Norway’s Flyr drops latest share offer after stock value declines

Norwegian carrier Flyr has axed plans to offer up to 62.5 million new shares in the company, after the stock’s trading value remained below the offer price. Flyr had raised NKr250m ($25m) during a rights issue at the beginning of the year, an issue which was oversubscribed by more than 40%. It then privately allocated a further separate batch of shares to TV 2 Invest, a division of Norwegian media company TV 2 Gruppen, as part of a marketing agreement. Two further private placements – at a share price of NKr1.20 – raised another NKr250m for the company in May, even as the company unveiled a heavy Q1 loss of NKr211m, largely the result of pandemic restrictions. The airline’s share price, which had climbed to around NKr2.20 at the end of April, subsequently sank.<br/>