Formerly AIM-quoted Norwegian ski resort operator Nordic Panorama Ltd is being acquired by Nordic Panorama AS.
The offer is either £55.80 a share or one new AS share for every plc share. This values the company at £920,000.
The Norwegian bid vehicle is owned by PJ Vradal Invest AS, which in turn is owned by Petter Johnsen (94%), Kjetil Johnsen (3%) and Henning Johnsen (3%).The first two of these, who are Father and son, were chief operating officer and executive director of the UK company when it was quoted. The bidders own 95.65% of the current share capital.
There was a 50,000 for one share consolidation in April 2009. That consolidation will have removed a lot of small shareholders from the register.
The equivalent share price of £1,190 a share when the business was acquired in January 2007 is much more than the £55.80 cash bid, which is equivalent to 0.11p a share before the consolidation. Petter Johnson offered to acquire 25m shares at 0.5p a share - equivalent to £250 a share post-consolidation - when the AIM quotation was cancelled.
The latest published accounts are for 2007 and the 2008 accounts are described as overdue on the Companies House website because they were due to be filed on 31 July 2009.
Nordic, which also sells and rents chalets at the resort, left AIM in 2008 because it believed that the market didn’t appreciate its business. The shares lost more than four-fifths of their value over the year before the company left AIM. There was limited liquidity in the shares because two shareholders owned 87.4% of the company.
Nordic had a number of guises in its two decades as a quoted company. It started out as royal jelly supplier Regina before changing its name to Maisha and switching from the Main Market to AIM on 26 August 2003 at a transfer price of 2.75p. It briefly acquired a technology business. That purchase didn’t prove to be a good deal and it was unwound. The cash shell acquired the current businesses on 5 January 2007 for £19m in shares – based on a share price of 2.38p. Nordic left Aim on 12 August 2008.
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