Another EGM and Rights Issue on the way, 17th December, with a 100:1 reverse share split.
The Board of Directors of Norwegian Air Shuttle ASA ("Norwegian" or the "Company") is today proposing a plan and set of actions that secures current and future travelers and ultimately will potentially enable the company to exit its current Irish Examinership process through implementations that aim to right-size the company operations at a level of proven profitability. This will mainly be done by reducing the fleet of aircraft, and therethrough reconstruct a balance sheet that is focused and strong enough to attract new investors and stakeholders including potentially Norwegian government support. The debt to equity conversion will not only include parts or whole of aircraft financing or leasing liabilities, vendor/supplier liabilities, bond obligations but potentially also include arrangements that requires Norwegian only to pay for aircraft when in use until 2022 (so called «PBH» Power by the hour). An equity issue up to NOK 4 billion in the form of common stock and/or hybrid equity instruments to current, new shareholders and other potential stakeholders is viewed as the final step in this process. It is the intention that should all these actions be successful, current shareholders will together with the current debtors become meaningful minority shareholders of the company. An extraordinary general meeting will be held 17 December 2020.
https://live.euronext.com/en/node/3471073
Reduction of the share capital
- The share capital is reduced by NOK 3,696,878,720.70 from NOK 3,700,579,300 to NOK 3,700,579.30 by reducing the nominal value of each share. The reduction amount shall be transferred to funds and constitute other paid-up up equity. § 3 of the articles of association shall be amended to state the company's share capital and number of shares following the reduction in the share capital. [Comment: If the share capital is increased prior to the general meeting, the reduction amount will be amended so that it is equal to 99.9 % of the share capital at the date of the general meeting.
- https://www.norwegian.com/globalasse...huttle-asa.pdf