Norpalm AS News15 May 2017 18:48
'16 April 2017 - UPDATE - 'March: Norpalm Ghana recorded record volumes as far as FFB processed were concerned. So far, Q1 result is well ahead of budget. The outlook for the remaining 2017 peak season is good.
8th May 2017 - IMPORTANT INFORMATION TO SHAREHOLDERS
Important message: The administration has come to the fore that some of our shareholders have received offers for the sale of their NOPA shares for kr. 1.70. We must therefore expressly state that those shareholders who give the power of attorney to kr. 1.65 has given a binding and irrevocable sales force . Sales for kr. Thus, 1.70 is not possible as long as the current sales process is in progress. New info to all shareholders is expected to be sent about approx 1 week
13th May 2017
NEW, IMPORTANT INFORMATION TO SHAREHOLDERS
IMPORTANT MESSAGE: New information is expected to be available during week 20. The administration finds reason to repeat giving a sales authorization to kr. 1.65 per share is still binding and irrevocable . Per Schønberg can be contacted by phone. 9073 1238 for further information when needed.'
Norwegian press seem to believe the Norpalm CEO is keen for a takeover deal to proceed and is willing to accept a reduced price of 1.65 krone/share from the 2.0 krone mentioned in some earlier reports, due to some 'uncertainty' around the leases. Reading between the lines it appears historically, the Norpalm management have not managed the business with respect to their relationships with the various interested parties - landowners, local and National Government which has come to an impasse, and are wanting to exit as quickly as possible, seemingly willing to do a deal at what looks close to a fire-sale price.
This would suggest an offer price of circa 50 million Norwegian Krone/£4.54m for Norpalm.
Schønberg tells of countless meetings with land owners and representatives of the privatization agency and various Divestiture Implementation Committee dignitaries included Ghana's president - no result.
The report suggests DekelOil had bid the stock of 1.65 kroner conditional that they got 50.1 per cent, that the Ghanaian authorities waived all claims against Norpalm and that PZ would not use the shareholder agreement's clause, "change of control" - in return DekelOil would in addition provide the financing of the compensation to the land owners through a loan of 2.2 million dollars @11%
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