Divestment of remaining shares in Noreco
On May 7th 2009, the Fund’s remaining shareholding in Norwegian Energy company ASA (Noreco) was divested through a market placement, bringing total proceeds from the Fund’s Noreco investment to about NOK 360 million. The exit is in line with Hitecvision’s ownership plan and within the original fund term.
Noreco was the last remaining significant investment in Fund III, which is now on track to be fully exited within the fund term of seven years, i.e. June 30th 2009.