Norse Atlantic Airways (N0, Oslo Gardermoen) has managed to raise gross proceeds of around NOK69.4 million kroner (USD6.64 million) in its “subsequent offering” - a repair issue aimed at shareholders who did not participate in a private placement last year. However, the sum fell short of its intended target of about NOK100 million (USD9.56 million).

It was offering 9.1 million shares at the same price as in the private placement, NOK11.00 (USD1.0523). In an Oslo Stock Exchange filing on January 25, it said that during the subscription period, which ran from January 12 until the end of the working day on January 24, it received valid subscriptions for 6,312,261 of them.

Payment for the shares falls due on January 29, the capital increase is expected to be lodged with Norway’s Register of Business Enterprises on or around February 2, and the shares will be delivered to the subscribers’ accounts about February 5, which is also expected to be their first day of trading.

On registration, the company’s total issued share capital will be NOK642,619,200 (USD61,572,918) divided into 128,523,840 shares, each with a par value of NOK5 (USD0.4788).

Norse Atlantic Airways raised NOK613 million (USD55 million at the time) in the private placement of shares last November, more than the USD45 million it had previously said would be needed to tie it over the autumn and winter seasons. It then set itself the task of carrying out the subsequent offering, intended to limit the dilutive effect of the private placement.