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On Wednesday morning, it was known that XXL had sold the approximately 3 million own shares that the company holds to the Altor acquisition fund for NOK 77.4 million.
The sale of the shares also resulted in a loss of NOK 86.3 million for XXL.
This shows the E24 calculations based on the purchase of own shares by XXL, the sale of shares awarded to employees and the sale to Altor.
After XXL returned to Børsen with registration in 2014, the company started in March 2015 to buy back its own shares in several installments.
Has bought shares for 178 million
Until last December, the company had bought own shares for a total amount of NOK 177.6 million. After the sale of some shares to employees, she lost 86.3 million NOK after the sale to Altor.
The shares were intended to be used in employee profit-sharing programs or redemptions (by deletion), but the company now requires shareholders to approve the sale of the remaining shares to Altor.
XXL writes that shareholders holding just over 50% of the shares will vote in favor of the proposal.
Read also: XXL share up 20%: the fund estimates that it will take two or three years to become XXL
The XXL price has fallen sharply in value in recent years and the value of the shares in which the company is held will be updated regularly in the accounts. It is therefore only the difference between the book value at the end of the first quarter and the price paid by Altor at NOK 25, which will subsequently appear as a new loss in the accounts.
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Comment on the stock: The Altor deal is good for XXL, but the course jump can be exaggerated
Shop several times
The shares were bought at a much higher average price than the current agreement with Altor of 25 NOK per share.
Overview of the shares that XXL has bought on the market since March 2015:
- In 2015, 105,000 shares were purchased for 7.5 million NOK at a price of NOK 71.95.
- In 2016, XXL traded 97,000 shares for 9.5 million NOK at a price of NOK 97.69.
- In 2017, 116,000 shares were purchased for 10.8 million NOK at a price of NOK 93.36.
- In 2018, XXL has negotiated three million shares at NOK 76.08, 73.11, 47.13 and 41.50 NOK at NOK 150 million.
During the same period, XXL also transferred 86,310 shares and 79,216 shares to employees who generated revenues of NOK 14 million.
After the sale to Altor, XXL does not own its own shares.
E24 did not manage to get a comment from XXL's management on Wednesday.
It will take years to become XXL
Altor calls the challenges that XXL has known lately as "growing pains".
– We have been working on the record for some time and felt that the pricing was just to take a bigger position for now, says Hugo Lund Maurstad, top of the Altor group, at E24.
The acquisition fund, which previously held 6.9 million shares, also requested a representative on XXL 's board of directors.
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It's the acquisition company that had the XXL action to jump
– What can you add to XXL that the company has not before?
– We can supply the supplier well, since we have Helly Hansen for six years and we now own Rossignol and the Sats training chain. The fact that we know the suppliers side and that we have experience in the sports industry could, in our opinion, make a useful contribution.
Maurstad, de Altor, believes that it will take time to reverse the XXL trend.
– These trips often take two or three years. Secondly, existing activities should be at the level of previously achieved levels. Then you can start looking for new opportunities in other regions, he says.
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