequently Asked Questions
What recent transaction did Vow ASA complete?
Vow ASA completed a settlement for the sale of its shares in Vow Green Metals AS and repaid its convertible loan.
How much did Vow receive from the sale of shares?
Vow received net proceeds of NOK 35.1 million from the sale of its shares in Vows Green Metals AS.
Who is Vow ASA collaborating with for this transaction?
Vow ASA is collaborating with Midas Industri AS, also known as HitecVision, regarding the sale of shares.
What is Vow's focus in its operations?
Vow focuses on converting biomass and waste into valuable resources and clean energy while striving to prevent pollution.
How can I contact Vow ASA for additional information?
You can contact CEO Gunnar Pedersen or CFO Cecilie Brænd Hekneby via the provided telephone numbers and email addresses.
