Norway: Hoegh LNG Postpones Private Placement, Plans to Raise Capital Through IPO and Listing
Reference is made to the press release dated 13 May 2011, regarding Höegh LNG Holdings Ltd.’s application for a listing of the Company’s shares on Oslo Børs (the Oslo Stock Exchange) with a planned listing in June 2011.
Over the last two weeks, Höegh LNG has met numerous potential investors. Feedback from these investor meetings has been positive and the interest in the Company’s share remains high. However, due to the current volatile market conditions and prevailing uncertainty, the Company has decided to postpone the private placement and instead raise capital as part of the planned listing on Oslo Børs in June.
The Chairman of the Board of Directors, Morten W. Høegh, explains: “We have met with a broad investor universe with a positive view on the LNG sector and in particular Höegh LNG’s position as one of the key players within the LNG regasification segment. Although we perceive the investor interest to be high, we have in consultation with our financial advisors decided to conduct an equity issue and raise the required capital in connection with the planned listing process. We aim to create an attractive capital markets vehicle, and in the current equity market investors increasingly demand an immediately liquid share, a request we seek to meet.”
Source: Höegh LNG, May 20, 2011;