World Courant
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The case has been up to date.
Earlier than the market opened, an enormous chubby promote order had been entered. This led to the inventory being instantly paused when Oslo Børs opened at 9am on Wednesday.
The gross sales freeze comes after the airline introduced an possession switch on Tuesday night. On the identical time, it was introduced that the corporate can be delisted from the inventory change within the second quarter of 2024.
Based mostly on Tuesday’s closing worth, the corporate was valued at NOK 2.2 billion on the Oslo Inventory Change.
On the Stockholm inventory change, the inventory plummeted by 94 p.c after 4 minutes of buying and selling. On the time of writing, the inventory is down about 90 p.c.
Nugatory shares
The airline SAS has been in chapter safety within the American authorized system for a yr and a half. On Monday night it turned clear that the corporate will obtain 13 billion Swedish crowns in new capital from two funds, Air France-KLM and the Danish state.
The article continues under the commercialSAS can be delisted and the present shareholders will lose all the things.
The airline has been clear all alongside that it wants to boost at the least 9.5 billion in new fairness, which chairman Carsten Dilling confirmed once more when the rescue plan was offered to the general public in Stockholm on Monday.
New property division
So the brand new principal homeowners in SAS will appear to be this:
Air France-KLM, with 19.9 p.c of the corporate. The Danish state, with 25.8 p.c. Castlelake, a global fund supervisor, with 32 p.c. Lind Make investments, a Danish household workplace, with 8.6 p.c.The remaining 13.6 p.c will probably be held by collectors who can convert debt into fairness.
The 4 new principal homeowners are getting into the corporate with $1.175 billion in new capital, which equates to a paltry 13 billion Swedish kronor (and about the identical in Norwegian).
Below the plan, SAS can be delisted from all Nordic inventory exchanges within the second quarter of 2024, and as SAS has warned a number of instances all through the method, present shareholders will lose all the things.(Circumstances)Copyright Dagens Næringsliv AS and/or our suppliers. We wish you to share our circumstances through hyperlinks that lead on to our pages. Copying or different use of all or a part of the contents could solely be made with written permission or as permitted by regulation. For additional situations see right here.
The SAS share stopped after a change of possession | DN
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