- Concern expressed about share price performance of Element
- New directors to be proposed
- Call for reverse merger with more viable asset
LONDON–(BUSINESS WIRE)–#alphablueocean–Alpha Blue Ocean Advisers Inc. (“Alpha Blue Ocean”), an alternative investment firm specialising in providing innovative financial solutions for publicly listed entities, has called for reform of the board of the Norwegian firm Element ASA (“Element”) ahead of an extraordinary general meeting (“EGM”) of shareholders scheduled for August 19th. Alpha Blue Ocean is investment manager of the European High Growth Opportunities Securitization Fund (“EHGO”), an entity holding shares in Element.
Pierre Vannineuse, the founder of Alpha Blue Ocean, said, “There is widespread concern among shareholders in Element about the continued under-performance of its shares. We believe this is a result of poor choices made by the board and management team of the firm. ABO is in particular disappointed in the plummeting of the share price since the last general meeting where the current board of Element was elected, which we feel is a referendum on the strategy (or the lack thereof) communicated by Element’s board.”
“At the forthcoming Extraordinary General Meeting, we will therefore propose new directors whom we feel would be more appropriate for the next phase of Element’s growth.”
“In particular, we think that there is an opportunity for Element to consider a reverse merger with a more viable asset. Such a move would generate increased shareholder value and would be in the best interests of all shareholders in the firm. We look forward to working with other shareholders to turn around the company.”
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About Alpha Blue Ocean
Alpha Blue Ocean was founded by Pierre Vannineuse and is the investment manager to a family of funds operating across multiple jurisdictions. Alpha Blue Ocean specialises in providing flexible, innovative and non-invasive debt and equity financing to publicly listed companies across the world and in a variety of sectors including healthcare, energy, mining and technology. Alpha Blue Ocean’s main representation office is based in London, UK.
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Christen Thomson
Citigate Dewe Rogerson:
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