company news

Andfjord Salmon has been awarded NOK 14 million in a grant from Innovation Norway

Company news

2019-12-06 15:44:50

Andfjord Salmon has been awarded NOK 14 million in a grant from Innovation Norway. "This is verification that we are creating innovation and sustainable innovation in the industry," says Helge Krøgenes, director of finance and business development at Andfjord Salmon.

The company has developed its own patent pending technology for land-based farming. The technology means that the salmon cannot escape or be exposed to either salmon lice or dangerous algae.

¨The project represents new technology and a new way of seeing aquaculture and natural conditions in context, ¨says specialist adviser Bjørn Kymre at Innovation Norway, Nordland.

The plant is under construction at Kvalnes on Andøya in Vesterålen, and the fish will swim in the tanks as early as June 2020.

“A number of development projects are being carried out in the aquaculture industry. Most are aimed at new solutions for aquaculture, but we also support solutions for onshore production. Innovation Norway wants to contribute to the testing of different solutions that can contribute to development and sustainability in the Norwegian aquaculture industry and the Norwegian supplier industry, ”says Kymre.

“Andfjord Salmon's vision is to write aquaculture history. Now that we are receiving considerable support from Innovation Norway, we get verified that we are on the right track. We are about to create something truly unique that has the good answers to complex challenges, "says acting chairman Roy Bernt Pettersen.

"Our production method is also less expensive than other onshore plants, and we will by far be self-sufficient with energy through solar cells and wind power," says Krøgenes.

Andfjord Salmon currently has a license of 10,000 tonnes of salmon. This award from Innovation Norway is valid for the first phase, which is a pool of 1,000 tonnes. The company has also secured areas with a total potential production volume of 70,000 tonnes of salmon.

Contact:

Helge Krøgenes, dir. for financing and business development, mobile: 930 96 109, helge@andfjord.no

Roy Bernt Pettersen, working chairman, mobile 472 79 764, roy@andfjord.no

https://www.andfjordsalmon.com/  

Andfjord Salmon er tildelt 14 millioner kroner i støtte fra Innovasjon Norge

Company news

2019-12-06 15:33:40

Andfjord Salmon får støtte fra Innovasjon Norge

Andfjord Salmon er tildelt 14 millioner kroner i støtte fra Innovasjon Norge. «Dette er et svært gledelig bevis på at vi skaper bærekraftig innovasjon i bransjen», sier Helge Krøgenes, direktør for finansiering og forretningsutvikling i Andfjord Salmon.

Selskapet har utviklet en egen teknologi for landbasert oppdrett. Teknologien gjør at laksen ikke kan rømme eller utsettes for verken lakselus eller farlige alger. Vannet skal hentes helt nede på 160 meters dyp i Andfjorden.

«Potensialet i Andfjord-prosjektet vurderes som stort. Prosjektet representerer ny teknologi og en ny måte å se oppdrett og naturlige forutsetninger i sammenheng», sier spesialrådgiver Bjørn Kymre ved Innovasjon Norge, Nordland.

Anlegget er under bygging på Kvalnes på Andøya i Vesterålen, og fisken skal svømme i tankene allerede i juni 2020.

«Det gjennomføres en rekke utviklingsprosjekter i havbruksnæringa. De fleste er rettet mot nye løsninger for oppdrett i havet, men vi støtter også løsninger for landbasert produksjon. Innovasjon Norge ønsker å bidra til uttesting av ulike løsninger som kan bidra til utvikling og bærekraft i norsk havbruksnæring og norsk leverandørindustri», sier Kymre.

«Andfjord Salmon har som visjon å skrive havbrukshistorie. Det at vi nå får betydelig støtte av Innovasjon Norge, ser vi som dokumentasjon på at vi er på riktig spor. Vi er i ferd å skape noe helt unikt, som har de gode svarene på kompliserte utfordringer», sier arbeidende styreleder Roy Bernt
Pettersen.

«Vår produksjonsmetode er også mindre kostbar enn andre landbaserte anlegg, og vi vil langt på vei være selvforsynte med energi gjennom solceller og vindkraft», forteller Krøgenes.

Andfjord Salmon har i dag en konsesjon på 10.000 tonn laks. Denne tildelingen fra Innovasjon Norge gjelder for første fase, som er et basseng på 1.000 tonn. Selskapet har videre sikret seg arealer med et totalt potensial for produksjon av 70.000 tonn laks.

Kontakt:

Helge Krøgenes, dir. for finansiering og forretningsutvikling, mobil: 930 96 109, helge@andfjord.no

Roy Bernt Pettersen, arbeidende styreleder, mobil 472 79 764, roy@andfjord.no

http://www.andfjordsalmon.com  

Navig8 Chemical Tankers Inc (N-OTC: “CHEMS”) - 2019 Annual General Meeting

Company news

2019-12-06 13:35:16

The Annual General Meeting (the "Meeting") of the shareholders of Navig8 Chemical Tankers Inc (the "Company") was held at 6th Floor, The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ, UK on 6 December 2019.

During the Meeting the following resolutions were passed:

1. To elect Mr. Thomas Jaggers, Mr. Jens Gronning, Mr. Andreas Kramer, Mr. Guillaume Bayol and Mr. Santiago Busch as directors to serve on the board of the Company until the next Annual General Meeting.

2. To reappoint PricewaterhouseCoopers as independent auditors of the Company.

London, 6 December, 2019

   

Financial Calendar 2020

Company news

2019-12-06 11:07:56

  Financial Calendar 2020.pdf

Endring av aksje: Avida Holding AB (AVIDA)

Corporate actions

2019-12-06 10:04:29

Det er foretatt endringer i Avida Holding AB (ISIN:SE0009806219, ticker AVIDA). Aksjebeholdningen er øket fra 57 470 300 til 59 970 300. Emisjonsverdien er redusert fra 2 155 136 250 til 1 799 109 000.

   

ETMAN, Q3-2019

Company news

2019-12-06 08:24:23

  Q3 2019 NOR.pdf

KRAB - Meldepliktig handel i Kraft Bank ASA

Company news

2019-12-05 11:10:25

BFBK Finans AS kjøpte 05.12.2019 100.000 aksjer i Kraft Bank ASA til kurs 9,90. Ny beholdning etter kjøp er 3.825.923, tilsvarende 9,1 % av utestående aksjer.

BFBK Finans AS kontrolleres av Bjørn Maaseide som er styremedlem i Kraft Bank ASA.

Denne opplysningen er informasjonspliktig etter verdipapirhandelloven §5-12

   

Initiating search for full-time CFO

Company news

2019-12-04 23:02:05

Petrolia NOCO AS has initiated a search for a full-time CFO, reflecting the role’s increased importance as Petrolia NOCO continues to build its business and presence on the Norwegian continental shelf.

Since 2011, Mr. Sølve Nilsen has held a 50% role as CFO of Petrolia NOCO. He will remain in this role until his successor is in place. Once his successor is in place, Mr. Nilsen will dedicate 100% percent of his time to his position as general manager of the Norwegian branch of Oslo Stock Exchange-listed Petrolia SE.

https://www.petrolianoco.no/  

Avenir LNG Limited Appoints Milorad Doljanin as CEO

Company news

2019-12-04 10:40:01

London, Dec. 04, 2019 (GLOBE NEWSWIRE) -- Avenir LNG Limited (NOTC: AVENIR) announced today that Milorad Doljanin will assume the role of Chief Executive Officer with effect December 13th, 2019. Mr Doljanin joined Avenir LNG in August 2019 as COO. He brings 15 years of LNG trading and commercial experience with PetroChina, Gazprom, EON and BP. Commenting on his appointment, Milorad said This is an exciting time for Avenir LNG, a company which is uniquely placed to provide LNG to small-scale LNG customers who were previously unable to access the fuels environmental and commercial benefits.

Mr Doljanin succeeds Andrew Pickering, who will retire as CEO of Avenir LNG Limited on December 13th, 2019. Mr Pickering has spent almost 40 years with Stolt-Nielsen Limited, the last five years heading the LNG group, which led to the launch of Avenir LNG Limited in 2018. Mr Pickering commented: We started with a vision in 2014 and with the commitment of our shareholders built a solid organisation ready for the next phase of LNG distribution. It is with great confidence that I hand over the reins to Milorad.  

Niels G. Stolt-Nielsen, Chairman of Avenir LNG , added I would like to thank Andrew for the excellent work he has done in establishing Avenir LNG and look forward to working with Milorad in continuing to develop the many exciting opportunities lying ahead for Avenir LNG.


About Avenir LNG Limited: Avenir LNG supplies small-scale LNG to the marine bunkering, off-grid industries, power generation and transport fuel sectors. Avenir LNG is one of the leading providers of small-scale LNG solutions; working with local partners and end users to develop the infrastructure necessary to unlock new markets for natural gas. With an LNG import facility under construction in Sardinia, Italy and 6 small-scale vessels scheduled for delivery in the next 18 months, Avenir LNG is uniquely positioned to capitalise on this segments high growth potential.

   

Propr AS: TENKT GARANTERT RETTET EMISJON

Company news

2019-12-04 06:44:29

IKKE FOR DISTRIBUSJON ELLER OFFENTLIGGJØRING, VERKEN DIREKTE ELLER INDIREKTE, I USA, CANADA, AUSTRALIA ELLER JAPAN ELLER NOEN ANNEN JURISDIKSJON DER SLIK DISTRIBUSJON ELLER OFFENTLIGGJØRING VIL VÆRE ULOVLIG ELLER VIL KREVE REGISTRERING ELLER ANDRE TILTAK. DENNE MELDINGEN UTGJØR IKKE ET TILBUD OM NOEN AV DE BESKREVNE VERDIPAPIRENE.

Oslo, 4. desember 2019 – Etter økt interesse fra eksisterende og nye investorer planlegger PROPR AS («PROPR») en rettet emisjon på opptil 799 756 nye aksjer tilsvarende 10% av utestående aksjekapital på kurs NOK 10 per aksje med bruttoproveny på NOK 7,9 millioner (den «Rettede Emisjonen»). Den Rettede Emisjonen gjennomføres for å finansiere investeringer i videre vekst og til generelle selskapsformål.

Den rettede emisjonen er garantert i sin helhet ved styreleder Karstein Gjersvik og Arne Blystad ved Songa Trading Inc. Garantistene vil motta garantiprovisjon på 2% av det tegnede beløpet.

Tegningsperioden for den Rettede emisjonen varer fra 4. desember 2019 klokken 08:00 til 16. desember 2019 klokken 12:00 («Tegningsperioden»). Selskapet forbeholder seg retten til når som helst og etter eget skjønn å beslutte å stenge eller å forlenge tegningsperioden. Allokering av de nye aksjene vil vedtas av styret i PROPR. Tegnere ventes å få bekreftelse på allokering «on or about» 17. desember. Innbetaling for de nye aksjene er forventet 20. desember 2019. De nye aksjene vil deretter bli registrert i Foretaksregisteret og bli handlebare på OTC så snart som praktisk mulig.

Gjennomføring av den Rettede Emisjonen er i henhold til styrevedtak og godkjennelse fra generalforsamlingen ("GF") per 18. juni 2019.

Selskapet vil gjennomføre den rettede emisjonen uten å engasjere eksterne tilretteleggere, men i samråd med selskapets revisor.

Den rettede emisjonen er rettet mot enkelte norske og internasjonale institusjonelle investorer underlagt gjeldende unntak fra relevante prospektkrav, (i) utenfor USA i henhold til Regulation S under US Securities Act av 1933 ("US Securities Act") og (ii) i USA for investorer som er enten "kvalifiserte institusjonelle kjøpere" ("QIBs") som definert i regel 144A i henhold til US Securities Act eller institusjonelle "akkrediterte investorer" innenfor betydningen av Rule 501 (a) under (1) (2) eller (7) av US Securities Act. Minste søknads- og tildelingsbeløp er satt til norske kroner ekvivalent til EUR 100 000, forutsatt at selskapet forbeholder seg retten til, etter eget skjønn å tilby, samt tildele beløp under EUR 100 000 for investorer som kvalifiserer som "profesjonelle investorer" eller i separate transjer i henhold til verdipapirhandelloven og tilhørende forskrifter.
For ytterligere informasjon kontakt:

Kjetil Eriksson
CEO
Tlf: 924 84 086

Jens Petter L. Hansen
CFO
Tlf: 404 66 806

Karstein Gjersvik
Styreleder
Tlf: 970 33 300

  Presenstasjon desember 2019.pdf
Bestillingsskjema Propr AS.pdf

Propr AS: Kvartalsrapport, Q3 2019 - Sterk inntektsvekst og marginekspansjon

Company news

2019-12-04 06:40:42

Vedlagt er kvartalsrapport Q3 2019 fra Propr AS.

For henvendelser, kontakt:

Kjetil Eriksson
CEO
Tlf: 924 84 086

Karstein Gjersvik
Styreleder
Tlf: 970 33 300

  Q3 2019.pdf

Atlantica Tender Drilling Ltd. (ATDL) Update on Merger with Energy Drilling

Company news

2019-12-03 17:32:38

On 04 April 2019, ATDL and Energy Drilling Pte. Ltd (Energy Drilling) announced the signing of a letter of intent to merge the two companies. The decision has now been taken to postpone the merger.

In the last months, both ATDL and Energy Drilling have worked hard to secure longer term financing and support for the merger. While respective shareholder and lending groups have been positive to a merger, it has proved difficult to obtain longer term financing to support a combined company given the current market conditions. This has been influenced particularly by upcoming contract extensions in ATDL expected during Q1 2020.

ATDL believes that greater certainty regarding the contractual backlog should support renewed financing and merger talks in the first half of 2020.

For further information, please contact:

Reese McNeel
CFO
Atlantica Tender Drilling Ltd
reese.mcneel@atlanticatd.com
+47 41508186

http://ttps://www.atlanticatd.com  

Otovo AS: Minutes from Extraordinary General meeting and notice of primary innsider sale

Company news

2019-11-29 17:25:56

Oslo, November 29th

An extraordinary general meeting of Otovo AS was held on 29. November 2019 at 14:00 hours at the premises of Advokatfirmaet Thommessen AS in Oslo. 5,616,330 of in total 6,902,220 shares and votes in the Company were represented, or 81.37% of the share capital. The complete minutes is attached to this message.

The following resolution was passed unanimously:

A. Consolidation of share classes
B. Share capital increase through an issue of 1,578,947 new preference shares
C. Amendments to the articles of association
D. Board authorisation for share capital increases in connection with the company share option program as replacement of previous authorisation
E. Board authorisation for share capital increases by issuance of consideration shares
F. Election of new members to the board of directors

Following completion of the extraordinary general meeting, a secondary sale of existing shares to Axel Johnson (D-Ax Sweden AB) of 568,421 has been executed completing the NOK 177 million investment in Otovo AS by Axel Johnson. As a part of the secondary sale, the following primary insiders in Otovo AS have sold shares to Axel Johnson:

• Andmar Operations AS: 104,999 shares (total holding after share sale: 830,001 shares)
• Simvest AS: 67,499 shares (total holding after share sale: 263,101 shares)
• CAK AS: 67,499 shares (total holding after share sale: 202,521 shares)
• Beacon group AS: 48,750 shares (total holding after share sale: 202,447 shares)
• Babak Tighnavard: 2,030 (total holding after share sale: 9,370 shares)

Post transaction shareholdings exclude awarded, not executed, share options.

  Otovo - EGM minutes.pdf

NORWEGIAN CRYSTALS - RECAPITALISATION APPROVED AT ANNUAL GENERAL MEETING

Company news

2019-11-29 09:57:01

All resolutions at the Annual General Meeting 28 November 2019 were approved. Consequently,
121.5 MNOK of convertible loans are converted to equity and 30.2 MNOK cash will be
contributed. After this restructuring and recapitalisation Norwegian Crystals AS has obtained a clean capital structure as planned.

Norwegian Crystals AS will revert with further updates regarding sale of pulers and larger capital raise in due course.

  191128 Norwegian Crystals - AGM Minutes.pdf

Quantafuel AS (QFUEL) Q3 2019 financial statement and review, and update on the Merkur listing.

Company news

2019-11-29 08:58:22

Merkur listing

As announced on 23 October 2019, the Company has initiated a listing process of its shares on Merkur Market.
The Company will communicate the first day of listing on Merkur Market as soon as all requirements for listing are met, hereunder the delivery in VPS of shares resolved issued in accordance with the authorisation granted at the EGM 7 October 2019.

Q3 2019 Financial Statement and Review.

Please also find enclosed the third quarter 2019 financial statement and review for Quantafuel AS.


For further information, please contact:

Kjetil Bøhn
CEO
+47 91 57 38 18

Jens Petter Broby
CFO
+47 91 54 32 03

About Quantafuel | https://quantafuel.com/
Quantafuel is a technology-based energy company converting waste plastics back into low-carbon synthetic oil products replacing virgin oil products. Quantafuel is establishing, operating and owning dedicated plastic-to-liquid (PtL) plants and plans to establish several plants throughout Europe and beyond.

http://www.quantafuel.com QFUEL_2019 Q3 report.pdf

DOF INSTALLER ASA - Interim Financial Report Q3 2019

Company news

2019-11-28 08:35:46

Please find enclosed the Interim Financial Report for DOF Installer ASA for Q3 2019.

For further information, please contact:
Mons S. Aase, Chairman - Tel: +47 91 66 10 12

  DOF Installer Financial Report Q3 2019.pdf

Norwegian Crystals - presentation and proxy form for AGM 28 November 2019

Company news

2019-11-27 20:55:14

The Annual General Meeting will be conducted 28 November at 1300 CET in the offices of Selmer Law Firm at Tjuvhholmen Alle 1.

Please find attached a presentation that will be elaborated upon in tomorrows meeting. Please also find attached the proxy form to be filled in and returned at the shareholders discretion.

  NC - presentasjon for generalforsamling (003).pdf
191127 Proxy forms AGM - Norwegian Crystals.pdf

Interim Results for the Period Ended September 30, 2019

Company news

2019-11-26 15:10:02


Transformation and simplification

Iain Ross, CEO, Golar LNG, said:

Further progress has been made this quarter toward the Company's goal of being the leading independent developer of long-term LNG infrastructure. Significant progress has been made on execution of the Companys downstream LNG distribution strategy and on strengthening the Companys financial position.

Continued strong growth in LNG production around the world and associated lower pricing together with customers increased focus on their ESG responsibility is also accelerating their appetite to switch from burning coal, fuel oil and diesel to cheaper and cleaner LNG.

The recent award of Golar Power's second 25-year gas to power project supports our strategy to transform Golar into a world leading LNG infrastructure player delivering flexible energy solutions that provide much needed stability to an energy grid that has seen substantial renewable energy growth. The Barcarena 605MW PPA award underpins the development of a second hub terminal in Brazil. This project, together with progress on downstream distribution of LNG using spare FSRU capacity, transforms Golar Power from a single project company into a business with significant and demonstrable growth potential.  This potential will be realized through the introduction of new and more efficient technology that can be integrated in a user-friendly way that makes it easier for customers to switch to LNG.  This approach will also facilitate bespoke solutions for smaller customers allowing for demand aggregation, something larger LNG producers have paid little attention to.

Increasing interest from oil majors and NOC's, appreciative of our low cost and flexible FLNG solutions and impressed by our flawless operational track record is also encouraging. Part monetization of a current contract and use of a shipyard able to offer more attractive payment terms provides the potential to lift additional FLNG projects.

The proposed shipping spin-off in its planned form, has, disappointingly for the Board, not yet been completed.  This is due to a misalignment between the founding parties of the proposed newco causing Golar to withdraw from the process. Golar remains committed to splitting the ships into a separate vehicle and is revising the mechanism that it will use to achieve this."



Financial Summary


 
(in thousands of $) 3Q 2019 3Q 2018 2Q 2019 YTD 2019  YTD 2018
           
Total operating revenues 98,670 123,101 96,745 309,702 248,665
Net (loss)/income attributable to Golar LNG Limited (82,301) 66,212 (112,682) (236,724) 81,529
Adjusted EBITDA1 58,932 83,528 39,663 161,492 96,928
Operating (loss)/income (13,666) 132,470 (23,435) (8,237) 217,304
Dividend per share 0.150 0.150 0.325
Adjusted net debt1 2,294,932 2,201,731 2,258,824 2,294,932 2,201,731


Financial Highlights

  • Following the Barcarena power project award and increased coverage on the shipping fleet, Contract Earnings Backlog1 (Golar LNG Limited share) is expected to increase from $6.6 billion to $7.0 billion once a Final Investment Decision (FID) for Barcarena is taken.
  • The Companys liquidity position is substantially strengthened as a result of the drawdown of the new $150 million facility, and post quarter end, draw down of the $700 million FLNG Gimi facility and the agreed release of $75 million of Hilli Episeyo restricted cash.

Operational Highlights

Shipping:

  • Time Charter Equivalent (TCE)1 earnings of $35,200 for 3Q were negatively influenced by a weak start to the quarter and by positioning and repositioning for 5 dry dockings.
  • Three vessels commenced their dry dockings during 3Q - two of these completed during the quarter and one concluded in 4Q. 

FLNG:

  • FLNG Hilli Episeyo - 100% commercial uptime maintained: 29 cargoes exported to date. Perenco are planning for a drilling campaign in the Kribi area to prove up more reserves during 2020. If successful, this may lead to further capacity utilization and/or contract extension for FLNG Hilli Episeyo. The companies are also in discussion regarding a smaller increase in production which will utilize part of train 3 starting from 1Q 2020.
  • FLNG Gimi - Conversion progressing according to schedule and budget.

Golar Power:

  • Gas has been introduced to Sergipe power station with hot commissioning underway.
  • Awarded a 25 year power purchase agreement (PPA) for the construction of a 605MW combined cycle thermal power plant in Barcarena, Brazil. This is also expected to include a 25 year FSRU contract.
  • Execution of Brazilian small scale downstream distribution strategy progresses including signing up customers, purchase and delivery of the first 12 isotainers and a commitment to charter in small-scale LNG shipping capacity from Avenir.



Outlook 4Q 2019 and 2020

LNG Shipping
The last of Golars eight scheduled 2019 vessel dry docks commenced and concluded in 4Q. All vessels have now completed their scheduled five-year dry docking. 4Q TFDE TCE1 is anticipated to be in the range of $75,000 to $80,000 per day, more than double 3Q. Inclusive of the two steam turbine vessels, a full fleet 4Q TCE1 of $70,000 to $75,000 is expected. The improved charter rates are the result of increasing LNG production, which has created better market conditions allowing the Company to increase contract coverage. 60% of available capacity has been chartered at fixed rates with a further 30% fixed on index related charters. We also anticipate good coverage into 1Q 2020. This will likely support strong improvements in year-on-year EBITDA1 and cash generation from the shipping fleet.

FLNG
As a result of the strong operational performance of FLNG Hilli Episeyo and recent multi-year low LNG prices, interest in low cost FLNG solutions is strong. Golar continues to develop its FLNG pipeline with four major oil and gas/national oil companies. These will however take time to mature. Nearer term, outline interest from potential investors interested in buying into existing FLNG contract backlog and supporting the Company going forward has been received and is under evaluation. Work with Asian yards to find ways to standardize their FLNG production and design model to achieve lower costs and more efficient financing, particularly between FID and COD, is ongoing.

Golar Power
Start-up of the Sergipe project is on track for 1Q 2020 with gas now being supplied to the power station from FSRU Nanook and hot commissioning underway. COD will trigger acceptance of the Nanook FSRU contract as well as the PPA agreements. Golars interest in these 25-year contracts is worth approximately $99 million in annual EBITDA1 assuming an USD/BRL rate of 3.7.

Further north, the recently awarded 25-year 605MW Barcarena combined cycle thermal power plant will be the anchor customer and springboard for development of additional downstream LNG distribution opportunities in Brazil. FSRU selection and detailing of the terminal are underway with an anticipated FID in 1H 2020.



Financial Review

Business Performance


  2019 2019
  Jul-Sep Apr-Jun
(in thousands of $) Vessel and other operations FLNG Total Vessel and other operations FLNG Total
Total operating revenues 44,146   54,524   98,670   42,221   54,524   96,745  
Vessel operating expenses (15,982 ) (12,415 ) (28,397 ) (16,996 ) (13,822 ) (30,818 )
Voyage, charterhire & commission expenses (including expenses from collaborative arrangement) (5,603 )   (5,603 ) (14,327 ) (100 ) (14,427 )
Administrative expenses (12,162 ) (470 ) (12,632 ) (14,676 ) 516   (14,160 )
Project development expenses (831 ) 341   (490 ) 571   (448 ) 123  
Realized gain on oil derivative instrument(2)   4,584   4,584     5,162   5,162  
Other operating (losses)/gains 2,800     2,800     (2,962 ) (2,962 )
Adjusted EBITDA(1) 12,368   46,564   58,932   (3,207 ) 42,870   39,663  
             
Reconciliation to operating income (loss)            
Unrealized (loss)/gain on oil derivative instrument(2)   (44,170 ) (44,170 )   (27,630 ) (27,630 )
Depreciation and amortization (16,435 ) (11,993 ) (28,428 ) (16,070 ) (12,051 ) (28,121 )
Impairment of long-lived assets

 
      (7,347 )   (7,347 )
Operating (loss)/income (4,067 ) (9,599 ) (13,666 ) (26,624 ) 3,189   (23,435 )


(2) The line item "Realized and unrealized gain on oil derivative instrument" relating to income from the FLNG Hilli Episeyo Liquefaction Tolling Agreement is split into, "Realized gain on oil derivative instrument" and "Unrealized (loss) gain on oil derivative instrument". The unrealized component represents a mark-to-market loss of $44.2 million (June 30, 2019: $27.6 million) on the oil embedded derivative, which represents the estimate of expected receipts under the remainder of the Brent oil linked clause of the Hilli Episeyo Liquefaction Tolling Agreement. The realized component amounts to $4.6 million (June 30, 2019: $5.2 million) and represents the income in relation to the Hilli Episeyo Liquefaction Tolling Agreement receivable in cash.

Golar reports today 3Q operating losses of $13.7 million compared to losses of $23.4 million in 2Q.

Total operating revenues increased from $96.7 million in 2Q to $98.7 million in 3Q and voyage, charterhire and commission expenses decreased from $14.3 million to $5.6 million both largely as a result of an improving shipping market.

Revenues from vessel and other operations, including management fee income, was $44.1 million and, net of voyage, charterhire and commission expenses, increased by $10.6 million to $38.5 million in 3Q. Assisted by multi-year low summer LNG prices, contango in the gas market encouraged a number of sellers to use vessels for floating storage ahead of the Northern hemisphere winter. Vessel availability decreased and both sentiment and spot rates increased toward the end of the quarter as a result. Full fleet TCE1 earnings increased from $24,400 in 2Q to $35,200 in 3Q, although utilization at 65% was in line with the prior quarter. Despite improving rates, revenue continued to be negatively impacted by the positioning and scheduled dry docking of a further three vessels during the quarter.

In line with prior quarters, FLNG Hilli Episeyo generated operating revenues of $54.5 million including base tolling fees and amortization of pre-acceptance amounts recognized.

Vessel operating expenses at $28.4 million in 3Q were $2.4 million lower than 2Q. Most of the decrease is attributable to lower spare part purchases across the shipping fleet and lower repair and maintenance and crew travel costs for FLNG Hilli Episeyo.

At $12.6 million for the quarter, total administrative expenses were $1.5 million lower than 2Q due to lower legal and professional fees and other savings. Project development expenses at $0.5 million began to normalize during the quarter, 2Q having been reduced due to the reversal of previously over accrued expenses.

The Brent oil linked component of Hilli Episeyo's fees generates additional annual operating cash flows of approximately $3 million for every dollar increase in Brent Crude prices between $60.00 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. Lower oil prices resulted in a $0.6 million decrease in the realized gain on the oil derivative instrument, down from $5.2 million in 2Q to $4.6 million in 3Q.

The mark-to-market fair value of the derivative asset decreased by $44.2 million during the quarter, with a corresponding unrealized loss of the same amount recognized in the income statement. The fair value decrease was driven by a downward movement in the expected future market price for Brent Oil. The spot price for Brent Oil decreased from $66.55 per barrel on June 30 to $60.78 on September 30.

Other operating gains and losses reported a $2.8 million gain in 3Q following receipt of proceeds from a 2018 loss of hire claim for Golar Viking. This compared to a loss of $3.0 million in 2Q, representing unrecoverable receivables from Schlumberger following the dissolution of OneLNG.

Depreciation and amortization at $28.4 million in 3Q was in line with the prior quarter.

Net Income Summary


  2019 2019
(in thousands of $) Sep-Oct Apr-Jun
Operating income (loss) (13,666 ) (23,435 )
Interest income 2,709   3,223  
Interest expense (23,368 ) (24,376 )
Losses on derivative instruments (17,619 ) (14,719 )
Other financial items, net (978 ) (1,932 )
Income taxes (274 ) (176 )
Equity in net losses of affiliates (7,761 ) (26,970 )
Net income attributable to non-controlling interests (21,344 ) (24,297 )
Net loss attributable to Golar LNG Limited (82,301 ) (112,682 )


In 3Q, the Company generated a net loss of $82.3 million, compared to a 2Q net loss of $112.7 million. Key items contributing to this are summarized as follows:

  • An increase in capitalized interest in respect of FLNG Gimi contributed to a $1.0 million reduction in 3Q interest expense.
  • 3Q recorded a $17.6 million loss on derivative instruments compared to a 2Q loss of $14.7 million.  Most of the $2.9 million increase in 3Q relative to 2Q is attributable to losses on the three million Golar Total Return Swap ("TRS") shares.
  • The $7.8 million 3Q equity in net losses of affiliates is primarily comprised of the following:
    • a $0.2 million gain in respect of Golar's 32% share in Golar Partners;
    • a $7.2 million loss in respect of Golar's 50% stake in Golar Power; and
    • a $0.8 million loss in respect of Golar's 22.5% stake in Avenir.

Net income attributable to non-controlling interests represents external interests in the Hilli Episeyo and the finance lease variable interest entities ("VIEs").



Financing and Liquidity

Golars total cash position as at September 30 was $625.4 million (including long-term restricted cash), of which $250.2 million was unrestricted. Included within restricted cash is $104.5 million relating to lessor-owned VIEs, $108.9 million of collateral in respect of the TRS and $151.9 million relating to the Hilli Episeyo LC. During November Perenco and SNH agreed to a reduction in the Hilli Episeyo LC requirement (with a proportionate decrease in the Perenco and SNH security). This is expected to result in the release of approximately $75 million of restricted cash in November 2019.

As at September 30, $188 million of equity had been invested in FLNG Gimi. Having satisfied the initial $300 million equity investment threshold during 4Q, the first drawdown against the $700 million debt facility took place in November. Based on the current payment schedule approximately $42 million is expected to be paid by Golar in 2020.

As previously indicated, infrastructure funds have approached Golar seeking to invest in existing long term FLNG projects and provide capital for future projects. The Company is now evaluating their proposals.  As of today, Golar is a fully funded company looking forward to substantial increases in contracted earnings over the next three years as new committed projects come on line.  There is a strong focus on capital allocation and any future surplus cash will be applied to the most attractive use, for example further growth investments or share buybacks.

Inclusive of the refinanced margin loan which is now a revolving facility and a new $150 million debt facility entered into during the quarter, Golar's contractual debt1 including 100% of Hilli Episeyo as at September 30 was $2.7 billion. Golar's adjusted net debt1 was $2.3 billion.

Included within the $975.0 million current portion of long-term debt and short-term debt on the Balance Sheet as at 30 September is $835.3 million relating to lessor-owned VIE subsidiaries that Golar is currently required to consolidate in connection with 8 sale and leaseback financed vessels, including the Hilli Episeyo.

Corporate and Other Matters

As at September 30, 2019, there were 101.3 million shares outstanding, including the 3 million shares underlying the TRS. There were also 3.5 million outstanding stock options with an average price of $35.22 and 0.2 million Restricted Stock Units in issue. During 4Q the Company agreed to purchase 1.5 million of the 3 million shares underlying the TRS. The cash cost of these 1.5 million TRS shares will be $69.5 million.  This will be satisfied by $54.7 million of restricted cash already set aside as collateral for these shares with the balance of $14.8 million funded out of unrestricted cash. The cash cost of eliminating the remaining 1.5 million TRS shares will be similar. Purchase of the remaining 1.5 million shares is scheduled to take place during 1Q 2020. Thereafter there will be 98.3 million shares outstanding.

At Golar's Annual General Meeting on September 27, 2019, Company Secretary Georgina Sousa was appointed as a Director, replacing Michael Ashford who retired. Georgina returns to Golar with a wealth of experience and a deep historical understanding of the business having served Golar in a similar capacity up until early 2015.



Commercial Review

LNG Shipping

The third quarter began with LNG trading at multi-year low prices, at times below $4.00/mmbtu. A subdued commodity price and the continued absence of arbitrage opportunities kept a lid on spot shipping rates, which started the quarter at around $55kpd for a TFDE vessel. Attracted by the forward curve, European charterers then entered the market for floating storage. The number of prompt available vessels halved from around 11 at the end of July to 6 in early August as a result. Longer than usual voyages (due to slow steaming and idling at sea) continued to absorb shipping capacity, allowing spot rates to increase. European LNG imports for the first 8 months of 2019 nearly doubled relative to the same period in 2018. An increase in shipping requirements in the second half of September then sowed the seeds for a sustained improvement in rates and chartering opportunities. Seeking to reduce dependence on peak-season LNG imports, Chinese demand also re-emerged in late September. Seasonal tailwinds elsewhere and European storage at close to 100% capacity necessitating ongoing floating storage further reduced vessel availability to zero allowing TFDE rates to quickly breach $100kpd in early October. Spot rates in excess of $100kpd continue to be achieved to date.

New liquefaction facilities continue to deliver.  Cameron T1, Prelude, Freeport T1, Corpus Christi T2 and Elba Island have all commenced production and new liquefaction is expected to start up and ramp up at the fastest pace on record over the course of 2020. Ample new supply together with China's efforts to smooth its demand profile mean that Asian LNG prices have not however enjoyed their customary winter boost and the LNG arbitrage window has remained closed. Much of this new US volume has therefore ended up in Europe. Despite lower upward pressure on ton mile demand, the structural shortage of vessels has arrived.  Charterers are increasingly keen to sign 1 year+ charters removing more vessels from the market and adding to upward pressure on spot rates. Owners are increasingly requesting offers rather than offering ships to charterers as a result.

Supported by low LNG prices, the LNG spot and short term market continues to represent an ever increasing share of global LNG trade. Dominated by US projects, 114mtpa of new liquefaction capacity is slated to come on stream between 2020 and 2025. Based on current trading patterns the LNG order book of 109 vessels will not be sufficient to carry this. Newbuild orders have slowed and the earliest delivery slot for a vessel ordered today is 2H 2022. With all of its 10 carriers recently dry docked, the Cool Pool will have uninterrupted exposure to this market. Golar expects shipping to be a positive earnings contributor from 4Q 2019 throughout 2020.

Golar Partners (a non-consolidated affiliate of Golar LNG)

The fleet continued to perform well with 3Q adjusted EBITDA1 in line with 2Q. A substantial reduction in interest rate swap losses allowed the Partnership to report a $13.4 million increase in net income, up from a loss of $5.5 million in 2Q to income of $7.9 million in 3Q.  Distribution coverage1 increased as expected, from 1.12 in 2Q to 1.18 in 3Q.

Although the spot market for steam turbine vessels remained subdued for most of 3Q, a rapid tightening of the shipping market from the end of September meant that these vessels have since represented the only available tonnage on more than one occasion. Both the Golar Maria and Golar Mazo will therefore contribute additional earnings in 4Q with the Golar Maria securing employment through to April 2020. A two year charter for the Golar Maria starting in late 2020 has also been secured. The charter includes options for the charterer to extend by a further 1+1+1 years.  Between April and November 2020 the vessel will trade in what is expected to be a strong spot market.

The Partnership has received notice from Kuwait National Petroleum Co. ("KNPC") of a two year contract award for the FSRU Golar Igloo. Pending contract finalization and signing, the award provides Golar Partners with two years of continued LNG storage and regasification services at the Mina Al-Ahmadi Refinery in Kuwait for KNPCs regasification seasons beginning in March 2020. The contract may be further extended by KNPC for an additional year through to December 2022.

Collectively the two year Golar Maria and Golar Igloo contracts are expected to add approximately $95 million of additional revenue backlog1.

On October 1, Graham Robjohns re-assumed his role as the Partnerships Chief Executive Officer, replacing Brian Tienzo.

FLNG

FLNG Hilli Episeyo continues to achieve 100% commercial uptime. The vessel ended 3Q ahead of its delivery targets and recently exported its 29th cargo.  Perenco are planning for a drilling campaign in the Kribi area to prove up more reserves during 2020. If successful, this may lead to further capacity utilization and/or contract extension for FLNG Hilli Episeyo. The companies are also in discussion regarding a smaller increase in production which will utilize part of train 3 starting from 1Q 2020.  The FLNG Gimi Conversion project continues on target in Singapore. Two of Gimis five planned dry dockings are now complete. Sponson fabrication continues as does extensive detailed engineering and procurement by Keppel and topsides contractor Black and Veatch. Around 80 Golar personnel and 1,500 Keppel employees are now working daily on the project, with overall progress on schedule. Seventy percent owned FLNG Gimi will service the 20-year contract with BP offshore Mauritania and Senegal, commencing 4Q 2022.
On July 30, Golar together with Noble Energy, Delek Drilling and Ratio Oil entered into an Interim Project Development Agreement to assess the viability of a Golar FLNG solution to support future development phases of the Mediterranean Leviathan project. Golar is assessing the feasibility of its current approximately 3.5mtpa FLNG Front End Engineering and Design study for this project. Golar and another oil major have also executed an agreement to jointly assess the suitability of Golar's FLNG solutions across a range of gas resource opportunities. Due diligence is underway and term sheets are being negotiated. Further project development discussions are progressing with another oil major as well as term sheet negotiations with a national oil company, both of whom have also been attracted by the Company's industry leading technical and operational record.

Cognizant of balance sheet limitations, Golar is working with infrastructure funds interested in investing in existing FLNG projects as well as others currently under discussion. Proceeds from a partial sell down of a contracted FLNG at an attractive multiple, the use of alternative shipyards able to offer more attractive payment terms during construction and the use of Export Credit finance are being pursued in order to allow the next FLNG project to be taken forward.

Golar Power (50/50 Golar/Stonepeak Infrastructure Partners non-consolidated downstream joint venture)

Hooked up and commissioned, the FSRU Nanook is now sending gas ashore to the Sergipe power station allowing hot commissioning to take place. Commercial operations are now expected to commence within the next three months.

Golar Power's push into small scale distribution continues with around 100 customers keen to move from MOUs to binding agreements for quantity and price of LNG supply.  Golar Power has agreed to charter a small scale (7,500m3) LNG carrier from affiliate company Avenir, commencing mid-2020.  In addition, 12 Iso Containers (for the transportation of LNG by road or barge) have also been received in Brazil, along with commitments for delivery of modular regasification and unloading units.

On October 21 Golar Power was awarded a 25-year power purchase agreement for the construction of a 605MW combined cycle thermal power plant. Located in Barcarena, Para, on Brazil's northern coast, this LNG-to-power project will be developed by a special purpose company 50% owned by Golar Power. Due to commence operations in 2025, power will be sold to nine different power distribution companies via the Brazilian grid and evacuated via an existing substation nearby. The power station will also be the anchor tenant for a Golar Power FSRU. The intention is to ensure an appropriate amount of spare FSRU capacity also remains available to displace large volumes of diesel, coal, LPG and heavy fuel oil consumption with LNG. Selection of the FSRU and FID are expected to occur in 1H 2020. This would allow small scale LNG distribution to customers to commence as soon as mid-2021, well ahead of the January 2025 power station start-up date. Total capex for the power project is estimated at $430 million, of which Golar's share, payable between 2022 and 2025, equates to $107 million. Rapid monetization of the terminal/FSRU and the Sergipe downstream distribution business would allow Golar Power to fund the Barcarena project without recourse to shareholders Golar and Stonepeak.

License approvals for another project in the south of Brazil are also making good progress. In the State of Santa Catarina, Golar Power has received key regulatory and environmental licences for a third FSRU terminal developed by Terminal Gas Sul, a project company wholly owned by Golar Power. An oil major is expected to use most of the FSRU capacity to supply a large scale power plant that Golar Power has the option to invest in. In common with the Sergipe and Barcarena projects, Golar Power will also seek to use spare FSRU capacity to pursue other local downstream opportunities.

Golar Power has established a leading position in Brazil's LNG revolution.  As a country of approximately 210 million people with an existing fleet of 2.7 million diesel fueled heavy vehicles, the addressable market for the transition to LNG is substantial. Diesel prices over the last four years have translated into an LNG equivalent of approximately $26/mmbtu.  Cost savings from switching to LNG are material and additional to the environmental benefits that include reductions in Co2, NOX and particulate emissions.

Founded by Golar, Stolt Nielsen and Hoegh, Avenir LNG's experience with the construction of small scale ships and the introduction of LNG to Sardinia via its 2020 commencing HiGas terminal also provides additional experience.

The Board is excited about the position that Golar Power has established in Brazil, and also about Avenir. It is excited by the long term economic and environmental benefits that Brazil stands to gain from its transition to LNG and how this will translate into sustainable long term returns for Golar's shareholders.  The credibility derived from our leadership in Brazil's energy transition creates a strong footing to use this unique experience to develop similarly large gas to power and transportation markets elsewhere.



 

Non-GAAP measures

In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.

These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies, and may not be comparable with similar titles measures and disclosures used by other companies. The reconciliations from these results should be carefully evaluated.


Non-GAAP measure Closest equivalent US GAAP measure Adjustments to reconcile to primary financial statements prepared under US GAAP Rationale for adjustments
   

Board of Avida Holding AB (publ) approve the allocation of shares

Company news

2019-11-26 10:32:56

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, SWITZERLAND, THE UNITED STATES OF AMERICA, OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES

Avida Holding AB (publ) (“Avida” or the “Company”) has, as previously announced, at the Extraordinary General Meeting on November 18, made the decision to carry out a directed share issue of no more than NOK 75 million. The company has now received full payment for the proposed share issue corresponding to NOK 75 million and the Board of the Company has therefore taken the decision to allocate shares according to the following.


Subscriber/Number of shares
1 Sundt AS/155.000
2 General Oriental Investments SA/35.000
3 Midelfart Capital AS/403.757
4 Andenes Investments SL/729.856
5 IC Financial AS/896.547
6 Ubon Partners AS/279.840

For further information please contact:
Tord Topsholm, CEO at Avida, Telephone: +46 72-402 44 35. E-mail: tord.topsholm@avida.se
Pehr Olofsson, CFO at Avida, Telephone: +46 72-402 44 94, E-mail: pehr.olofsson@avida.se



About Avida

Avida is a credit market company that since the start in 1983 has focused on offering loans to individuals and corporates. We are currently about 120 employees, with headquarters in Stockholm and offices in Oslo and Helsinki. We are building a high growth and high-quality business that will not tail off in growth and we have a growth target of SEK10bn loan book by 2020. At Avida we are not like everybody else in this business, we will always go that extra mile to help our customers turn their plans into reality and we promise that we always give our customer the proper attention and the chance to get the financing they need.

Avida is under the supervision of the Swedish Financial Supervisory Authority and our share is listed on NOTC, Oslo stock exchange and like all Swedish banks and credit market companies, we are covered by the state deposit insurance.



Important information

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in such jurisdictions, in which this press release has been released, announced or distributed, should inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction, neither from the Company nor from someone else.

This press release does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision in connection with the Share Issue must be made on the basis of all publicly available information relating to the Company and the Company’s shares. Such information has not been independently verified by DNB or any other advisor of the Company. The information contained in this press release is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this press release or its accuracy or completeness. DNB is acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.

This press release does not constitute a recommendation concerning any investor’s option with respect to the Share Issue. Each investor or prospective investor should conduct his, her or its own investigation, analysis and evaluation of the business and data described in this press release and publicly available information. The price and value of securities can go down as well as up. Past performance is not a guide to future performance.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933 (the “Securities Act”), as amended, and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into, Australia, Canada , Japan, Hong Kong, New Zealand, Singapore, South Africa, Switzerland, the United States or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

This press release is not a prospectus for the purposes of regulation (EU) 2017/1129 (the “Prospectus Regulation”) and has not been approved by any regulatory authority in any jurisdiction. The Company has not authorized any offer to the public of shares or rights in any member state of the EEA and no prospectus has been or will be prepared in connection with the Share Issue. In any EEA Member State, this communication is only addressed to and is only directed at a limited selected number of existing shareholders and qualified investors in that Member State within the meaning of the Prospectus Regulation.

In the United Kingdom, this press release and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, “qualified investors” who are (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in the Company have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the “Target Market Assessment”). Notwithstanding the Target Market Assessment, distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment; the shares in the Company offer no guaranteed income and no capital protection; and an investment in the shares in the Company is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Share Issue.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in the Company.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares in the Company and determining appropriate distribution channels.

https://www.avidafinance.com  

Arnarlax (ALAX) - Company presentation (November 2019)

Company news

2019-11-26 09:31:51

Please find attached a company presentation from November 2019

https://www.arnarlax.is/en Arnarlax - Corporate presentation Oslo19.pdf

Office address

Postal address

Fjordalléen 16

Postboks 1501 Vika

0117 Oslo

Phone

Email

(+47) 23 11 17 41

post@notc.no