Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Horisont Energi (HRGI) + NOS Technology – Is this practically a "tax-optimized" reverse takeover
I've been looking into the transaction that was announced in February and updated this autumn. Officially, it is stated that HRGI is buying NOS for 27.5 mill in shares (1.50 kr/share, 22 % premium), and that the NOS owners (BR Industrier m/Olav Østhus) will become the majority owner in HRGI afterwards.
But look at the structure one more time:
• HRGI is typically a "cleantech growth case" = large accumulated losses (tax loss carryforward, 22 % nominal value).
• NOS is a self-financing engineering company with an order book and positive results.
• Instead of BR Industrier simply buying HRGI for cash (then the loss would most likely have been disallowed according to tax law § 13-3/§ 14-90, cf. the Armada ruling and Bravo Kapital), they choose to sell NOS into HRGI with shares as payment.
Result:
• The NOS owners get >50 % of HRGI without triggering a direct change of ownership in the loss-making company.
• The loss remains in HRGI and can now be offset by group contributions from profitable NOS in the years to come.
• The business justification (engineering expertise + order book) is strong enough that it will be difficult for the Tax Administration to win an anti-avoidance case – even if they were to try.
This is a rather classic (and smart) way to "package" a tax loss carryforward without waving the tax flag too much. I've seen it several times in the energy sector in recent years when industrial owners want to go public via an already listed "shell" with losses.
In short:
HRGI gets capital, expertise, and revenues.
BR Industrier gets majority ownership + a solid tax advantage that is probably worth 20–40 mill over time, while avoiding being denied the deduction.
Win-win, as long as the Tax Administration accepts the synergy story (and it is actually quite good).
Has anyone looked at how large a tax loss carryforward HRGI actually has as of Q3/Q4? It's probably in the notes somewhere.
Holding a small long position here for the long term – the share price is still in the 1-range, while the industrial backing now seems real.
What do you think? Pure synergy or "tax trick with a bonus"?
Good review, but for my part, I'm not in any deep analysis mode here. I'm just bottom-fishing now at these levels. Impossible to predict further price or what Skatteetaten does in the long run, it just has to play out. What I do like, however, is that the NOS-crew isn't exactly running a hobby business. They build, deliver and know what they're doing. Therefore, I'm bullish on the case long-term, and am just using this phase to accumulate quietly and steadily.
After the transaction, the total number of shares in Hrgi/Nos Nova will be 44.968.839. Nos Group now has 11.383.331 and receives 13.946.428, which will total 25.329.759. Key persons in NOS T receive a total of 5.696.431. Lock up 12 months.
Had to laugh a little when I read point 10 in the notice for the eog. They propose to lower the remuneration from 700 000 -> 400 000 for the chairman of the board and from 400 000 to 300 000 for the board members (Bjørn Rygg waives his remuneration). So, times were better before :-))
All respect to NOS. Instead of taking everything themselves, they chose to let us small shareholders come along. Not exactly standard industry practice.
That the transaction happens at 1,40 kroner, i.e., above today's market price, is also a clear signal. It means that someone actually believes the company is worth more than what the stock exchange says today.
In short: this suddenly became much more interesting. Now it's just a matter of leaning back a bit and letting the company do its work♉️
Hrgi has finally gotten a decisive owner. Those who, after the acquisition on Friday, are concerned about the dilutive effect of the acquisition/growth issue, can defend their share by buying shares at a price of 1.40 or lower. Only a few months ago, Hrgi was under liquidation and shareholders were expected to receive approx. 80 øre. It is solely BRI/NOS Group that ensures continued pulse in Hrgi, and now they are building muscle. That is good for us shareholders.
Completely agree!! The Company will have approx. 0,60 in cash and will deliver positive operating figures according to statements from the Chairman of the Board. It is unequivocal that there is a plan, we shareholders get to join the journey.
Näytä vielä 3 kommenttia
Näytä 1 vastaus
Näytä enemmän
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Uutiset ja analyysit
Uutiset ja lehdistötiedotteet
Analyysit
25 marras 08.53
∙
Lehdistötiedote
HRGI: Endringer i paragraf 9 (iii) og 10 i innkalling til Ekstraordinær Generalforsamling datert 21. November 2025
25 marras 08.53
∙
Lehdistötiedote
HRGI: Adjustmentments made to paragraphs 9 (iii) and 10 in the call for an Extraordinary General Meeting dated 21st of November 2025
21 marras 14.19
∙
Lehdistötiedote
Horisont Energi AS: Innkalling til Ekstraordinær Generalforsamling
21 marras 14.19
∙
Lehdistötiedote
Horisont Energi AS: Notice of Extraordinary General Meeting
21 marras 07.30
∙
Lehdistötiedote
HRGI: Horisont Energi AS acquires NOS Technology AS
21 marras 07.30
∙
Lehdistötiedote
HRGI: Horisont Energi AS kjøper NOS Technology AS
9 loka 06.00
∙
Lehdistötiedote
HORISONT ENERGI AS - STRATEGY UPDATE FROM THE BOARD OF DIRECTORS
2 loka 06.30
∙
Lehdistötiedote
Horisont Energi AS - CEO transition
2 loka 06.30
∙
Lehdistötiedote
Horisont Energi AS - Appointment of new CEO
19 syys 12.12
∙
Lehdistötiedote
Horisont Energi AS: Referat i fra ekstraordinær generalforsamling 19.09.2025
19 syys 12.12
∙
Lehdistötiedote
Horisont Energi AS: Minutes from the Extraordinary General Meeting 19.09.2025
12 syys 10.45
∙
Lehdistötiedote
HORISONT ENERG AS : REF MELDING OM EKSTRAORDINÆR GENERALFORSAMLING 19.09.2025
12 syys 10.44
∙
Lehdistötiedote
HORISONT ENERG AS: REFERECNE IS MADE TO NOTICE FOR EXTRA ORDINARY GENERAL MEETING 19.09.2025
4 syys 09.43
∙
Lehdistötiedote
Horisont Energi AS: Innkalling til Ekstraordinær Generalforsamling
4 syys 09.43
∙
Lehdistötiedote
Horisont Energi AS: Notice of Extraordinary General Meeting
1 syys 08.42
∙
Lehdistötiedote
Horisont Energi AS: Frivillig melding - Endring i betydelig eierandel
1 syys 08.42
∙
Lehdistötiedote
Horisont Energi AS: Voluntary Disclosure - Change of Shareholding
29 elo 13.58
∙
Lehdistötiedote
HORISONT ENERGI AS - REQUEST TO CONVENE AN EXTRA ORDINDARY GENERAL MEETING
29 elo 13.58
∙
Lehdistötiedote
HORISONT ENERGI AS - KRAV OM INNKALLING TIL EKSTRAORDINÆR GENERAL FORSAMLING
28 elo 15.00
∙
Lehdistötiedote
Horisont Energi AS: NOS Group becomes new main owner in the company
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Tuotteita joiden kohde-etuutena tämä arvopaperi
Sertifikaatit
2025 Q3 -tulosraportti
21 päivää sitten
0,09 NOK/osake
Viimeisin osinko
Näytä
Uutiset ja analyysit
Uutiset ja lehdistötiedotteet
Analyysit
25 marras 08.53
∙
Lehdistötiedote
HRGI: Endringer i paragraf 9 (iii) og 10 i innkalling til Ekstraordinær Generalforsamling datert 21. November 2025
25 marras 08.53
∙
Lehdistötiedote
HRGI: Adjustmentments made to paragraphs 9 (iii) and 10 in the call for an Extraordinary General Meeting dated 21st of November 2025
21 marras 14.19
∙
Lehdistötiedote
Horisont Energi AS: Innkalling til Ekstraordinær Generalforsamling
21 marras 14.19
∙
Lehdistötiedote
Horisont Energi AS: Notice of Extraordinary General Meeting
21 marras 07.30
∙
Lehdistötiedote
HRGI: Horisont Energi AS acquires NOS Technology AS
21 marras 07.30
∙
Lehdistötiedote
HRGI: Horisont Energi AS kjøper NOS Technology AS
9 loka 06.00
∙
Lehdistötiedote
HORISONT ENERGI AS - STRATEGY UPDATE FROM THE BOARD OF DIRECTORS
2 loka 06.30
∙
Lehdistötiedote
Horisont Energi AS - CEO transition
2 loka 06.30
∙
Lehdistötiedote
Horisont Energi AS - Appointment of new CEO
19 syys 12.12
∙
Lehdistötiedote
Horisont Energi AS: Referat i fra ekstraordinær generalforsamling 19.09.2025
19 syys 12.12
∙
Lehdistötiedote
Horisont Energi AS: Minutes from the Extraordinary General Meeting 19.09.2025
12 syys 10.45
∙
Lehdistötiedote
HORISONT ENERG AS : REF MELDING OM EKSTRAORDINÆR GENERALFORSAMLING 19.09.2025
12 syys 10.44
∙
Lehdistötiedote
HORISONT ENERG AS: REFERECNE IS MADE TO NOTICE FOR EXTRA ORDINARY GENERAL MEETING 19.09.2025
4 syys 09.43
∙
Lehdistötiedote
Horisont Energi AS: Innkalling til Ekstraordinær Generalforsamling
4 syys 09.43
∙
Lehdistötiedote
Horisont Energi AS: Notice of Extraordinary General Meeting
1 syys 08.42
∙
Lehdistötiedote
Horisont Energi AS: Frivillig melding - Endring i betydelig eierandel
1 syys 08.42
∙
Lehdistötiedote
Horisont Energi AS: Voluntary Disclosure - Change of Shareholding
29 elo 13.58
∙
Lehdistötiedote
HORISONT ENERGI AS - REQUEST TO CONVENE AN EXTRA ORDINDARY GENERAL MEETING
29 elo 13.58
∙
Lehdistötiedote
HORISONT ENERGI AS - KRAV OM INNKALLING TIL EKSTRAORDINÆR GENERAL FORSAMLING
28 elo 15.00
∙
Lehdistötiedote
Horisont Energi AS: NOS Group becomes new main owner in the company
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Horisont Energi (HRGI) + NOS Technology – Is this practically a "tax-optimized" reverse takeover
I've been looking into the transaction that was announced in February and updated this autumn. Officially, it is stated that HRGI is buying NOS for 27.5 mill in shares (1.50 kr/share, 22 % premium), and that the NOS owners (BR Industrier m/Olav Østhus) will become the majority owner in HRGI afterwards.
But look at the structure one more time:
• HRGI is typically a "cleantech growth case" = large accumulated losses (tax loss carryforward, 22 % nominal value).
• NOS is a self-financing engineering company with an order book and positive results.
• Instead of BR Industrier simply buying HRGI for cash (then the loss would most likely have been disallowed according to tax law § 13-3/§ 14-90, cf. the Armada ruling and Bravo Kapital), they choose to sell NOS into HRGI with shares as payment.
Result:
• The NOS owners get >50 % of HRGI without triggering a direct change of ownership in the loss-making company.
• The loss remains in HRGI and can now be offset by group contributions from profitable NOS in the years to come.
• The business justification (engineering expertise + order book) is strong enough that it will be difficult for the Tax Administration to win an anti-avoidance case – even if they were to try.
This is a rather classic (and smart) way to "package" a tax loss carryforward without waving the tax flag too much. I've seen it several times in the energy sector in recent years when industrial owners want to go public via an already listed "shell" with losses.
In short:
HRGI gets capital, expertise, and revenues.
BR Industrier gets majority ownership + a solid tax advantage that is probably worth 20–40 mill over time, while avoiding being denied the deduction.
Win-win, as long as the Tax Administration accepts the synergy story (and it is actually quite good).
Has anyone looked at how large a tax loss carryforward HRGI actually has as of Q3/Q4? It's probably in the notes somewhere.
Holding a small long position here for the long term – the share price is still in the 1-range, while the industrial backing now seems real.
What do you think? Pure synergy or "tax trick with a bonus"?
Good review, but for my part, I'm not in any deep analysis mode here. I'm just bottom-fishing now at these levels. Impossible to predict further price or what Skatteetaten does in the long run, it just has to play out. What I do like, however, is that the NOS-crew isn't exactly running a hobby business. They build, deliver and know what they're doing. Therefore, I'm bullish on the case long-term, and am just using this phase to accumulate quietly and steadily.
After the transaction, the total number of shares in Hrgi/Nos Nova will be 44.968.839. Nos Group now has 11.383.331 and receives 13.946.428, which will total 25.329.759. Key persons in NOS T receive a total of 5.696.431. Lock up 12 months.
Had to laugh a little when I read point 10 in the notice for the eog. They propose to lower the remuneration from 700 000 -> 400 000 for the chairman of the board and from 400 000 to 300 000 for the board members (Bjørn Rygg waives his remuneration). So, times were better before :-))
All respect to NOS. Instead of taking everything themselves, they chose to let us small shareholders come along. Not exactly standard industry practice.
That the transaction happens at 1,40 kroner, i.e., above today's market price, is also a clear signal. It means that someone actually believes the company is worth more than what the stock exchange says today.
In short: this suddenly became much more interesting. Now it's just a matter of leaning back a bit and letting the company do its work♉️
Hrgi has finally gotten a decisive owner. Those who, after the acquisition on Friday, are concerned about the dilutive effect of the acquisition/growth issue, can defend their share by buying shares at a price of 1.40 or lower. Only a few months ago, Hrgi was under liquidation and shareholders were expected to receive approx. 80 øre. It is solely BRI/NOS Group that ensures continued pulse in Hrgi, and now they are building muscle. That is good for us shareholders.
Completely agree!! The Company will have approx. 0,60 in cash and will deliver positive operating figures according to statements from the Chairman of the Board. It is unequivocal that there is a plan, we shareholders get to join the journey.
Näytä vielä 3 kommenttia
Näytä 1 vastaus
Näytä enemmän
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Euronext Growth Oslo
Määrä
Osto
9 577
1,205
Myynti
Määrä
1,265
65 552
Viimeisimmät kaupat
Aika
Hinta
Määrä
Ostaja
Myyjä
1,2
5
-
-
1,265
4 743
-
-
Ylin
1,265
VWAP
-
Alin
1,2
VaihtoMäärä
0 4 748
VWAP
-
Ylin
1,265
Alin
1,2
VaihtoMäärä
0 4 748
Tietoa osakekaupankäyntiin liittyvistä riskeistä
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Näytä kaikki
Seuraava tapahtuma
2025 Q4 -tulosraportti
16.4.2026
Menneet tapahtumat
2025 Q3 -tulosraportti
12.11.
2025 Q2 -tulosraportti
28.8.
2025 Q2 -tulosraportti
22.8.
2024 Q4 -tulosraportti
28.3.
2024 Q4 -tulosraportti
27.3.
Datan lähde: FactSet, Quartr
Tuotteita joiden kohde-etuutena tämä arvopaperi
Sertifikaatit
0,09 NOK/osake
Viimeisin osinko
Näytä
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Horisont Energi (HRGI) + NOS Technology – Is this practically a "tax-optimized" reverse takeover
I've been looking into the transaction that was announced in February and updated this autumn. Officially, it is stated that HRGI is buying NOS for 27.5 mill in shares (1.50 kr/share, 22 % premium), and that the NOS owners (BR Industrier m/Olav Østhus) will become the majority owner in HRGI afterwards.
But look at the structure one more time:
• HRGI is typically a "cleantech growth case" = large accumulated losses (tax loss carryforward, 22 % nominal value).
• NOS is a self-financing engineering company with an order book and positive results.
• Instead of BR Industrier simply buying HRGI for cash (then the loss would most likely have been disallowed according to tax law § 13-3/§ 14-90, cf. the Armada ruling and Bravo Kapital), they choose to sell NOS into HRGI with shares as payment.
Result:
• The NOS owners get >50 % of HRGI without triggering a direct change of ownership in the loss-making company.
• The loss remains in HRGI and can now be offset by group contributions from profitable NOS in the years to come.
• The business justification (engineering expertise + order book) is strong enough that it will be difficult for the Tax Administration to win an anti-avoidance case – even if they were to try.
This is a rather classic (and smart) way to "package" a tax loss carryforward without waving the tax flag too much. I've seen it several times in the energy sector in recent years when industrial owners want to go public via an already listed "shell" with losses.
In short:
HRGI gets capital, expertise, and revenues.
BR Industrier gets majority ownership + a solid tax advantage that is probably worth 20–40 mill over time, while avoiding being denied the deduction.
Win-win, as long as the Tax Administration accepts the synergy story (and it is actually quite good).
Has anyone looked at how large a tax loss carryforward HRGI actually has as of Q3/Q4? It's probably in the notes somewhere.
Holding a small long position here for the long term – the share price is still in the 1-range, while the industrial backing now seems real.
What do you think? Pure synergy or "tax trick with a bonus"?
Good review, but for my part, I'm not in any deep analysis mode here. I'm just bottom-fishing now at these levels. Impossible to predict further price or what Skatteetaten does in the long run, it just has to play out. What I do like, however, is that the NOS-crew isn't exactly running a hobby business. They build, deliver and know what they're doing. Therefore, I'm bullish on the case long-term, and am just using this phase to accumulate quietly and steadily.
After the transaction, the total number of shares in Hrgi/Nos Nova will be 44.968.839. Nos Group now has 11.383.331 and receives 13.946.428, which will total 25.329.759. Key persons in NOS T receive a total of 5.696.431. Lock up 12 months.
Had to laugh a little when I read point 10 in the notice for the eog. They propose to lower the remuneration from 700 000 -> 400 000 for the chairman of the board and from 400 000 to 300 000 for the board members (Bjørn Rygg waives his remuneration). So, times were better before :-))
All respect to NOS. Instead of taking everything themselves, they chose to let us small shareholders come along. Not exactly standard industry practice.
That the transaction happens at 1,40 kroner, i.e., above today's market price, is also a clear signal. It means that someone actually believes the company is worth more than what the stock exchange says today.
In short: this suddenly became much more interesting. Now it's just a matter of leaning back a bit and letting the company do its work♉️
Hrgi has finally gotten a decisive owner. Those who, after the acquisition on Friday, are concerned about the dilutive effect of the acquisition/growth issue, can defend their share by buying shares at a price of 1.40 or lower. Only a few months ago, Hrgi was under liquidation and shareholders were expected to receive approx. 80 øre. It is solely BRI/NOS Group that ensures continued pulse in Hrgi, and now they are building muscle. That is good for us shareholders.
Completely agree!! The Company will have approx. 0,60 in cash and will deliver positive operating figures according to statements from the Chairman of the Board. It is unequivocal that there is a plan, we shareholders get to join the journey.
Näytä vielä 3 kommenttia
Näytä 1 vastaus
Näytä enemmän
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Euronext Growth Oslo
Määrä
Osto
9 577
1,205
Myynti
Määrä
1,265
65 552
Viimeisimmät kaupat
Aika
Hinta
Määrä
Ostaja
Myyjä
1,2
5
-
-
1,265
4 743
-
-
Ylin
1,265
VWAP
-
Alin
1,2
VaihtoMäärä
0 4 748
VWAP
-
Ylin
1,265
Alin
1,2
VaihtoMäärä
0 4 748
Tietoa osakekaupankäyntiin liittyvistä riskeistä
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.