Letter from the CEO
Dear shareholders and stakeholders,
In the third quarter of 2024 Aega delivered revenues
of EURt 1,003 (Q3 2023: EURt 1,136), while EBITDA
for the period ended at EURt 588(Q3 2023: EURt
771).
First part of the quarter has been characterized by
the usual work to optimize production and securing
a handover of the assets to the new owners. This
process was finalized without any significant issues.
Thereafter and in the last weeks of the quarter the
management has worked with the board of
directors to pave the way for continued operations
for the company.
Strategic move – reorganization of the group
Until September 11, 2024, Aega ASA was the owner
of 9 producing solar parks and one solar park under
development. As a consequence of the decision
made by the Annual General Meeting (AGM) 31 May,
the entire portfolio of Solar parks was paid out to
the shareholders at an equity value of 60mNOK
(2.50NOK per share). The reason for this, as stated
in the calling to the AGM and following stock
exchange messages, was that the cash flow
generated from the solar parks should be
channeled directly to the owners excluding the
costs of the operations of the listed company. The
portfolio of solar parks was profitable on a stand-
alone business, however, not sufficient to bear the
cost of a listed parent company. These assets are
therefore no longer a part of the Aega ASA group.
Going forward
The board of Aega ASA will in the immediate future
call for an extraordinary general meeting (EGM) with
the aim of securing funding for future business for
the investment company and its continued
operations. This process includes a cost cutting and
optimization program to streamline the group to
make it an attractive investable asset for new and
existing investors. The EGM will therefore include a
proposal for a capital increase directed towards all
existing shareholders on equal terms.
Concluding remarks
As we have divested the solar park portfolio, Aega
now faces new opportunities. For these
opportunities to have the potential to materialize
into new business and to support operating
expenses Aega is dependent on additional funding.
The company will call for an EGM to present
alternative strategic opportunities to the
shareholders. If the plans presented are received
positively, we are eager to work with relevant
stakeholders to move forward.
As CEO of the company, I feel the need to argue that
until the EGM is conducted and these matters are
resolved, the listed share is not necessarily suited
for long term investment. It is likely that
shareholders who do not participate in a future
strengthening of the share capital as decided by the
general meeting may experience a significant
dilution of their relative shareholding. Shareholders
must also consider that the company may be
delisted from trading on Oslo Euronext Expand. We
expect to call for the EGM shortly, where the
shareholders will be given the opportunity to
decide on the way forward for Aega.
We will revert with further updates, please pay
attention to stock exchange messages in the near
future.
Best regards,
Nils Petter Skaset
CEO
Aega ASA Q3 report 2024