Skip to main content

Announces renewable energy strategy and appoints Bjørn Simonsen as CEO

Written by Customer Service on . Posted in Public Companies.

OSE NOTIFICATIONAnnounces renewable energy strategy and appoints Bjørn Simonsen as CEOHIGHLIGHTS:Saga Tankers ASA (Saga) announces investment strategy within renewable energyBjørn Simonsen appointed Chief Executive Officer (CEO)Saga to divest non-core assetsSaga to change name to Saga Pure ASA (Saga Pure)Announces NOK 55 million investment in integrated green hydrogen fuel company Everfuel A/SInitial cash balance of NOK approximately 180 million after divestments and purchase of shares in Everfuel A/S, with no debt(Oslo, 19 October 2020) The Board of Directors of Saga Tankers ASA (OSE: SAGA) today announces the strategy within renewable energy investments and has appointed Bjørn Simonsen as Chief Executive Officer (CEO). Following the renewable energy strategy, the company will divest non-core assets and change name to Saga Pure ASA.“Saga sees significant opportunities within renewable energy investments. We have extensive experience from developing companies within the renewable energy universe, e.g. from the global leader within hydrogen technologies Nel ASA. Saga has a strategy of actively working with its investments in both listed and private entities with a significant value creation potential, and will leverage on the deal flow, resources and capabilities in our network, “ says Martin Nes, Chairman of the Board of Directors.The Board of Directors of Saga has focused the company’s investment strategy towards renewable energy investments. Following the renewable energy strategy, the company has entered into agreements to divest non-core assets and will change name to Saga Pure ASA. See notice for an extraordinary general assembly, to be released shortly, for additional transaction and company details.In addition, Bjørn Simonsen has been appointed CEO of Saga as of 1 December 2020. Simonsen comes from a management position in Nel ASA, where he has been instrumental in the development of the company since 2014. Simonsen holds a MSc in Energy and Environmental Science from NTNU and has been allocated 16.67 million shares in Saga through a private placement, at a subscription price of NOK 0,90,- per share. In addition, Simonsen has been allocated 15 million share options, subject to approval of the upcoming Extraordinary General Meeting, with strike share price of NOK 1,5,-, NOK 2,- and NOK 2,5,-, vesting for a total period of up to 36 months. Additional information on the private placement and the option grant will be made available in a separate stock exchange announcement.“Bjørn is one of the most knowledgeable and respected professionals within the hydrogen industry, which is one of the initial focus areas in our investment universe. Bjørn brings world-class hydrogen competence and an international network providing technical due diligence competences and relevant deal flow,” says Nes.“I have worked with Øystein Stray Spetalen and Martin Nes since the rejuvenation and corresponding listing of Nel. Øystein and Martin served as active board members in Nel for years, and I look forward to joining them in Saga to create value for our shareholders by developing and investing in companies within renewable energy and hydrogen,” says Simonsen.Simonsen will take the position as CEO of Saga from 1 December 2020, with Espen Lundaas serving as Chief Financial Officer from the same date. Saga will further strengthen the organization within the renewable business, in line with the new strategy. Saga today announces the initial investment under the focused strategy with the NOK 55 million investment in Everfuel A/S. The company is an integrated green hydrogen fuel company positioned to capitalize on the EUR multi-billion hydrogen heavy-duty fuel market now opening up in Europe. The investment follows a private placement and subsequent listing of Everfuel A/S on Merkur Market, with Saga as cornerstone investor.Transaction details for focused strategyAs part of the focused strategy towards renewable energy, Saga will divest the following assets:55% ownership in indoor arena Vallhall to be sold to Tycoon Industrier AS for an enterprise value of NOK 120.0 million. The transaction is subject to the approval of the extraordinary general assembly and an independent and reputable advisor has provided a fairness opinion to the Board of Directors of Saga in relation to the transaction. In addition, Ernst & Young AS, the company’s auditor, has prepared a report and the Board of Directors have issued a statement in accordance with the Norwegian Public Limited Company Act §3-14.105 846 245 shares in S.D. Standard Drilling to be divestedOther investments corresponding to approximately NOK 32 million will be sold  Following the completion of the transactions, including purchase of shares in Everfuel A/S, Saga will hold in the range of approximately NOK 180 million in cash, with no long-term debt. The company will continue to be invested in Vistin Pharma ASA.See notice for an extraordinary general assembly, to be released shortly, for further transaction and company details, in addition to the change of articles of association, change of name, authorization to the board of directors to increase the share capital, and more.ENDSFor additional information, please contact:Martin Nes, Chairman: + 47 920 14 814 e-mail: martin@ferncliff.noAbout Saga Pure ASASaga Pure ASA, currently named Saga Tankers ASA and listed under the ticker SAGA, is an investment company focusing on renewable energy with a strategy of creating shareholder value by active ownership in selected companies across the investment universe. Bjørn Simonsen is CEO of Saga Pure ASA from 1 December 2020 with the Board of Directors consisting of Yvonne L. Sandvold and Øystein Stray Spetalen and Martin Nes (chairman).This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.