The CEO and CFO of Norse Atlantic Airways (N0, Oslo Gardermoen) have received additional shares in the low-cost long-haul airline following the settlement of the second tranche of a recent USD47 million private placement. The airline made the primary insider disclosure in a November 27 filing with the Oslo Stock Exchange.
Per the filing, B T Larsen & Co Limited, a company controlled by Norse Atlantic CEO Bjørn Tore Larsen, has been allocated 11,060,136 shares at a price of NOK11 kroner (USD1.03) per share. It now owns 24,271,225 shares in the airline, equal to approximately 19.86% of its share capital. Norse Atlantic CFO Ander Jomaas was allocated 10,171 shares so that he now owns 20,000 shares, equal to approximately 0.01% of its share capital.
Scorpio Holdings Limited, currently the airline's largest shareholder, acquired NOK150 million (USD14.1 million) worth of shares, 45,712,339 of them, so that it now holds 27,272,419 shares in Norse Atlantic, representing around 22.32% of the issued share capital. B T Larsen & Co remains the second biggest shareholder.
Norse Atlantic Airways announced the private placement earlier this month, saying it would issue 45 million shares at NOK11 per share to raise around NOK501 million (USD47.1 million). At the time, the airline advised the Norwegian bourse that it had received pre-commitments covering the entire offer. It said the funds would be used to improve the liquidity through the shoulder and winter season, "until such time as the revenue generated from the seasonally stronger summer programme bookings are collected, as well as for general corporate purposes."
Founded in 2021 and commencing operations in mid-2022, Norse Atlantic operates between Europe, the United States, and Southeast Asia. The airline leases four B787-9s, with another on order. According to ch-aviation schedules data, Norse Atlantic flies from Oslo Gardermoen to Bangkok Suvarnabhumi and Miami International, as well as between Paris CDG and New York JFK.
