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Those who buy Fred. Olsen Energy throws money or strives to waste even more money.
Fred. Olsen Energy is on the brink of bankruptcy and is negotiating with creditors a refinancing solution. Tuesday night, there was bad news from the company. An essential prerequisite for reaching the solution for which the company has worked is broken.
The company's plan planned for the sale of the drilling vessel Bolette Dolphin. The company said last week it had a buyer on hand who was willing to pay $ 340 million for the drill ship, which is the company's innermost internal filament. But on Tuesday night, the message was announced that the buyer was out. In addition, it was previously known that one of the creditors who had originally made secured loans to the company would not accept the sale of the drill ship.
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He looks so Not exactly that the company's refinancing plan is completely in the box, to say it carefully. And let's just repeat what the company announced in its announcement regarding the plan regarding the value of the old share capital after the issuance and conversion of debt into shares. The plan was the current share capital, ie shares quoted in Oslo Børs, valued at $ 1.5 million, or nearly 13 million kroner. This equates to a course of just over 19 øre.
Future developments does not mean that shareholders today are getting better. And even with the price the company thought they were getting for Bolette Dolphin, the value of the current stock will not be much higher. Although it is still relatively likely that this will ultimately be a solution, it is quite unrealistic to find that shareholders today are coming a little better. Rather the opposite.
Always exchanged Fred. Olsen Energy shares in Oslo many times the values that the company itself has assumed. At the time of writing, the stock was trading at NOK 1.27, or 6.6 times the value of the company's trading in its stock market announcement on November 6.
Whether it is no reason for the share price to be so high. And whatever the outcome of debt negotiations, we are almost assured of a sharp fall in stock prices. We are probably seeing the same phenomenon as that observed previously on the stock market. Some actions begin to live their lives far above reality.
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We saw it in Seadrill who died when reality acquired the stock this summer. We saw them at Farstad Shipping before the triangular merger with Solstad Offshore and Deep Sea Supply last year. And we saw it in the Norwegian forest before the opening of the bankruptcy at the end of last year.
To the solution Of course, it is of course possible to earn money with price fluctuations. But most people involved in the stock are sitting with blacks.
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