After Aker withdrew its multi-billion-dollar bid in January, NBT’s hunt for funds continued to work overtime. At the same time, the latter is likely to have to increase its shareholding in this popular wind power company.
After Aker’s surprise, NBT’s clock ticked endlessly.
In January it was announced that it would abandon the acquisition of a wind power company for NOK 3.1 billion.
Last week, NBT chief executive Joar Viken managed to persuade creditors to accept the deferred maturity of two bonds totaling NOK 1.4 billion from the end of April to the end of June.
Since August last year, NBT has been seeking long-term financing for the Zophia wind energy project in Ukraine, with JP Morgan, a major US bank, as a consultant.
In the NBT 2019 annual accounts notes released at the end of June 2020, it is mentioned that the company is in dialogue with industrial investors who want to purchase majority shares (Aker, editor’s note).
If this anticipated transaction or a similar transaction for any reason fails to materialize, the premise of “going concern” (going concern, editor’s note) will be seriously threatened and the group may have to write down the value of its assets.” The report pointed out.
Since 2008, the total deficit of NBT has reached 1 billion Swedish kronor.
When the offer was made last summer, Aker already owned 8.3% of NBT. According to Aker, it was finally reached after a “comprehensive evaluation.”
These conditions include the completion of due diligence procedures, approval of Ukraine’s new tariff system in Parliament, and funding for the Zophia project.
Aker does not want to disclose which conditions are not met.
-We do not comment on details. In January, Atle Kigen, Aker’s director of communications, told E24 that it was based on an overall assessment.
Aker’s offer is 70 Norwegian kroner per share. Even if the industrial group does not want to complete the transaction, it may soon have to increase its ownership in NBT to the same valuation.
Aker Onshore Wind, the company that plans to buy NBT, provided the latter with a convertible loan of US$122.3 million before Christmas last year. It shows the minutes of the board meeting that obtained E24 authority from NBT.
Part of the agreement has been skimmed, so the background of the loan is not stated.