Har ikke lest nordover, men har dere snakket om dette?
Kesko - via onninen - kjøper elektroskandia.
Mener dette blir den største grossisten i norden - og når de ikke lenger er konkurrenter så blir vel prispresset på Elektroimportøren desto større.
1 Like
Fair argument- Elektroskandia stiftet i 1997 og har vært mange år før elimp, og har vokst side om side.
Elimp hadde omsetning på 250m i 2015 vs 1,5 mrd i 2022. Begge kan vokse, men kan absolutt presse marginer. Må nesten sees over tid. Valutaeffekter/rentehevinger er feks større press på elimp enn noe annet.
1 Like
Mye av den omsetningsveksten kan vel også tilegnes direktesalg til privatmarkedet? Et område Elektroskandia og Onninen ikke har oppholdt seg i, men vært gammeldags og kun solgt til elektrobedrifter.
Man må aldri bli gammeldags 
Elimp er uansett 50/50 privat/bedrift som i seg selv gir en slags diversifisering
1 Like
Var vel nøyaktig det som skjedde. Først liten legg til ned for å finne bunn.
1 Like
Friendly reminder.
-
Fortsatt i starten av en megatrend i Norge.
-
90% av salg for nybiler er elektriske. 1 av 5 biler er helelektriske. Det krever parker, installasjoner og reprasjoner.
-
Kommuner kommer nå med støtte for installasjoner som bedrer isolering og energieffektivisering. Elektriske anlegg er en naturlig del av dette fokuset.
-
Elektroimportøren markedsfører nå sin elektrikertjeneste spoton direkte i sine tv-reklamer under logo. Sverige satsningen fortsetter selv med 5%+ boliglånsrenter.
Norge ønsker å være pioner innen elektrifisering. Elimp er et case man må se mye lengre frem enn i dag.
1 Like
Den populære podcasten aksjesladder har elektroimportøren som en av sine julekuler og nyttårsraketter
+30%
1 Like
Denne ble trukket frem som nyttårsrakett.
Dette er ekstremt amatørmessig drevet. Veldig overrasket.
At ikke management har refinansiert, tatt opp sikret gjeld, hentet 50mnok, redusert Sverige ekspansjon før de går ut med mulig forward covenant breach er helt utrolig
1 Like
blir vel fort en grise emisjon på 1-2kr her?
Det er noe som skurrer veldig!
-
De er cash flow nøytrale.
-
1% tap vs topplinje som er ekstremt lite i en tøff periode, så hvis de dropper å ekspandere og får ut varelager så skal en helt normal lånefasilitet på eksvis 100m holde maskinen gående i 1 år minst. Eller cashinnhenting 50 mill.
-
ELIMP burde gjort det i sommer tydeligvis hvis de hadde tenkt til å pushe cov.
-
De har tapt 15 mill på 3 kvartaler.
-
Fasiliteten sier 4x NIBD/EBITDA, mao malt seg selv opp i et hjørne når ebitda faller litt og de vaker rundt
-
ELIMP delte ut utbytter for 10 måneder siden! Pressa ut cash på samme kontantstrøm, men nå går i brudd?
Derfor forstår jeg ikke forhandlingene som har foregått her.
Frontrunne meldingen er også merkelig. Veldig amatørmessig.
«Alternativt vurdere refinansiering av eksisterende lånefasiliteter som forfaller i 2025». Kanskje ta den praten med DnB før du konkluderer?
Hvis ikke dette ender i emisjon spekulerer jeg i at dette er en grisete innsidetrade. Mao noen som sveiper opp andeler som måkes ut. Hvis omsetningen skyter i taket og det er noen som henter i dag, for å fikse lånefasilitet senere.
Jeg har sjeldent sett tilfelle av kombinasjonene som utspiller seg. Har ingen posisjoner pdd men jeg er fortsatt ekstremt overrasket.
2 Likes
Godt eksempel på hvor skummelt det kan være med enkeltaksjer og i hvor liten grad man bør stole på råd fra «eksperter» dette er altså en såkalt nyttårsrakett. Var i pluss her, men solgte alt på litt over 10 i dag og tok en del tap.
Det er hvorfor noe av det viktigste å sjekke i et selskap er likviditet. Er det noe som kan true selskapet? Det holder btw ikke å se på resultatregnskapet, for et selskap som gjør store investeringer kan se ut som det er profitabelt, mens det i virkeligheten burde ha gjort store nedskrivinger. Likviditet er det andre punktet. Det er en grunn til at jeg sitter mest i Nekkar (de har ikke gjeld og bader i cash) og mye mindre i Reach Subsea (de har gjeld, leasingavtaler). Sistnevnte er priset svært mye lavere hvis man ser på P/E, men potensiale er ikke alt. Man må se på risiko også.
2 Likes
Elektroimportøren AS: Refinancing and private placement of NOK 150 million
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA, SOUTH AFRICA OR THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE “UNITED STATES”) OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Oslo, 14 February 2024: Elektroimportøren AS (“Elektroimportøren” or the “Company”) hereby announces (i) agreement to refinance its bank debt into new 3-year bank facilities and (ii) a private placement of new shares in the Company (the “Offer Shares”) to raise gross proceeds of NOK 150 million (the “Private Placement”).
New 3-year bank facilities
The Company has agreed with DNB Bank ASA to refinance its existing bank facilities into (i) a new NOK 220 million term loan and (ii) a new NOK 120 million overdraft facility.
The facilities will have no NIBD/EBITDA (based on NGAAP) covenant in Q1 2024, Q2 2024 and Q3 2024, and will have a NIBD/EBITDA covenant of 4.0x in Q4 2024. In 2025, the NIBD/EBITDA covenant is 4.0x in Q1, 4.0x in Q2, 3.75x in Q3 and 3.5x in Q4. From 2026, the NIBD/EBITDA covenant is 3.5x in Q1 – Q3 and 3.0 in Q4. In addition, the facilities will have a liquidity covenant of minimum NOK 40 million on the basis of cash or undrawn amount under the overdraft facility.
The margin on the term loan above 3-months NIBOR is based on the leverage measured on NGAAP basis. For leverage below 1.5x NIBD/EBITDA the margin is 1.75%, between 1.5x and 2.0x NIBD/EBITDA the margin is 2.25%, between 2.0x and 2.5x NIBD/EBITDA the margin is 2.75%, between 2.5x – 3.0x NIBD/EBITDA the margin is 3.25%, between 3.0x – 3.5x NIBD/EBITDA the margin is 4.0% and above 3.5x NIBD/EBITDA the margin is 4.25%.
The Company will repay NOK 75 million under the current facilities with proceeds from the Private Placement. There will be no further amortization in 2024. NOK 40 million in yearly amortization will be reinstated from December 2025.
The new bank facilities are credit approved, but subject to final documentation.
Private Placement
The Company has appointed DNB Markets, a part of DNB Bank ASA and SpareBank 1 Markets as joint bookrunners (collectively, the “Managers”) for the Private Placement.
The subscription price per Offer Share (the “Offer Price”) will be set through an accelerated bookbuilding process and the final number of Offer Shares to be issued will be determined by the Company’s board of directors (the “Board”), in consultation with the Managers, on the basis of an accelerated book building process to be conducted by the Managers.
The net proceeds from the Private Placement will be used to (i) repay NOK 75 million of debt in connection with the refinancing, (ii) continuing the financing of the ongoing growth initiatives and (iii) general corporate purposes.
DNB Markets is a part of DNB Bank ASA. DNB Bank ASA is a lender under the debt facility contemplated to be refinanced in connection with the Private Placement.
Aeternum Capital AS, a company closely associated with primary insiders Vegard Søraunet, chairman of the Board, and Gaute Gillebo, member of the Board, has pre-committed to subscribe for a number of Offer Shares at the final Offer Price such that its post Private Placement direct shareholding in the Company becomes 10.1%. Niss Invest AS, a company owned by the Company’s CEO Andreas Niss, has pre-committed to subscribe for Offer Shares at the final Offer Price for NOK 400,000. The Company’s CFO Jørgen Wist has pre-committed to subscribe for Offer Shares at the final Offer Price for NOK 200,000.
ACapital ELIMP HoldCo AS, holding approximately 24.53% of the shares in the Company, and Stenshagen Invest AS, holding approximately 5.62% of the shares in the Company, have indicated their intention to subscribe for Offer Shares equal to their pro-rata shareholding. ACapital ELIMP HoldCo AS is currently owned approximately 80% by WQZ Investment Group Ltd and approximately 20% by Aeternum Capital AS. Vegard Søraunet, Chairman of the Board of Directors of the Company, is a partner and founder of Aeternum Capital AS. Stenshagen Invest AS is represented on the Board of Directors through Kjetil Andreas Garstad.
In addition, Kjetil Andreas Garstad, who is a board member in the Company and closely related to Stenshagen Invest AS, intends to subscribe for NOK 2 million.
In addition, other existing shareholders have indicated that they will subscribe for at least their pro rata.
Consequently, the Private Placement will be covered on the basis of the pre-commitments and indications.
The bookbuilding period in the Private Placement will commence today, Wednesday 14 February 2024, at 16:30 hours CET and close on 15 February 2023 at 08:00 hours CET (the “Bookbuilding Period”). The Company may, however, after consultation with the Managers, at any time resolve to extend or shorten the Bookbuilding Period on short or no notice. If the Bookbuilding Period is extended or shortened, any other dates referred to herein may be amended accordingly. The Private Placement will be directed towards selected Norwegian and international investors, in each case subject to and in compliance with applicable exemptions from relevant prospectus, filing and other registration requirements. The minimum application and allocation amount in the Private Placement has been set to the NOK equivalent of EUR 100,000, provided that the Company may, at its sole discretion, allocate an amount below EUR 100,000 to the extent applicable exemptions from the prospectus requirement pursuant to applicable regulations, including the Norwegian Securities Trading Act, the Prospectus Regulation, and ancillary regulations, are available.
Allocation of Offer Shares will be determined by the Board at its sole discretion, in consultation with the Managers, following the expiry of the Bookbuilding Period, however subject to approval by the EGM (as defined below). The Board will focus on criteria such as (but not limited to) current ownership in the Company, pre-commitments and indications, price leadership, timeliness of the application, relative order size, sector knowledge, perceived investor quality and investment horizon. The Board may, at its sole discretion, reject and/or reduce any applications. There is no guarantee that any applicant will be allocated Offer Shares.
Completion of the Private Placement, by delivery of Offer Shares to investors, is subject to the following conditions (together, the “Conditions”) being satisfied: (i) all necessary corporate resolutions being validly made by the Company, including (without limitation) the board of directors of the Company (the “Board”) resolving to proceed with the Private Placement and an extraordinary general meeting in the Company, scheduled to be held on or about 29 February 2024 (X) (the “EGM”), resolving to issue and allocate the Offer Shares, (ii) the Pre-Funding Agreement entered into between the Company and the Managers remaining in full force and effect, (iii) the share capital increase pertaining to the issuance of the Offer Shares being validly registered with the Norwegian Register of Business Enterprises (the “NRBE”), and (iv) the Offer Shares being validly issued and registered in the VPS. Existing shareholders being allocated shares in the Private Placement undertake to vote in favor of the Private Placement at the EGM.
Settlement of the Private Placement will take place on delivery versus payment (DVP) after the Conditions have been met. In order to facilitate for DVP, the Company and the Managers have entered into a pre-funding agreement (the “Pre-Funding Agreement”). The Offer Shares delivered to the subscribers will be tradable after the share capital increase relating to the Offer Shares has been registered by the NRBE, which is expected on or about 1 March 2024. The settlement date is expected to be on or about 4 March 2024 subject to timely registration of the shares by the NBRE.
The Company reserves the right to cancel, and/or modify the terms of, the Private Placement at any time and for any reason prior to notification of conditional allocation. The Applicants also acknowledge that the Private Placement will be cancelled if the Conditions are not fulfilled. Neither the Company nor the Managers, or any of their directors, officers, employees, representatives or advisors, will be liable for any losses if the Private Placement is cancelled and/or modified, irrespective of the reason for such cancellation or modification.
The Board of Directors has considered the structure of the contemplated offering of new shares in light of the equal treatment obligations under the Norwegian Private Limited Companies Act, the rules of equal treatment set out in the continuing obligations for companies admitted to trading on Euronext Growth and the guidelines on the rules of equal treatment, and is of the opinion that the proposed Private Placement is in compliance with these requirements. The share issuance will be carried out as a private placement in order for the Company to complete the equity raise in a manner that is efficient and closely coordinated with the refinancing process with its lending bank. Certainty of at least NOK 150 million in new equity is a condition under the refinancing agreement with the lending banks. With regards to timing of the transaction the Company finds it beneficial to complete the transaction as soon as possible avoiding a potential covenant breach in Q1 2024 and market risk.
Further, the Subsequent Offering (as defined below), if implemented, will secure that Eligible Shareholders (as defined below) will receive the opportunity to subscribe for new shares at the Offer Price. The Company may, subject to completion of the Private Placement, and certain other conditions, resolve to carry out a subsequent offering of new shares at the Offer Price (the “Subsequent Offering”) which, subject to applicable securities laws, will be directed towards eligible shareholders in the Company as of end of trading on 14 February 2024 (as registered in VPS as of the end 16 February 2024) (the “Record Date”) who (i) were not allocated Offer Shares in the Private Placement and (ii) are not resident in a jurisdiction where such offering would be unlawful or, for jurisdictions other than Norway, would require any prospectus, filing, registration or similar actions (the “Eligible Shareholders”). A Subsequent Offering will be subject to approval by an extraordinary general meeting of shareholders, whereas the Eligible Shareholders will receive non-tradeable subscription rights based on their registered shareholdings as at the Record Date.
Launch of a Subsequent Offering will be subject to (i) completion of the Private Placement, (ii) relevant corporate resolutions, including approval by the board of directors of the Company and the EGM and (iii) the publication of a national prospectus by the Company.
DLA Piper is acting as legal advisor to the Company in connection with the Private Placement.
For more information, please contact:
Andreas Niss
CEO Elektroimportøren AS
+47 934 67 067
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Jørgen Wist, Chief Financial Officer at Elektroimportøren AS on 14 February 2024 at 16:31 CET.
IMPORTANT NOTICE: The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. Neither the Manager nor any of its respective affiliates or any of their respective directors, officers, employees, advisors or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith. This announcement has been prepared by and is the sole responsibility of the Company. Neither this announcement nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into or from the United States, Australia, Canada, Japan, The Hong Kong Special Administrative Region of the People’s Republic of China, South Africa or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The publication, distribution or release of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This announcement is not an offer for sale of securities in the United States. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any securities referred to herein in the United States or to conduct a public offering of securities in the United States. Any offering of the securities referred to in this announcement will be made by means of a set of subscription materials provided to potential investors. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned subscription material. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e. only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression “EU Prospectus Regulation” means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (together with any applicable implementing measures in any Member State). This communication is only being distributed to and is only directed at persons in the United Kingdom that are “qualified investors” within the meaning of the EU Prospectus Regulation as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018 and that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so. This announcement is made by, and is the responsibility of, the Company. The Managers and their affiliates are acting exclusively for the Company and no-one else in connection with the Private Placement. They will not regard any other person as their respective clients in relation to the Private Placement and will not be responsible to anyone other than the Company, for providing the protections afforded to their respective clients, nor for providing advice in relation to the Private Placement, the contents of this announcement or any transaction, arrangement or other matter referred to herein. Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and any liability, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Offer Shares in the Private Placement have been subject to a product approval process, which has determined that they each are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II (the “Positive Target Market”); and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the “Appropriate Channels for Distribution”). Distributors should note that: the price of the Offer Shares may decline and investors could lose all or part of their investment; the Offer Shares offer no guaranteed income and no capital protection; and an investment in the Offer Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. Conversely, an investment in the Offer Shares is not compatible with investors looking for full capital protection or full repayment of the amount invested or having no risk tolerance, or investors requiring a fully guaranteed income or fully predictable return profile (the “Negative Target Market” and, together with the Positive Target Market, the “Target Market Assessment”). The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Private Placement. For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Offer Shares. Each distributor is responsible for undertaking its own Target Market Assessment in respect of the Offer Shares in the Private Placement and determining appropriate distribution channels. In connection with the Private Placement, the Managers and any of their affiliates, acting as investors for their own accounts, may subscribe for or purchase shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such shares and other securities of the Company or related investments in connection with the Private Placement or otherwise. Accordingly, references in any subscription materials to the shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, such Managers and any of their affiliates acting as investors for their own accounts. None of the Managers intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so. Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “aim”, “expect”, “anticipate”, “intend”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. The Company, the Managers and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.
Nyttårsraketten til ekspertene dette her altså. Men det er kanskje nå man skal gå inn ? :)Med disse penga går de ikke i brudd med lånebetingelsene allikevel? Emi på 7 ca ? Et stykke opp til all time high på 90 ca nå…Easee lader situasjonen svei, men det er mange flere grunner enn det. Dårlige tider generelt kombinert med elendig styring? Utviklingen minner om XXL
1 Like
Dagens markedsverdi er 210 millioner, i emisjonen skal de hente 150 millioner pluss eventuell repemisjon i etterkant. Hvor mye rabatt det blir vet vi ikke enda. Det blir høy utvanning av dagens aksjonærer. Spent på hvor høy.
Når emien er satt så blir tusenkronersspørsmålet om det da lønner seg å kjøpe til emi pris
Må jo være fordi det da er verdt å tro på fremtiden
Hvis det er lov å si har de høy årsomsetning til å være verdt så lite, men det dårlige resultatet kombinert med en god del gjeld er ikke noe fest akkurat
Jeg er ikke noen tallknuser, men hvis noen er interessert i å sette seg inn i rapporten og dele her så er det meget velkomment