The share sale fetched NKr666.2m
(US$76.6m) for BKK, which has nearly
halved its stake in Fjordkraft to 15.25% from
30.2%.
Final pricing came at NKr42.50 per share,
representing a 6.3% discount to Monday’s
close of NKr45.35.
Shares plummeted last Tuesday following
THEûSELL
DOWNû!FTERûOPENINGûmATûTOûPRICING û
the share price fell 9.3% to a close of
NKr41.15. It dropped further throughout the
week, and was hovering around NKr39.90 by
midday on Friday.
BKK is locked up for 90 days following the
sale.
)TûISûTHEûlRSTûTIMEû"++ûHASûSOLDûSHARESû
SINCEûITûmOATEDû&JORDKRAFTûALONGSIDEûOTHERû
major shareholder Skagerak Energi in
March 2018.
Skagerak halved its stake at the end of
March at NKr35.70 per share, 19% lower
than the price BKK achieved.
SHAREHOLDERS CUT STAKES IN NELPricing for Monday night’s sell-down in
Norway’s NEL, a hydrogen-focused
renewable energy business, came at a 10%
discount to the NKr8.30 close.
The sale of an aggregate 130m shares
from shareholders F9 Investments and H2
Holding was priced at NKr7.47 for a total
deal size of NKr844m (US$97m) and
representing 9.31% of Nel’s share capital.
F9 Investments is owned by Tom Sullivan,
founder of Proton Onsite, which was
acquired by Nel in 2017 and sold 70m
shares. F9 retains 3m shares post-money, or
0.25%, subject to a December 4 lock-up.
H2 Holding sold 43m shares, cutting its
position from 86.49m shares, or 7.12% of the
share capital, and leaving it with a 3.58%
stake, also locked up until December 4.
H2 Holding is owned by Jacob
Krogsgaard, Mikael Sloth, Thomas
Luckman and Jesper Boisen, the four
founders of H2 Logic, which Nel acquired
in 2015. Post-money, they will demerge H2
Holdings into four separate companies
held by each of the founders.
H2 Holdings’ proceeds will be used to
lNANCEûUPCOMINGûTAXûPAYMENTS ûWITHû
Krogsgaard also using proceeds to invest in
Everfuel, a joint venture with Ballard Power
Systems, Hexagon Composites, Wrightbus,
Ryse Hydrogen and Everfuel Europe to
implement commercial fuel cell electric
buses throughout Europe.
Following a limited wall-cross, books
were covered inside half an hour.
Nel shares fell sharply on Tuesday,
opening at NKr7.39 and falling further to
close more than 15% down at NKr7.05.
Arctic Securities and Carnegie were
bookrunners.
NORWEGIAN STATE CUTS ENTRA STAKEThe Norwegian state sold 11% of real estate
company ENTRA last Tuesday evening in an
ABB, raising NKr2.5bn (US$288.3m).
A total of 20.3m shares were placed with
investors at NKr123.50 each, representing a
4.26% discount to Tuesday’s close of NKr129.
The seller was the Ministry of Trade,
Industry and Fisheries, with its stake in
Entra cut to 22.1%, from 33.4%. It is locked
up for 90 days on its remaining holding.
A wall-cross that took place beforehand
meant the deal was covered on indications
at launch. The sale corresponded to around
100 days’ trading volume.
!ûBOOKûOFûûLINESûCONTAINEDûSIGNIlCANTû
demand from all relevant locations, a
banker on the deal said, including from the
Nordic region, the UK, Continental Europe
and the US.
Previously wholly state-owned, Entra was
mOATEDûBYûTHEûGOVERNMENTûINûûINûANû)0/û
that raised NKr5.23bn in secondary and
primary proceeds.
The government has cut its stake once
before since the IPO, selling 16.33% in an
ABB in September 2016.
Entra’s share price has performed well
since it debuted on the Oslo stock exchange.
From IPO pricing of NKr65, the state’s 2016
sell-down was priced at NKr83, while last
week’s deal was priced nearly 50% higher.
ABG Sundal Collier, Carnegie and UBS were
bookrunners on Tuesday’s deal.RUSSIA
TCS GROUP LAUNCHES US$300m PLACINGLondon-listed consumer credit business TCS
GROUP has launched a US$300m follow-on to
seize growth opportunities and maintain
capital buffers as its loan business booms.
Up to 18.3m GDRs will be offered,
representing up to 10% of the company’s
share capital.
A banker on the deal said the placing was
not a complete surprise, and that recent
growth had spurred reverse enquiry from
new investors and existing shareholders.
The capital raise will bolster TCS’s capital
position amid rapid growth in its net loan
portfolio, which grew by 21% in Q1 2019.
The company upgraded its loan growth
guidance for 2019 to at least 60%, after
previously saying it would be over 40%.
More than half of the growth originates
from TCS’s new credit business lines of
personal loans, POS loans, car loans and
home equity loans.
Despite the positive backdrop behind the
placing, shares fell following the
announcement, and were trading 4.9% downaround US$17.96 each by 3:30pm on
Tuesday.
A roadshow will take place on June 12-21
in London and New York. The deal is
contingent on a shareholder vote at an EGM
planned for June 27, the record date for
which is June 25. Dates for bookbuilding are
still to be decided.
It is a non-pre-emptive placing but the
company said it would try to prioritise
institutional and certain existing qualifying
shareholders in allocations.
Morgan Stanley, Renaissance Capital and UBS
are bookrunners on the placing.
TCS was founded by Russian entrepreneur
Oleg Tinkov in 2006 and listed GDRs on the
LSE in 2013. The group’s key business is
Tinkoff Bank, along with its mobile,
insurance and software businesses.SWEDEN
JOHN MATTSON SHARES UP MORE THAN
11% ON DEBUTShares in Swedish residential property
owner JOHN MATTSON closed up more than
13% at SKr102 on Wednesday morning after
a strong open.
The stock debuted up more than 11% at
SKr100 on Wednesday morning, and just
under 2m shares changed hands,
representing about 14% of the shares on
offer in the IPO.
The shares closed at SKr102 again on
Thursday and opened on Friday at SKr103.
0RICINGûHADûBEENûlXEDûATû3+RûFORûTHEû
3+RBNû53M û3TOCKHOLMûmOAT ûANDû
the deal was covered after one day of
bookbuilding, which wrapped up a day
earlier than expected on Monday.
The deal was all-secondary, including a
15% greenshoe, with selling coming from
Kerstin Skarne, the daughter of company
FOUNDERû*OHNû-ATTSONû4HEûFREE
mOATûISû
Cornerstone commitments for 69.7% of
the base deal size came from investors
including Sweden’s national pension fund,
Carnegie, Prior & Nilsson, Fidelity, and
Tagehus.
Carnegie and Svenska Handelsbanken were
bookrunners.NORDIC CAPITAL EXITS RESURSNordic Capital made a clean exit from
consumer credit group RESURS last Tuesday
evening, placing SKr1.07bn (US$113.7m) of
shares with investors.
Final pricing came at SKr54 per share, a
3.2% discount to last Tuesday’s SKr55.80 close.
A total of 19.9m shares were sold,
representing around 9.9% of the share
capital.EQUITIES EMEA