On Friday morning oriented Norway’s largest media groups that they want to introduce a new class of shares. This shall be done by splitting the shares in an A-class and B-class.
“This will give Schibsted full access to equity markets, while there will preserve the central role Tinius and Blommenholm Industrier has to support Schibsted, “the report says.
The purpose of the stock grip is in other words to secure money in the capital market or carry out acquisitions with payment in shares without the company’s own Tinius Trust is obliged to irrigate his mail.
– Schibsted has many exciting opportunities for both organic growth and growth through acquisitions, especially in the online classifieds segment. We should therefore increase our financial flexibility. As a consequence of this is the ability to increase equity through the introduction of a new class B shares in line with our long term strategy and ambitions, CEO Rolv Erik Ryssdal of Schibsted Media Group in a message.
Stock Market does not respond positively to the proposal and investors on the Oslo Stock Exchange Friday responds by sending the stock to Schibsted with over three percent. The company currently has a market value of 53.6 billion.
In an interview with Reuters says analyst Sami Sarkamies of Nordea Markets that this may be a sign that Schibsted many new classifieds companies need more time before they will contribute money in Schibsted checkout, writes E24.
– I think this may be a signal that the view to the cash flows from the existing online classifieds businesses may not be as good, and that it may take years before the business in emerging markets and in Europe will provide positive cash flow, says Sarkamies.
The proposal to create a new class of shares will increase in Schibsted meeting on 8 May.
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