Aktiv Kapital (OSE: AIK) announced on Friday that Geveran Trading Co. Ltd., which is controlled by John Fredriksen, had made two large agreements to purchase shares in the debt investment company at 30.00 NOK a share. In total those two purchases involved nearly 20 million shares and this will increase Geveran’s total ownership to 40,301,969 shares corresponding to 85.4% of the total share capital.
The purchases trigger an obligation to bid for all the remaining shares in accordance with the Norwegian Securities Trading Act. It states that an offer needs to be made without undue delay and no later than four weeks after the obligation was activated. Geveran intends to de-list the company which invests in and collects non-performing consumer loan portfolios.
The threshold for making a mandatory offer in Norway is 40% ownership. Until a purchase of 2.5 million shares was made last November, Geveran owned just below 40% of the company. It then made a mandatory offer at 24.50 NOK, which was also the acquisition price of those 2.5 million shares back then. It received only a handful of acceptances for that offer. The share closed at 32 NOK on Friday.
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