to strengthen the company’s financial flexibility, has English now secured three billion in equity through a guaranteed rights issue oversubscribed, write English in a press release.
the Company has in recent years invested significantly in new aircraft and launched a variety of routes, not least the intercontinental. Now will the growth slow down and profitability up.
It led to a crimson opening on the Oslo stock exchange. At one point was the rate down to 30 per cent. Right before the clock hours of 09: 30 it had risen a little, but was still down 15 per cent.
Measures the
the Company writes in the press release that these measures should lead to that the costs be reduced:
Sales of aircraft and the possible establishment of a new holding company for part of the flyparkenUtsettelse of flyleveranserKostnadsprogrammet #Focus2019, where the aim is to reduce costs by at least two billion in 2019Optimalisering of basestruktur and ruteprogramKompensasjon from the engine manufacturer Rolls Royce related to the engine trouble on the company’s Dreamliner-operation
English has been through a prolonged period of heavy expansion. Growth will now slow down, and the company will have an increased focus on reducing costs and investeringsforpliktelsene, writes chief executive Bjørn Kjos.
Through the rights issue will the company’s balance sheet strengthened and the company will have increased flexibility to support this development forward. We are very pleased that our largest shareholders supports the company’s plans and strategy in an increasingly competitive market. Now we are going to concentrate on to optimize our international operations and reduce costs to increase profitability, ” says ceo Bjørn Kjos.
Extraordinary general meeting
Kapitaløkningen occurs through a guaranteed rights issue oversubscribed, which ensures Norwegian three billion in equity. Placement to be discussed at an extraordinary general meeting 19. February. The company’s presentation of fourth quarter 2018 speeded up to 7. February.
English has received a proposal from certain major shareholders that the representation by the company’s shareholders should be increased in the committee at the next annual general meeting, and that the statutes should be changed so that the chairman is no longer a permanent member of the committee, type TDN.
It means that the shareholders will throw the company’s chairman of the board, Bjørn Kise, out of the committee.
HBK Holding AS, the company’s largest shareholder, supports the proposal, outlined in a statement from the company Tuesday.
According to the DN has Bjørn Kise long as both have been guaranteed a place in the committee, but also as the chairman of the committee. On the way, he has been responsible for proposing himself as chairman of the board.
