Nel spin-off Cavendish Hydrogen falls in market debut
12/06/2024 09:17
** Shares in Nel's NEL.OL spin-off Cavendish Hydrogen
CAVEN.OL fall after debuting in Oslo, down 14% from their
opening price of NOK 29
** In connection with the spin-off of fuelling company
Cavendish, Nel estimated the value of distributed shares at 0.63
Norwegian crowns ($0.0590) per share in Nel, at a ratio of 50:1,
entailing a value of 31.60 crowns per share in Cavendish
** The opening price at NOK 29/shr valued Cavendish at NOK
975 million; as of 0813 GMT the stock was priced at NOK 24.8,
implying a valuation of NOK 834 million
($1 = 10.6798 Norwegian crowns)
(Reporting by Greta Rosen Fondahn)
((Greta.RosenFondahn@thomsonreuters.com))