AKVA Group’s (OSE: AKVA) right issue ended up being oversubscribed eventhough nearly 25% of the subscription rights expired unused and unsold due to market price staying above subscription price. Oversubscribing more than made up for it. Recent heavy insider buying directly from the market might have tipped you that something was up.
Alas Board member Frode Teigen’s and his controlled companies’ total shareholding exceeded the mandatory offer threshold after the rights issue. The mandatory offer of 11 NOK per share came in promptly.
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