reparasjonsemisjon/reparasjons emisjon

20:26 Jan 30, 2021
Norwegian to English translations [PRO]
Bus/Financial - Finance (general)
Norwegian term or phrase: reparasjonsemisjon/reparasjons emisjon
Believe it or not, the accepted translation appears to be "repair issue", which is one of the dumbest things I've seen in this business in the last eleven years.

Per https://www.nordnet.no/blogg/borsskolen/laer-om-aksjer/hva-e...

"Reparasjonsemisjon
"Rettede emisjoner er som sagt opp til styret, og at de har en «saklig grunn» til at denne emisjonen kun skjer til et knippe utvalgte aksjonærer. Dette er selvsagt urettferdig mot aksjonærfellesskapet, og om det er tvil rundt den «saklige grunnen» til styret, kan man da gjennomføre en reperasjons emisjon til de andre eksisterende aksjonærene, med lik emisjonskurs som i den rettede emisjonen."

An example of "repair issue" (used repeatedly in the rules of Oslo Børs) at https://www.oslobors.no/ob_eng/Oslo-Boers/Regulations/Oslo-R...

"(3) For repair issues planned in connection with private placements, the Issuer shall publicly disclose key dates for the repair issue in a separate announcement and in accordance with the guidelines set out in separate Notice, as soon as the repair issue is approved by the Issuer and no later than 09:00 hours on the day the share is traded excluding the right in question. Issuers included in the OBX Index shall additionally notify Oslo Børs by 14:00 hours on the day prior to the share trading excluding the right to participate in the repair issue."


Anyone know of something better with authority behind it?
Charles Ek
United States
Local time: 07:20


Summary of answers provided
4subsequent offering to eligible shareholders/subsequent repair offering
Enrique Bjarne Strand Ferrer
3 +1BrE 'catch-up' pari passu issue
Adrian MM.
3Repair offering
reliablewriters


  

Answers


3 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
Repair offering


Explanation:
Maybe an alternative, though not necessarily better:

Repair offerings are a Norwegian phenomenon and has apparently only been observed in the Norwegian capital markets. The offering is issued after a private placement and is exclusively directed towards nonparticipating shareholders. A firm is not required to do a repair offering subsequent to a private placement, but it is often used to justify the waiving of preferential rights. Specifically, the OSE takes it into account when evaluating whether a firm can deviate from the equal treatment principle. The main purpose of repair offerings is to reduce ownership dilution by letting nonparticipating shareholders buy shares at the same terms as in the private placement. Shares are granted on a pro-rata basis and resembles a rights-offering. However, if the stock price drops below the initial subscription price, the offering is effectively canceled.


    Reference: http://https://openaccess.nhh.no/nhh-xmlui/bitstream/handle/...
reliablewriters
United Kingdom
Local time: 13:20
Native speaker of: English
PRO pts in category: 4
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4 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
BrE 'catch-up' pari passu issue


Explanation:
My first hunch was a pari passu issue, though I don't think BrE share or AmE stock need be spelt out as may be a bond / debenture issue.

'Catch up' may be recognisable on the London Stock Exchange, but query recognizable on the New York one:

'At exit, the A Ords pay out first at the price per share at which they were acquired. The Ords then ‘catch up’ by paying out at the same price per share at which the A Ords have just been paid out. The A Ords and the Ords then participate pro rata and *pari passu*.'

Example sentence(s):
  • A new issue of a security may be issued pari passu, which indicates that it carries the same rights as shares already issued. For example, common shares are all pari passu with respect to each other; ...no one share has a prior claim to a dividend
  • Pari Passu means 'equal footing' thus, the purpose of the Pari Passu clause is to ensure that the security conferred by the Debenture will always rank equally to any other security.

    Reference: http://humphreys.law/wp-content/uploads/2020/05/Humphreys_Ch...
Adrian MM.
United Kingdom
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 8

Peer comments on this answer (and responses from the answerer)
agree  Chris S: I disagree with pari passu but I like catch-up as it explains what is happening. But with repair issue in widespread use you might have to stick with that and express your disgust with inverted commas and an explanation.
1 day 7 hrs
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21 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
subsequent offering to eligible shareholders/subsequent repair offering


Explanation:
Axator ASA in press announcement :
subsequent repair offering

DnB in the prospectus for the same offering:
subsequent offering to eligible shareholders


    https://www.dnb.no/bedrift/markets/emisjoner/arkiv/161125-axactor.html
    https://www.dnb.no/portalfront/nedlast/no/markets/emisjoner/2016/161125-axactor.pdf
Enrique Bjarne Strand Ferrer
Norway
Local time: 14:20
Specializes in field
Native speaker of: Native in NorwegianNorwegian, Native in SpanishSpanish
PRO pts in category: 4
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