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Orrön Energy is an independent renewable energy company listed on Nasdaq Stockholm under the symbol ORRON. As part of the Lundin Group, Orrön Energy focuses on high-quality, cash-generating assets in the Nordics while exploring growth opportunities in the Nordics, UK, Germany, and France. With strong financial backing, experienced management, and a commitment to sustainable energy, Orrön Energy is well-positioned to drive value creation in the energy sector.
On August 1, 2022, Orrön Energy Holding AB announced a recommended public offer for Slitevind AB shareholders to tender their shares at SEK 125 each. The acceptance period runs from August 2 to August 23, 2022, with expected settlement around August 31, 2022. The Offer Document is available on their website. Orrön Energy has retained SEB Corporate Finance as a financial adviser, with other legal and tax advisory roles assigned. This offer bolsters Orrön Energy's strategy to enhance shareholder value through expansion in the renewable energy sector.
Orrön Energy Holding announces a recommended public offer to acquire Slitevind AB shares for SEK 125 each, representing a 30% premium over the recent trading average. The offer is endorsed by Slitevind's Board and major shareholders controlling 49.5% of shares. The transaction aims to enhance Orrön’s growth in the Nordics, increasing net power generation to over 1 TWh annually. The acceptance period starts on 2 August 2022 and ends on 23 August 2022. Orrön plans to fund the acquisition through existing reserves and a credit facility.
Orrön Energy announces the passing of former Board member Lukas H. Lundin on July 26, 2022, at age 64 after a two-year battle with brain cancer. A key figure in the Lundin Group, Lukas was influential in the successful transition of Lundin Energy into Orrön Energy. His leadership and vision helped the company grow, employing over 15,000 people and achieving a market capitalization exceeding USD 11 billion. The Lundin family vows to carry on his legacy, emphasizing their commitment as long-term shareholders and their focus on building the companies' successes.
Lundin Energy AB is rebranding to Orrön Energy AB, transitioning to a pure play renewables business. The company has a strong portfolio of high-quality, low-cost renewable assets in the Nordics, with cash flowing assets, zero debt, and up to MUSD 180 available for acquisitions. Trading under the current ticker ‘LUNE’ until the name change to ORRON on or around July 1, 2022, Orrön Energy aims to capitalize on the energy transition. CEO Daniel Fitzgerald emphasizes aligned interests among stakeholders to drive growth and create long-term shareholder value.
Lundin Energy has successfully completed its combination with Aker BP, forging a leading European independent E&P company. This combination results in a world-class asset base and aims to deliver increased dividends for shareholders. Shareholders are set to receive cash totaling BUSD 2.22 per share and 271,910,019 Aker BP shares. However, this merger means Lundin Energy will not pay the remaining quarterly dividends previously resolved. Lundin Energy's renewables-focused growth segment will be rebranded as Orrön Energy from July 1, 2022.
Lundin Energy has updated its guidance for its renewables business, soon to be named Orrön Energy. The capital expenditure guidance for H2 2022 is revised down to MUSD 10 from MUSD 20 due to project scheduling at the Karskruv wind farm. Total future capital costs for the Karskruv project are now estimated at MUSD 90, reduced from MUSD 100. The company's cash position as of July 1, 2022, remains at MUSD 130.
Lundin Energy is transitioning to Orrön Energy, focusing solely on renewable assets. Starting 23 June 2022, shares will trade under the ticker LUNE until rebranding to ORRON on 1 July 2022. The company forecasts 150 GWh net power generation in H2 2022, with MUSD 2 in operating costs and planned MUSD 20 capital expenditures mainly for the Karskruv wind farm. With no debt and up to MUSD 180 in financial capacity for growth and acquisitions, Orrön Energy aims to capitalize on Europe's rising renewable energy demand.
Lundin Energy AB held an Extraordinary General Meeting (EGM) on June 16, 2022, to address key business resolutions ahead of its combination with Aker BP. The company will change its name to Orrön Energy AB upon completion, scheduled for June 30, 2022. The EGM elected a new Board of Directors and established incentive plans for board members and employees, granting options up to 8.4 million. Additionally, shareholders authorized the Board to issue up to 28.5 million new shares for major investments. Detailed resolutions will be available on the company’s website.
Lundin Energy has announced the completion of the combination with Aker BP, fulfilling all conditions. The record date for the Lex Asea distribution of shares in Lundin Energy MergerCo AB is set for June 27, 2022. Shareholders will receive a cash consideration of USD 7.76 per share and 0.95098 shares in Aker BP. Trading on Nasdaq Stockholm will continue through this transition. Key dates include the last trading day with entitlement on June 22, 2022, and completion of the combination on June 30, 2022.
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