Scandinavian carrier Norse Atlantic has raised around NKr113.7 million ($11.4 million) from a private share placement, and is considering a follow-up offering.
The private placement comprised 14.78 million new shares, equating to about 9.1% of the capital.
Norse Atlantic is considering a potential subsequent offering – covering up to 12.09 million shares at the same price – which would be directed at the company’s shareholders, other than those involved in the private placement.
This figure has been selected because it keeps the proceeds within the €8 million threshold for issuing a simple national prospectus.
Norse Atlantic says that, if the subsequent offering goes ahead, the subscription period would start as soon as possible after the prospectus publication – expected before the end of this year.
It also points out that the board reserves the right not to proceed.
Norse Atlantic’s private placement included issuing 4.35 million shares to BT Larsen & Co, a company controlled by chief executive Bjorn Tore Larsen – who will have 29.46% of the overall share capital as a result.
Another 1.5 million shares have been allocated to Songa Capital which will hold just under 8.9% of the company.
Norse Atlantic has identified Futrono Investment, Estrella Del Sur Limitada, and Mulina Overseas Corporation as additional participants.
Larsen says the commitment from key shareholders and “new high-quality investors” with “extensive airline industry knowledge” is a “clear validation” of the carrier’s progress.
Norse is implementing a dual-strategy business model which combines its own airline operations with wet-lease services.
“Proceeds from the placement further enhance our financial flexibility, supporting our plan to deliver material cash-flow and long-term value creation for our shareholders,” Larsen adds.
