Norwegian increases rights issue

Norwegian increased the shares available in its existing rights issue by 90,871,318 new shares worth NOK 9.087 million at a proposed subscription price of NOK 33.00 per offer share, which represents a discount of approximately 39.4% to previous offer price. The new shares are from Norwegian chairman Bjorn Halvor Kise and chief executive, Bjorn Kjos. The size of the new share offering and its heavy discount has been highlighted as demonstrating the scale of the problems facing the airline. The rights issue should result in gross proceeds to the company of approximately NOK 3 billion. Norwegian’s total equity value is