OnWednesdaymorningitwasannouncedthattheStavangercompanyNorecoturnhasseriousproblems.ChairmanMortenGarmanendoftheday.
Thishappenslessaweekafterformerchairmanandsecondlargestshareholderstalekyllingstadsold99,762,341sharesintheStavanger-basedoilcompany.
-Whathappenswastotallyunexpectedforme.I’mnoinsiderandwillnotspeculateonwhathappens,saysStålekyllingstadtoAftonbladet.
FirstTuesdaynight,hewasthesecondlargestownerinNoreco,withastakeofabout16percentoftheshares,madefamouswiththenegativenews.
AnunexpectedshutdownoftheHuntingtonfieldinOctober2014andpossibleimpairmentofOselvarandHuntingtonreserves,Norecosendoutanewacutemonetarycrisis.
“DevelopmentsinHuntingtonwillaffectthecashbalancein2015andinsubsequentyears,andtheunforeseenclosuremakesituncertainwhetherthecompanywillbeabletomeetitsfinancialcommitmentstowardstheendof2014,”thecompanywritesinapressrelease.
NorecoUh-oh!:-Weareinaserioussituation
AsearlyMondayspeculatedothershareholdersonthewebsiteHegnar.nothatsomethingwasgoingoninNoreco.ItwashotlydebatedthatStåleKyllingstadIKMsoldits100millionshares.
-Yes,wesold100millionsharesonseveraloccasionslastweek.Butonemustlookatthewholepicture,sayskyllingstad.HepointsoutthatIKMwhilesellingsharesinothercompanies,includinghalftheportfoliointheoilservicecompanyArcherandalltheCompany’sprime.
-Wewouldsimplyreallocatetheuseofthemoneybit,sayskyllingstad.
DaytraderandinvestorSvendEgilLarsentweetaboutIKMsalesinNorecolastweek.Hebelievesthereisreasontoquestionthetiming.
-WhenitcomesKyllingstadsuddensalesasonemightwonderifanyoneknewmorethanothers.AsaplayerinthemarketItrustthatallplayersatanytimesittingwiththesameinformationavailable.AtIKMpumpsout100millionsharesinthepreviousweekwillseeaqueasyfeelinginme,whysellnow?Thetimingissuspiciousandshouldbeexaminedbythosewhohaveauthoritytodoso,saysLarsen.
-Canyouhaveknownmorethanothers,kyllingstad?
-unfortunately.
-smallshareholderssaidMondaythattheywouldgointheprotestmarchifNorecohadtroublewithHuntingtoninthewakeofyoursales.NowitisknownthatHuntingtonhadtoshutdown.
-Itistotallyunfoundedconcerns.ItcannotbethatIsixmonthsafterI’vegivenmyselfarule,arenotallowedtoselltheshares.Nowpeoplehavetousecommonsense,sayskyllingstad.Hestressedthatthesalelastweekdidnotgetanygreatimportance.
ALSOREAD:
HehasnotcompletelylostfaithinNoreco.Thecompanyhasafuture,hebelieves.
-ForGod’ssake,Ihopethereishopeforthecompany,asmuchasIhaveinvested,theinvestorfromthatarea.
Stålekyllingstadlostcloseto380millionatthesmalloilcompanyNoreco,accordingtoToday’sBusiness.
What’syourplanontheNoreco,kyllingstad?
-Exitsfromthecourseisgravel,darenotpredictwhatwewillcontinue.Nowweneedtounderstandwhatishappeningandsummarize.Allwithacalculatorcanseethatthiswasnotthebestinvestment,sayskyllingstad.
Ayearagoinvestedstalekyllingstadanother100millioninoilmosquito.
-Weactuallyhadfaithinayearagothatthemoneywaswellspent.Howisittoinvest.Wethoughtitwasagoodinvestment
-Whatdoyouthinknow?
-BeforeIknowwhattheoverallsituationis,Idarenotthinktoomuch.Butitdoesnotseemtobeagoodinvestment.
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