#Norway #Oslo #BlueNord ASA #Kite Lake #Taconic Capital

BlueNord ASA Disclosure of Shareholdings

In a significant financial move, Kite Lake Capital Management (UK) LLP and Taconic Capital Advisors UK LLP have sold a combined total of 3,000,000 shares in BlueNord ASA, representing 11.3% of the company's share capital. This transaction, valued at NOK 1,260 million, saw Kite Lake offload 1,350,000 shares, equating to 45% of the total sale, while Taconic contributed with the remaining 1,650,000 shares, amounting to 55%.

Details of the Transaction

The shares were sold at a price of NOK 420 each, highlighting a strategic decision by the sellers to adjust their holdings. Post-transaction, Kite Lake will retain 1,537,298 shares, translating to approximately 5.8% of BlueNord's outstanding shares. Conversely, Taconic will hold 1,836,089 shares, which is about 6.9% of the company’s total shares. As a result of this sale, both companies have now fallen below the critical 10% disclosure threshold required under Norwegian regulations.

Clarksons Securities AS, SB1 Markets AS, and Stifel Nicolaus Europe Limited acted as the Joint Global Coordinators and Bookrunners for this transaction, ensuring a smooth execution and compliance with market practices.

Implications of the Sale

The decision to sell a substantial portion of shares indicates a pivot in strategy for both Kite Lake and Taconic. Additionally, both firms have entered a 60-day lock-up commitment regarding their remaining shares. This lock-up is a common practice in the financial industry, ensuring stability post-transaction. Certain exceptions exist where the sellers may transfer shares under specific conditions, primarily to affiliates who must also adhere to the same lock-up obligations.

This transaction is a vital disclosure under section 4-2 of the Norwegian Securities Trading Act, which promotes transparency in share ownership and trading activities.

Future of BlueNord ASA

Following this sale, BlueNord ASA will continue its operations with adjusted shareholder dynamics. Companies often engage in such transactions to realign their shareholder structure and achieve strategic financial goals. It remains to be seen how these developments will impact the company moving forward. Observers will be watching closely to see how any resulting changes in governance or operations at BlueNord may be affected by the reduced stakes of major shareholders.

Conclusion

This move by Kite Lake and Taconic marks a noteworthy chapter in BlueNord ASA’s corporate journey. By adjusting their holdings, the sellers have showcased a willingness to optimize their investment portfolio amidst an ever-changing market landscape. Investors and market analysts will be keen to track how such shifts will influence BlueNord ASA in both its market standing and operational strategy in the near future.