Norse Atlantic Airways (N0, Oslo Gardermoen) has announced the completion of the recent private placement in which it raised gross proceeds of about NOK612 million kroner (USD55 million), disclosing the shift in shareholdings that resulted from it. It also said it had appointed a strategic advisor after being approached by bigger carriers interested in buying a minority stake in the company.
The Nordic low-cost long-haul carrier’s founder and chief executive, Bjørn Tore Larsen, currently the second-largest shareholder through his vehicle B T Larsen & Co Ltd, saw his stake diminish from about 19.9% to 17.27% of the issued share capital (now 13,211,089 shares), the airline revealed in two stock exchange filings following the registration of the capital raise.
Scorpio Holdings Limited, the Monaco-based tanker and offshore wind operator that has been buying shares in Norse Atlantic in recent months and is now the largest shareholder, saw its stake shrink from around 20.5% to 17.83% (now 13,636,056 shares).
In a third filing, Norse Atlantic Airways divulged that it had appointed Seabury Securities, a UK affiliate of US finance and investment specialist Seabury Capital Group, as a strategic advisor “to explore and guide the airline’s future directions.”
On November 8, as ch-aviation previously reported, Larsen told Bloomberg News that Norse had been approached by two unnamed airlines wanting to buy a stake in the company, in a potential alliance that would help it save on costs and boost revenue while giving access to the partner’s network.
Seabury, “renowned for its expertise in the aviation industry, will collaborate closely with Norse Atlantic Airways to provide valuable insights and recommendations. The aim of this appointment is to strengthen our position in the market and enhance our strategic initiatives to meet the evolving landscape within the aviation industry,” Larsen said in the disclosure. Seabury will help Norse Atlantic “in exploring the opportunities for investment, synergies, and growth going forward.”
