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ELKEM ASA
OldNick
18:46 12.03.2018
#19946

Elkem skal på børs igjen, etterat dagens ene-eier Bluestar Elkem Int. Co Ltd. S.A., hel-eid av Bluestar Holding, som igjen er hel-eid av China National Chemical Corporation, som er et 100% kinesisk, statseid selskap har besluttet å selge seg ned i Elkem AS, men fortsatt beholde aksje-majoriteten.

I IPO'en tilbys:

- Opptil 179 310 344 nye ELK-aksjer til norske og internasjonale investorer.
- Bluestar Elkem Int. tilbyr også opptil 71 657 143 eksisterende ELK-aksjer til d.s.
- Aksjene er delt i 2 potter, i) privat-investorer i Norge tilsvarende beløp mellom NOK 10 500 og 1 999 999, og ii) institusjonelle/profesjonelle norske og int. investorer fo rbeløp over NOK 1 999 999.
- Overtilbud tilsv. +15% av overskytende antall.
- Indikert pris-intervall NOK 29-35/aksje, utenat dette er "spikret".

Etterat IPO'en er gjennomført, vil mellom 40 og 46% ELK-aksjer være i fri omsetning.

Tilbudsperioden løper fra idag kl. 09:00CET til 21 mars 14:00CET (kl. 12:00 for privar-investorer)

Det vil være en lock-up periode på 365 dager for Bluestar og deres ledelse/ledende ansatte.

I tillegg er det de vanlige forbehold, bl.a at reglene til OSLO Børs' hovedliste blir overholdt.

Elkem ASA - Announcement of terms for the initial public offering (IPO)

Børsmelding
12.03.2018

Utdrag:
Oslo - With reference to the announcement of 26 February 2018 regarding the intention to list the shares of Elkem ASA ("Elkem" or the "Company", OSE ticker code "ELK") on the Oslo Stock Exchange and the contemplated initial public offering (the "Offering"), Elkem has resolved to launch the Offering and will apply for a listing of its shares on the Oslo Stock Exchange. Subject to approval of the listing application and a successful completion of the Offering, the shares of Elkem are expected to be admitted to listing and commence trading on an "if issued/if sold" basis (i.e. conditional trading) on the Oslo Stock Exchange on or about 22 March 2018. Unconditional trading is expected to commence on or about 26 March 2018.

The Offering

The Offer Shares (as defined below) are expected to be sold at a price between NOK 29 and NOK 35 per Offer Share, corresponding to an equity value (following issuance of the New Shares (as defined below)) of between approximately NOK 16,858 million and NOK 19,270 million. The final offer price per Offer Share may, however, be set above or below this indicative price range.

The Company intends to raise gross proceeds of NOK 5,200 million by issuing up to 179,310,344 new shares (the "New Shares") in the Offering. The Company will use the net proceeds from the New Shares to (i) finance the acquisition of Jiangxi Bluestar Xinghuo Organic Silicones Co. Ltd. and Bluestar Silicon Material Co. Ltd. and (ii) reduce the Elkem group's long-term interest bearing debt.

Further, up to 71,657,143 existing shares (the "Sale Shares") will be offered by the Company's sole shareholder, Bluestar Elkem International Co., Ltd. S.A. (the "Selling Shareholder" or "Bluestar"). In addition, the Managers (as defined below) may elect to over-allot a number of additional shares equaling up to approximately 15% of the number of New Shares and Sale Shares to be sold in the Offering (the "Additional Shares" and, together with the New Shares and the Sale Shares, the "Offer Shares"). The Selling Shareholder will grant Morgan Stanley & Co. International plc, on behalf of the Managers, an option to borrow a number of shares in the Company equaling the number of Additional Shares to facilitate such over-allotment, as well as an over-allotment option to purchase from the Selling Shareholder at the final offer price a number of shares equaling the number of Additional Shares to cover any over-allotments made in connection with the Offering. The over-allotment option may be exercised, in whole or in part, within a 30-day period commencing the day on which "if issued/if sold" trading in the Company's shares on the Oslo Stock Exchange commences.

The Company will receive the proceeds from the sale of New Shares, while the Selling Shareholder will receive the proceeds from the sale of Sale Shares and any shares sold under the over-allotment option.

After completion of the Offering, it is expected that the free float of Elkem will be minimum 40% of the shares in the Company if the over-allotment option is not utilized, and minimum 46% if the over-allotment option is utilized in full. The Selling Shareholder will remain a significant shareholder after the Offering, holding between 54% and 60% of the shares in the Company, depending on whether the over-allotment option is exercised.

The Company, the Selling Shareholder senior employees of the Company will enter into customary lock-up arrangements with the Managers that, without the prior written consent from the Joint Global Coordinators, will restrict their ability to issue, sell or dispose of Shares, as applicable, for a period of 365 days from the date of delivery and payment for the Offer Shares, which is expected to take place on or about 26 March 2018.

Offering details

The Offering consists of:
- An Institutional Offering, in which Offer Shares are being offered (a) to institutional and professional investors in Norway, (b) investors outside Norway and the United States, subject to applicable exemptions from prospectus and registration requirements, and (c) in the United States to QIBs, as defined in, and in reliance on Rule 144A of the U.S. Securities Act or another available exemption from registration under the U.S. Securities Act. The Institutional Offering is subject to a lower limit per application of NOK 2,000,000.

- A retail offering, in which Offer Shares are being offered to the public in Norway subject to a lower limit per application of an amount of NOK 10,500 and an upper limit per application of NOK 1,999,999 for each investor. Investors who intend to place an order in excess of NOK 1,999,999 must do so in the Institutional Offering. Multiple applications by one applicant in the Retail Offering will be treated as one application with respect to the maximum application limit.

...

ABG Sundal Collier ASA and Morgan Stanley & Co. International plc are acting as
Joint Global Coordinators and Joint Bookrunners, Carnegie AS, Citigroup Global
Markets Limited and Nordea Bank AB (publ), filial i Norge are acting as Joint
Bookrunners, in connection with the IPO (collectively, the "Managers").

Advokatfirmaet Thommessen AS and Linklaters LLP are acting as legal counsels to
Elkem and Bluestar. Advokatfirmaet Schjødt AS and Shearman & Sterling (London)
LLP are acting as legal counsels to the Managers.

For further queries, please contact:
Morten Viga, CFO, Tel: +47 4160 9752
Odd-Geir Lyngstad, Head of IR, Tel: +47 9767 2806

mer på link


Elkem: IPO Prospectus (HTML)

Endret 12.03.2018 18:48 av OldNick
highlander
09:52 13.03.2018
#8567

I forbindelse med børsnotering og emisjon i Elkem har flere i ledelsen og styret tegnet seg for aksjer.
Blant disse er administrerende direktør Helge Aasen. Han har tegnet seg for 2,5 millioner kroner, mens finansdirektør Morten Viga vil kjøpe for 1,36 millioner kroner, ifølge en pressemelding.

I styret har blant annet styreleder Michael König tegnet seg for aksjer, for et beløp på 2 millioner kroner.

Tegningsperioden i Elkems aksjesalg løper frem til 21. mars. Det gjøres en emisjon av nye aksjer i tillegg til at dagens hovedeier, kinesiske Bluestar, skal selge seg ned. (Kilde: E24)
highlander
15:24 20.03.2018
#8664

Elkem oppdaterer kursintervallet for børsnoteringen fra opprinnelige 29–35 kroner pr aksje til 29–31 kroner pr aksje.

Det verdsetter aksjene til mellom 16,9 og 18,0 milliarder kroner. Det er ned fra tidligere intervall på 16,9–19,3 milliarder kroner.

Bakgrunnen er at Elkem går mot børscomeback; i Elkems 114 år lange historie er det duket for et nytt kapittel når industrikjempen vil gjøre comeback på Oslo Børs med kinesiske eiere – en notering som trolig blir blant de større i år. (E24)
OldNick
08:42 21.03.2018
#19968

Sakser: "Bakgrunnen er at Elkem går mot børscomeback"


Pølsevev.

Problemet er at investorene forteller Bluestar at de overpriser selskapet.

Man må se på hva selskapet inneholder, nøkkeltallene og balansen.

I tillegg vil de fortsatt ha et kinesisk statseid selskap som kontrollerende aksjonær, slik sett kan Elkem-aksjen sees på som en preferanseaksje (som utstedes uten stemmerett, med utbytte som eneste potensiale). Slike aksjer prises ofte 20-50% lavere enn de ordinære aksjene (i selskap som har 2 eller flere aksjeklasser).


Jeg anbefaler å ikke delta i denne IPO'en.


Begrunnelsene er bl.a. som følger:

- P/B: ca. 18/8.56 = ~2.1
- P/E: ca. 18/1.25 = ~14 (på 2017-resultatet)



Elkem er i nokså sykliske industri. Det som kan forsvare høyere nøkkeltall enn normalt er hvilken del av syklusen Elkem's business er i?

- Er syklusen på vei ut av bunnen, er nøkkeltallene normalt høye,
- Er syklusen ved toppen, skal nøkkeltallene være lave.

Elkem er nok på vei ut av bunnen, men hvor langt unna toppen, det er spørsmålet.


Bluestar har strippet Elkem for sin PV-solcelle divisjon (som inneholdt Elkem SOlar i kr.sand, REC Solar i Singapore og Elkem solar i Porsgrunn (REC's gamle panel-fabrikk).

Derimot så har Bluestar solgt inn hele sin silikon-avdeling, slik at denne nå utgjør nesten 50% av både omsetning og overskudd i Elkem. Elkem går altså fra å være et metallurgisk selskap til å bli et mer kjemisk selskap, teknologi som Elkem tidligere ikke har befattet seg med. Og flere av bedriftene innen silikon er plassert i China (naturlig nok). Hvor mye vil markedet vite om dette?

Endret 21.03.2018 08:47 av OldNick
OldNick
08:12 22.03.2018
#19974

Resultatet av IPO'en ble relativt svakt.


Selskapet fikk solgt alle nye aksjene de tilboed (179 310 344 antall), men moderselskapet solgte kun 42.5 mill (mot planlagt salg av 71.7 mill.).

Prisen ble bunnen av indikert intervall - NOK 29/aksje.

99.4% av alle disse aksjene ble solgt til institusjonelle investorer. Sier litt om interessen i privat-markedet.

Det er (foer evt. overtildeling) 581 310 344 antall ELK-aksjer, og Bluestar eier fortsatt ca. 61.8% av selskapet.

Elkem ASA - Bookbuilding successfully completed - Offer shares priced at NOK 29 per share

Borsmelding
21.03.2018

Oslo - Elkem ASA ("Elkem", the "Company", OSE ticker code "ELK") announces the successful completion of the bookbuilding period for the initial public offering of shares in Elkem (the "Offering"), which was oversubscribed within the updated indicative price range on the full size of the Offering, including the over-allotment option.

In summary:

- The shares in the Offering are priced at NOK 29 per share. The price implies a market capitalization of Elkem of approximately NOK 16.86 billion.

- Elkem will issue 179,310,344 new shares in connection with the Offering (the "New Shares"), raising gross proceeds of approximately NOK 5,200 million. There will be in total 581,310,344 shares in issue following the issuance of the New Shares, and the New Shares will represent approximately 30.8% of the total shareholding in Elkem after the equity issue.

- Bluestar Elkem International Co., Ltd. S.A. (the "Selling Shareholder" or "Bluestar") will sell 42,500,000 shares in the Offering (the "Sale Shares"), representing approximately 7.3% of the shares of Elkem following the issuance of the New Shares. The Selling Shareholder will retain an ownership of
approximately 61.8% in Elkem following the Offering, prior to the exercise of the over-allotment option granted by the Selling Shareholder, as further described below.

- The Managers (as defined below) have over-allotted 33,271,551 shares, representing approximately 15% of the number of New Shares issued and Sale Shares sold in the Offering, and exercised their option to borrow an equal amount of shares from the Selling Shareholder for the purpose facilitating such over-allotments. In case of full exercise of the over-allotment option (as described below) by the Managers, the Selling Shareholder's shareholding will be reduced to approximately 56.1%.

- After completion of the Offering, the free float of Elkem will be ~38% if the over-allotment option is not utilized and ~44% if the over-allotment option is utilized in full.

- Trading of the shares in Elkem on Oslo Børs will commence on 22 March 2018 on an "if issued/if sold" basis (conditional trading), as further described in the separate stock exchange notice regarding conditional trading to be published separately.

A total of 255,081,895 shares were allotted in the Offering (included over-allotted shares), of which approximately 99.4% of the shares in the Offering were allotted to investors in the institutional offering and approximately 0.6% of the shares were allotted to investors in the retail offering. Following the registration of the share capital increase pertaining to the New Shares, the share capital of Elkem will be NOK 2,906,551,720 divided into 581,310,344 shares, each with a nominal value of NOK 5. Elkem is expected to have approximately 900 shareholders as a result of the Offering.

Notification of allocated shares and the corresponding amount to be paid by investors are expected to be communicated to investors on 21 March 2018. Investors having access to investor services through their VPS account manager will be able to check the number of shares allocated to them from approximately 08:00 (CET) on 22 March 2018. The Managers may also be contacted for information regarding allocations.

As further described in the Company's prospectus dated 9 March 2018, the Selling Shareholder has granted the Managers with an over-allotment option, exercisable by Morgan Stanley & Co. International plc as stabilization manager within 30 calendar days from 22 March 2018 to cover over-allotments or other short positions in connection with the Offering. A separate disclosure will be issued by the stabilization manager regarding the over-allotment and stabilization activities.

ABG Sundal Collier ASA and Morgan Stanley & Co. International plc are acting as Joint Global Coordinators and Joint Bookrunners, Carnegie AS, Citigroup Global Markets Limited and Nordea Bank AB (publ), filial i Norge are acting as Joint Bookrunners, in connection with the IPO (collectively, the "Managers").

Advokatfirmaet Thommessen AS and Linklaters LLP are acting as legal counsels to Elkem and Bluestar. Advokatfirmaet Schjødt AS and Shearman & Sterling (London) LLP are acting as legal counsels to the Managers.

For further queries, please contact:
Morten Viga, CFO, Tel: +47 4160 9752
Odd-Geir Lyngstad, Head of IR, Tel: +47 9767 2806
______

,b>Elkem ASA - Allocation of shares to primary insiders

Borsmelding
21.03.2018

Oslo - Elkem ASA ("Elkem" or the "Company" with OSE ticker code: "ELK"). Reference is made to the stock exchange announcement today regarding the final results of the initial public offering of the shares in Elkem (the "Offering").

The following primary insiders of Elkem have been allocated shares in the Offering at the offer price of NOK 29 per share:

- Helge Aasen, CEO Elkem, has been allocated 86,206 shares in the Offering.
- Michael König, Chairperson Elkem, has been allocated 68,965 shares in the Offering.
- Morten Viga, CFO Elkem, has been allocated 46,896 shares in the Offering.
- Inge Grubben-Strømnes, SVP Business development Elkem, has been allocated 20,689 shares in the Offering.
- Håvard Moe, SVP Technology Elkem, has been allocated 17,241 shares in the Offering.
- Olivier de-Clermont Tonnerre, Board member Elkem, has been allocated 15,517 shares in the Offering.
- Louis Vovelle, SVP Innovation and R&D Elkem, has been allocated 6,896 shares in the Offering.
- Frédéric Jacquin, SVP Silicones division Elkem, has been allocated 6,551 shares in the Offering.
- Odd-Geir Lyngstad, Head of Investor Relations Elkem, has been allocated 5,172 shares in the Offering.
- Jostein Auganæs, Deputy board member, employee representative Elkem, has been allocated 3,448 shares in the Offering.
- Mark Breidenthal, VP EHS & CSR Elkem, has been allocated 3,448 shares in the Offering.
- Einar Støfringshaug, Board member, employee representative Elkem, has been allocated 862 shares in the Offering.

Endret 22.03.2018 08:13 av OldNick
highlander
09:34 22.03.2018
#8683

Re. OldNick

Jeg støtter den skepsis til prisingen av selskapet som du tilkjennegir i #19968.

Det at prisen ble satt helt i bunnen av prisintervallet taler jo også sitt tydelige språk.
highlander
08:01 07.04.2018
#8896

Nye runder med tolltrusler mellom USA og Kina bekymrer det norsk-kinesiske industriselskapet Elkem:

– Vi liker ikke at det blir innført handelshindringer (E24)
highlander
09:40 20.04.2018
#9294

DNB Markets har startet dekning av Elkem-aksjen med kjøpsanbefaling..

Kursmålet settes til 34 kroner, som følge av at aksjen handles til "lave 8 ganger 2018-inntjeningsestimat.

- Vi estimerer sterk inntjening for 2017-2020 innen oppstrøm og nedstrøm, drevet av solide prisutsikter, volumvekst og større spesialisering", skriver analytiker Eivind Sars Veddeng i DNB Markets.

Meglerhuset venter høyere nedstrømeksponering og sterke ventede inntjening fremover.

Innen oppstrømvirksomheten venter DNB Markets blant annet at Elkems driftsmargin vil kunne nå toppmarginnivået fra 1996 på 16 prosent. (TDN)

Selv syns jeg at DNB Markets her er for optimistiske, så jeg føler fortsatt ikke for å kjøpe Elkem.
highlander
09:48 20.04.2018
#9295

Elkem meldte natt til i dag at perioden med kursstabilisering og overtildelingsopsjon er over.

I forbindelse med dette har Bluestar Elkem International solgt 21.161.464 aksjer i Elkem til kurs 29 kroner under overtildelingsopsjonen til Morgan Stanley, som var knyttet til denne prosessen, fremgår det av en annen børsmelding.

Som en følge av denne transaksjonen er Bluestars aksjebeholdning i Elkem redusert fra 61,8% to 58,2%. Bluestar har etter dette 338.338.536 aksjer i Elkem.
highlander
11:10 02.05.2018
#9670

Nordea Markets har startet analysedekning på Elkem.

Meglerhuset peker på at Elkem er en ledende produsent av avanserte silikonbaserte materialer, og meglerhuset vurderer at selskapet er godt posisjonert med sterke markedsposisjoner i Europa og Kina.

Videre fremholder meglerhuset at sterke kontantstrømmer vil gjøre det mulig for Elkem å finansiere vekst, utbyttebetalinger, samt oppkjøp og sammenslåinger.

Nordea Markets tallknusere lander derfor på en kjøpsanbefaling, og oppgir et kursmål på 40 kr.
OldNick
08:57 08.05.2018
#20106

Overraskende gode tall fra Elkem.

Det er nok det markedet også har funnet ut, ved at de kjøper opp kursen nesten hver dag de siste ukene.

Må innrømme at min anbefaling (se OldNick #19974 lenger tilbake i topic var en dårlig en, Elkem falt vel innledningsvis 1 eller 2 dager). Tok konsekvensen av det og hanket inn en del ELK-aksjer litt senere.


ELK: Strong first quarter for Elkem

Børsmelding
08.05.2018

Elkem reports a strong first quarter with solid growth in revenue and profit, benefitting from good market conditions in all segments. The improved result is in particular driven by favourable market conditions in China, but the development is strong also in the other regions.

Elkem successfully completed its initial public offering (IPO) and returned as a listed company on Oslo Stock Exchange on 22 March 2018. In connection with the IPO, Elkem completed the acquisition of two Chinese plants, Xinghuo Silicones and Yongdeng Silicon Materials from its principal shareholder Bluestar.

Elkem reports a strong first quarter with significant growth in revenue and EBITDA driven by favourable market conditions and capacity ramp-up, particularly in China. Total operating income for the first quarter of 2018 amounts to NOK 6,447 million, which is 41% higher than the first quarter of 2017. EBITDA for first quarter 2018 amounts to NOK 1,450 million, up from NOK 441 million in the corresponding quarter last year. Earnings per share amounts to NOK 1.24 in 1Q-2018 on an adjusted, fully diluted basis.

- We are very satisfied with this solid start of 2018, with revenue growth in all divisions and improved profitability in the three largest divisions. The strong market fundamentals combined with a number of interesting specialisation initiatives bode well for further improvements going forward, says Helge Aasen in a comment.

The strong result is mainly driven by higher sales prices and higher sales volumes supported by strong market fundamentals. In addition, increased sales of specialty products have contributed positively to the margin improvements. A weaker Norwegian krone versus Euro has also impacted the result for the Norwegian plants positively.

Elkem signed a new loan facilities agreement in February 2018 totalling EUR 1,150 million, to refinance the outstanding debt for the group. The refinancing of Xinghuo Silicones and Yongdeng Silicon Materials is expected to be completed in the second quarter of 2018, upon required approval from relevant Chinese regulatory authorities.

The market sentiment is still strong for all divisions, particularly Silicones. The result for the second quarter is therefore expected to be in line with the first quarter. Market prices for silicones, silicon and ferrosilicon are expected to soften going forward, as supply will likely increase, particularly in China. Based on this, management's outlook for the second half of 2018 is more cautious.

Elkem ASA
Oslo, 8 May 2018

For further information, please contact:
Morten Viga, CFO, Phone: +47 4160 9752, Email: morten.viga@elkem.no
Odd-Geir Lyngstad, Head of IR, Phone: +47 9767 2806, Email: odd-geir.lyngstad@elkem.no


ELK: Q1-2018 Report (PDF)

ELK: Q1-2018 Presentation (PDF)
highlander
12:50 09.05.2018
#9867

DNB Markets høyner sitt kursmål på Elkem-aksjen til 43 kroner fra tidligere 34 kroner. Kjøpsanbefalingen fastholdes, ifølge en oppdatering fra meglerhuset onsdag.

DNB Markets viser til at Elkem tirsdag rapporterte en ebitda for første kvartal 2018 som var 39 prosent høyere meglerhusets anslag, drevet av høyere enn forventede priser og solid drift. På bakgrunn av dette oppjusterer meglerhuset sitt ebitda-estimat for Elkem for 2018-2019 med henholdsvis 23 og 13 prosent. (TDN)
highlander
13:10 09.05.2018
#9870

Også Nordea Markets oppjusterer Elkem etter kvartalsrapporten:

Meglerhuset gjentar kjøp, samtidig som kursmålet løftes fra 40 til 44 kr.
highlander
09:28 20.05.2018
#10087

Denne børsmeldingen ble sendt pinseaften:

19/05-2018 20:00:16: (ELK) Elkem ASA - Mandatory notification of trade - primary insider

Oslo, 19 May 2018

Caroline Gregoire sainte Marie (née Mazza), board member of Elkem ASA (OSE
ticker code: "ELK"), has on 18 May 2018 purchased 1,300 shares in Elkem ASA at a
price of NOK 37.10 per share. Following this transaction Caroline Gregoire
sainte Marie holds 1,300 shares in Elkem ASA.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
highlander
13:46 14.06.2018
#10487

Elkem utsetter et planlagt vedlikeholdsarbeid ved Xinghuo Silicones i Kina med én måned. Arbeidet er ventet å vare fra 15. juli til 15. august, og vil derfor ikke påvirke andrekvartalsresultatet, som ventes å bli bedre enn førstekvartalsresultatet, ifølge en børsmelding torsdag.

I tillegg opplyses det at silisiumprisen har fortsatt å øke sammenlignet med første kvartal, og at resultatet i andre kvartal derfor ventes bedre enn foregående kvartal, som var utgangspunktet for ledelsens guiding.
highlander
08:23 10.08.2018
#11598

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OldNick
13:54 17.08.2018
#20538

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highlander
16:22 20.08.2018
#11776

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highlander
11:34 10.09.2018
#12236

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highlander
14:24 08.10.2018
#12814

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