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The seismic company Axxis Geo Solutions, with the Sævik Havila family as the main owner, has recently had the knife to its throat. Last week, the company filed for bankruptcy.
The next day he requested reconstruction. Now a group of investors, with Arne Fredly (Apollo Asset Limited), Edvin Austbø (Alden as), Fredrik Sneve (F2 funds as), Kristian Lundkvist (Middelborg as) and Ketil Skorstad (Tigerstaden as) will save and take over the company. .
Axxis stock soared directly into the news and was up 75 percent for a time. The sharp rise automatically triggered a stock market crash.
Before today’s announcement, Axxis had a market capitalization of just over NOK 20 million.
DN has been in contact with Austbø, Skorstad and Fredly, but has not received any comments so far.
You can turn debt into stocks
The announcement on the stock exchange indicates that an offer has been made to creditors to receive a sum corresponding to 15 per cent of the outstanding debt, or to convert the debt into shares at a price of NOK 0.5.
Havila Holding, the parent company of the Sævik family, is the largest owner of Axxis Geo Solutions. Pictured is Per Sævik. (Photo: Per Ståle Bugjerde)
If the creditors accept the proposal, the investors are willing to inject $ 15 million in new shares through a share issue at a price of NOK 0.1 per share.
This corresponds to approximately NOK 127 million at the current exchange rate. Current shareholders will also have the opportunity to participate in the share issue, it is stated. Yes Fredly and company. If its plan is implemented, the investment group will significantly dilute existing shareholders. In that case, more than a billion new shares of the company will be printed, in addition to the debt that will be converted into shares. It is not known what plans the investment group has for the company.
Most have accepted the offer
So far, the proposal has been well received by creditors and most of them have already accepted it. Axxis writes that it is working “intensively” with the remaining creditors to clarify whether they want to accept the proposal.
Axxis is also said to have received confirmation from Asker and the Bærum District Court that a court hearing regarding the bankruptcy petition scheduled for Friday was postponed by agreement with the creditors. If the remaining creditors do not accept the offer, Axxis will likely request the reorganization.
DN has been in contact with CEO Ronny Bøhn at Axxis. You do not want to comment on the matter.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content may only be done with written permission or as permitted by law. For more terms, see here.
