28.11.2025
When Early Investors Become Locked In
For many growth-stage companies, the shareholder base expands rapidly. Over time, hundreds of minority investors may hold shares that are valuable on paper but impossible to trade. When a company delays or abandons earlier expectations of a listing, these investors are left without a practical exit strategy.
Why Registration Matters
Registration on platforms such as Euronext NOTC can often be completed with minimal administrative work, as existing annual reports and prospectuses usually contain most of the required information. After registration, the company has no involvement in trading activity, meaning ongoing administrative effort is negligible.
For shareholders, however, NOTC registration is transformative. It enables transparent pricing, responsible management of their investment, and a basic level of liquidity.
Governance Principles vs. Practice
Many companies publicly emphasize good corporate governance and equal treatment of shareholders. However, when hundreds of investors remain in a long-term illiquid position while larger shareholders enjoy structured exit options or preferential terms, the gap between principles and practice becomes clear.
Costs Are Not the Real Barrier
The cost of NOTC registration — generally a one-time fee plus a moderate annual fee — is typically insignificant relative to company valuations or capital structures. If internal capacity is the primary obstacle, shareholders can assist in preparing the application, which must ultimately be submitted through a member firm.
Why This Matters
Minority shareholders often make up the vast majority of individual investors, even if they represent a smaller share of the total capital. Ensuring them access to a basic trading venue supports fairness, transparency, and trust — and demonstrates a genuine commitment to responsible governance.
Read more →20.11.2025
Navamedic reports double-digit Q3 growth; completes DNE Pharma acquisition and rights issue
Navamedic ASA posted double-digit revenue growth in the third quarter of 2025, driven by increases across all three business areas. The Rx segment included NOK 10.6 million in revenue from the newly acquired dne pharma business.
Financing & portfolio move
Acquisition closed: Navamedic completed the dne pharma acquisition in July 2025.
Rights issue: A subsequent rights issue was completed in October 2025 to support the transaction and growth plan.
“The portfolio we have acquired fits well into the Navamedic setup and provides a new focus area with growth potential—Addiction—within our Rx portfolio,” said CEO Kathrine Gamborg Andreassen. “Addiction is a growing societal challenge and Navamedic is now positioned to be at the forefront of treatment within this category.”
Q3 2025 key figures
Operating costs: NOK 40.8m (vs. NOK 37.1m last year).
EBIT: –NOK 0.2m, largely reflecting amortization of intangibles from the dne transaction.
Net financial items: –NOK 3.6m.
Profit before tax: –NOK 3.8m.
Total cash flow (quarter): +NOK 9.1m.
Cash balance (period-end): NOK 51.7m.
Outlook
Navamedic maintains its mid-term ambition of building a NOK 1 billion revenue company. Management points to growth across all business areas and sees additional upside from:
the addiction-treatment portfolio acquired with dne pharma,
the antibiotics portfolio,
Flexilev in Orafid for Parkinson’s disease, and
other established “hero” brands.
Presentation
Navamedic will present Q3 2025 results today at 08:30 at Haakon VIIs gate 2, Oslo. The event will be webcast:
https://navamedic.com/investors/financial-results/
Read more →20.11.2025
Seagarden steps up collagen R&D as demand climbs; clinical study wraps this fall
Seagarden says growing global interest in collagen is being matched by a broader scientific evidence base—an effort the company is actively contributing to through clinical and lab studies. A company-run clinical trial is currently underway and is expected to conclude this fall, according to Chief Scientific Officer Geir Åsmund Myge Hansen.
Clinical evidence to date
Prior human study (2022): Within the EU-funded Aquabioprofit project, Seagarden conducted a clinical study on salmon-derived collagen assessing overall skin health, nail strength, and hair quality.
Design: 116 participants in a two-group, six-month protocol aimed at controlling potential placebo effects.
Outcomes: Reported improvements included better skin health, fewer wrinkles, increased skin moisture, stronger nails, and reduced hair loss, consistent with findings from other researchers.
Current trial & research direction
Ongoing trial: Seagarden’s clinical study is slated to finish this fall.
Focus areas: Hansen emphasizes larger sample sizes and longer durations going forward, with plans to test additional health variables and evaluate different dosages to deepen understanding of effects.
Lab work (in vitro)
Beyond human studies, Seagarden funds cell-based (in vitro) research where skin cells are cultured on collagen-containing media to observe effects at the cellular level.
Collaboration pipeline
Seagarden participates in BLUEWAYSE – Blue Ways to a Sustainable Europe.
The company also has six applications under evaluation: two larger international projects, one national collaboration, and three independent projects seeking funding through Norway’s SkatteFUNN scheme.
“It is an exciting time for nutraceuticals in general, and for anyone interested in the potential applications of collagen,” Hansen said.
This article is based on Seagarden’s update on ongoing and prior collagen research activities.
Read more →20.11.2025
Alginor lines up financing to finish F3; names new CEO
Haugesund, 6 October 2025 — Zirconia News
Alginor ASA says construction of its F3 facility remains on schedule for completion and commissioning in the first half of 2026, and has unveiled a financing package it believes will carry the project into profitable operations. The update came in a letter to shareholders dated 6 October.
Financing: committed bank debt and a shareholder instrument
In September, the company received a commitment for a NOK 230 million secured package from Haugesund Sparebank, split into a NOK 180 million construction loan and a NOK 50 million revolving credit facility, at what the company describes as attractive terms.
To close the remaining gap—previously communicated at roughly NOK 450 million—Alginor’s board proposes a NOK 200 million convertible shareholder loan, guaranteed by the largest shareholders and open to all shareholders pro‑rata. Terms are set out in an extraordinary general meeting (EGM) notice on the company’s website. The proposal is further supplemented by an uncommitted NOK 100 million tap.
Taken together, the package of up to NOK 530 million (of which NOK 430 million is immediately supported by commitments/guarantees) is, according to the company, sufficient to complete and commission F3 and support profitable operations from combined F2 and F3 activity.
Operational focus and portfolio pruning
Management reiterated that it is working through other “critical operational issues” flagged in the company’s 2025 National Prospectus, notably securing reliable raw‑material access and supply chains. Looking beyond F3, Alginor says it will still need financing for future upscaling, including the planned F5 facility.
As part of cost‑cutting and consolidation, Alginor has sold non‑F3 properties at Haraldsgata 162, Kirkegata 169 and Kirkegata 167, using proceeds for debt reduction and liquidity. The company is also pursuing sales of additional listed properties, including plots at Husøy, and says operations will be consolidated at Husøy in proximity to the F3 site.
New leadership team
Alginor announced a new permanent management team:
Steen Myllius Stricker Lund becomes CEO in mid‑October 2025. With 30+ years in food‑industry operations and a stint as COO since May 2025, the board says Lund brings the execution focus needed for the shift to commercial production.
Herluf Nilsen steps in as COO, drawing on 20+ years of food production and facility‑expansion experience. Nilsen joined Alginor as a senior consultant in August 2025.
The company is recruiting a permanent CFO to complete the lineup.
Interim CEO Sten Stenersen will, as planned, return to the board, while interim CFO Sven Sele will remain in role until a successor is appointed and assist through the transition.
What’s next
EGM process & subscription: Shareholders will be invited to subscribe to the convertible loan pro‑rata under the EGM notice; the NOK 100 million tap provides additional flexibility if needed.
Project execution: Keep F3 on its H1‑2026 track and continue supply‑chain work.
Portfolio moves: Progress non‑core asset sales and complete Husøy consolidation.
Key figures (proposed package)
Bank facilities (committed): NOK 230m (180m construction + 50m RCF)
Convertible shareholder loan (proposed, guaranteed): NOK 200m (pro‑rata to all shareholders)
Optional tap (uncommitted): NOK 100m
Total potential mix: Up to NOK 530m
F3 timeline: Completion/commissioning H1 2026
This article is based on Alginor ASA’s 6 Oct 2025 shareholder letter.
Read more →