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In an exchange announcement on Thursday, the XXL businessman Øhusden Tidemandsen stated that he will sell up to 13 million shares of his stake in the company. This corresponds to 7.5 percent of all company shares. Tidemandsen is the largest shareholder in XXL through Dolphin Management, with a total participation of 19.63 percent as of Monday of this week.
The announcement of the stock exchange establishes that the sale will be made so that Øhus Tidemandsen and Dolphin Management can participate in the next issue of company shares and guarantee “general liquidity” to the seller for “commercial purposes”.
XXL ended the trading day with a decrease of 5.15 percent, at a price of NOK 10.32 per share. If Tidemandsen sells 13 million shares, it will receive around NOK 130 million at the current price.
Øindis Tidemandsen did not respond to DN’s questions on Thursday afternoon.
The next issue was announced in early April and involves a refinancing of NOK 1.45 billion and a share issue of NOK 400 million.
- The balance will now be strengthened by XXL, having refinanced with its existing banks for NOK 1.45 billion.
- New capital will also be raised through a guaranteed subscription rights issue of NOK 400 million at a price of NOK 5.00 per share.
Ferd joins us
The fact that the acquisition of capital is made as a matter of subscription rights means that each shareholder has the opportunity to subscribe for new shares corresponding to their current participation.
The Altor acquisition fund, Ferd de Johan H. Andresen and the Odin funds have agreed to underwrite their ownership interests.
Ferd has also guaranteed an extra-small stake, while XXL’s new boss Pål Wibe has guaranteed four million new shares. Altor has guaranteed the remainder of the share issue, but the fund is not required to guarantee more than 33.33 percent stake, it is claimed, as it will trigger an offer obligation.
Current quarterly figures
Wednesday of this week came the facet of the extensive XXL shell sale after a snowy winter.
The sports equipment chain increased revenue to NOK 2.2 billion in the quarter, but at the expense of profitability. Gross margin fell to 28 percent, down from 41 percent in the same period last year.
This produced a record first quarter profit of minus NOK 268 million before tax.
“In isolation, one cannot be satisfied with the negative results, but there are some underlying factors in the quarter that are positive, such as reduced inventories,” said Pål Wibe, who has been in office for 28 days as the new XXL manager. .(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We want you to share our cases using a link, which links directly to our pages. Copying or any other use of all or part of the content may only be made with written permission or as permitted by law. For more terms see here.
