Swedish tidal energy developer Minesto has dismissed a claim for damages directed against the company from the former major shareholder BGA Invest as unfounded.
The claim for damages is allegedly based on the board of directors’ resolution to allot shares to BGA in the company’s rights issue carried out during autumn 2025.
BGA alleges that its subscription for and payment of shares in the rights issue of approximately SEK 22 million (around $2.4 million) occurred by mistake and that the board of directors should therefore have reversed BGA’s subscription and payment.
The board’s overall assessment at the time of the allotment resolution, following careful consideration in consultation with the company’s advisers, was and remains that BGA’s subscription in the rights issue was legally binding, Minesto said.
According to the company, a reversal of BGA’s subscription would thus have constituted preferential treatment of BGA to the disadvantage of Minesto’s other shareholders in violation of company law rules and good practice in the stock market.
“In addition to BGA’s claim for damages being unfounded, BGA has furthermore not proved that the company has suffered any compensable damage,” Minesto said.
The board assessed that BGA had sold its entire shareholding in Minesto at a discount during the period between the allotment resolution and the publication of the company’s interim report for the period from January 1 to September 30. The assessment is based on the company’s share register as of November 25, 2025, from Euroclear Sweden, in which BGA is no longer listed as a shareholder. In close connection with BGA’s disposal of its shareholding, a significant share price decline has occurred.