OSLO, Norway, Nov. 9, 2022 /PRNewswire/ -- Saga Pure
ASA (Saga Pure) (OSE: SAGA) today announces the
intention to establish a new industrial investment company focused
on distressed assets, with the ambition of a separate listing on
Euronext Growth in the first quarter of 2023. The new company will
have NOK 500 million in equity in
form of cash.
Highlights
- Saga Pure ASA has since its inception in the fourth quarter of
2020 realized net gains of NOK 490
million, contributing to a cash position of NOK 780 million as per primo November 2022.
- The Board of Directors considers the company to be
overcapitalized and proposes to the extraordinary general meeting
(EGM) to establish a new investment company to invest in distressed
assets.
- The new company is expected to list on Euronext Growth in the
first quarter of 2023 and will have NOK 500
million in equity in form of cash.
- Saga Pure ASA will, in addition to its current investments,
retain NOK 280 million in cash as per
primo November 2022 and is well
capitalized. Saga Pure's strategy will remain unchanged.
Saga Pure has since its inception in the fourth quarter of 2020
realized net gains of NOK 490
million, contributing to a cash position of NOK 780 million as per primo November 2022. The Board of Directors considers
the company to be overcapitalized and proposes to the extraordinary
general meeting (EGM) to establish a new investment company. The
new company will invest in distressed assets and will be led by
Håkon R. Fure.
"Saga Pure has built a strong track-record of investing in green
technologies, leveraging on the competence of our Board and
investment team, access to deal flow, and capital discipline. We
have during the past year also seen increasingly volatile capital
markets, which we expect to continue, and see several investment
opportunities within distressed assets. To capitalize on these
opportunities, the Board of Directors has proposed to establish a
new investment company with a broader investment mandate," says
Bjørn Simonsen, Chief Executive Officer of Saga Pure.
The new company is expected to list on Euronext Growth in the
first quarter of 2023. The new company will have NOK 500 million in equity in form of cash from
Saga Pure. Following the demerger, Saga Pure will retain
NOK 280 million in cash, in addition
to its current key ownership positions in Heimdall Power, Horisont
Energi, Hyon and IC Technology. Saga Pure will remain well
capitalized and will continue to look for investments within green
technologies.
"The strategy of Saga Pure remains unchanged. We have a
portfolio of companies with great potential, a solid balance sheet
and will continue to develop current and future investments. The
demerger exemplifies our disciplined capital allocation, our focus
on return on equity and will provide our investors with access to a
broader investment universe," Simonsen concludes.
All shareholders in Saga Pure will pro rata receive shares in
the new company, which will be tradable following the listing on
Euronext Growth, expected in the first quarter of 2023. The
transaction is subject to approvals by the EGM of Saga Pure, to be
summoned in the near future.
The new company will be led by Håkon R. Fure. Fure brings
experience from DNB Markets Equity Research and Magni Partners, as
well as from the boards of Avida Finans, Mybank, Storebrand and
Yara International.
Saga Pure will host a company update on 10 November at
12:00 CET, where the above-mentioned
demerger will be outlined. The presentation of the financial
results for the third quarter 2022 and the Board of Directors'
report will be published on 10 November at 07:00 CET.
For additional information, please contact:
Bjørn Simonsen, CEO, +47 971 79 821
Espen Lundaas, CFO, +47 924 31 417
About Saga Pure | www.sagapure.com
Saga Pure ASA is an investment company focusing on opportunities
within renewable energy, hydrogen, circular economy and
CO2-reduction.
This information is considered to be inside information pursuant
to the EU Market Abuse Regulation and is subject to the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act. This stock exchange announcement was published by
Espen Lundaas, CFO, Saga Pure ASA, on 9
November 2022 at 12.40CET.
The following files are available for download:
https://mb.cision.com/Public/20232/3664201/b41b34529056ca4c.pdf
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