Mikko Mäkinen had also written about acc. It’s interesting to see what they do with the cash. Mikko has bought 1.5 million shares, which is a position of almost a million euros.
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ACC ASA’s H1 has been published, the PDF can be found on the left side behind the link.
Work is getting in the way of my hobbies, so I’ll have to wade through it more carefully when I have time. At a quick glance, there was no mention of the size of the upcoming dividend.
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Future strategy
The Board of Directors of ACC ASA is in the process of defining the future
strategy and structure of the Company, including the framework for the use of
the proceeds from the transaction with SLB.
It’s ominous that the deliberations just keep going on and on.
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Please go and fill out the petition to demand equal treatment for shareholders, if there are any owners of this stock on the forum!
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SLB Capturi (formerly Aker Carbon Capture ASA) Q3 is out.
And financials.
A listed company probably couldn’t publish a quarterly report with any less information than this. There is cash, but what is being done with it? The question remains unanswered, but at least we got a deadline.
The Board of Directors of ACC ASA continues the process of determining the future strategy and structure of the company, including the framework and conclusions for the use of the proceeds from the transaction with SLB. As part of this process, the Board is also assessing the role and responsibilities of ACC ASA as seller in the recent transaction with SLB and as a 20% owner in SLB Capturi, including ACC ASA’s remaining pro-rata guarantee exposure for ongoing projects. The board will also consider future needs in ACC ASA for its operations, investment opportunities, and in relation to SLB Capturi.
The conclusion of the Board of Directors’ assessment will be communicated at the latest within the first quarter of 2025.
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2 February 2025 - The Board of Directors of Aker Carbon Capture ASA (ACC ASA or
the Company) has determined the way forward for the Company and has today
proposed an extraordinary cash dividend of NOK 5.80 per share, in total NOK 3.5
billion.
"We propose an extraordinary cash dividend of NOK 3.5 billion to the General
Assembly. ACC has been a remarkable success - emerging as a leader in carbon
capture technology and delivering significant value to shareholders. From a
starting share price of NOK 1.70 to now distributing a dividend of NOK 5.80 per
share, this milestone demonstrates the company's strong progress and value
creation. We are pleased to return substantial cash to shareholders while
maintaining our commitment to responsible ownership of SLB Capturi," said
Kristian Røkke, Chairman of ACC ASA.
In June 2024, ACC ASA and SLB announced the completion of a transaction
combining their carbon capture businesses in a joint venture (JV), since renamed
SLB Capturi. ACC ASA retains a 20% ownership stake in the JV and SLB holds the
remaining 80%. ACC ASA booked a gain on the sale of NOK 4.9 billion in the
consolidated accounts.
Going forward, ACC ASA will, through its ownership in SLB Capturi, continue to
support the development of the carbon capture business of SLB Capturi. The cash
position remaining in ACC ASA following the proposed dividend distribution will
enable the Company to retain a sufficiently robust balance sheet to fulfill its
role and responsibilities as a minority owner of SLB Capturi, and will back ACC
ASA's remaining pro-rata guarantee exposure for projects awarded prior to the
formation of the JV. The Company will continuously consider the best way forward
for the Company and its shareholders.
Based on an audited interim balance sheet dated 30 December 2024, the Company's
Board of Directors has proposed to pay an extraordinary cash dividend of NOK
5.80 per share, totaling NOK 3.5 billion. The dividend is subject to approval by
an extraordinary general meeting in the Company, expected to be held on or about
7 March 2025 (the EGM), including the EGM's approval of the interim balance
sheet. The Board of Directors has also proposed, based on the interim balance
sheet, to reduce the share capital of the Company by approximately 98%, aligning
the capital with the Company's current operations and also safeguarding that the
proposed dividend is treated as repayment of paid in capital for Norwegian tax
purposes to the largest extent possible. The proposed capital reduction is
subject to approval by the EGM, as well as a six weeks' creditor notice period.
The Board has on this basis proposed to pay out the dividend in two tranches, as
follows:
· NOK 4.82 per share shall be paid to the Company's shareholders as of 7 March
2025 (as registered in the VPS as of 11 March 2025), subject to approval by the
EGM, and
· NOK 0.98 per share shall be paid to the Company's shareholders as of 25
April 2025 (as registered in the VPS as of 29 April 2025) or such other dates
which are decided and communicated by the Board, subject to approval by the EGM
and completion of the proposed capital reduction.
ENDS
For further information:
Media and Investors: Mats Ektvedt, mob: +47 41 42 33 28,
email: mats.ektvedt@corpcom.no
About Aker Carbon Capture
Aker Carbon Capture ASA was established as a separate entity in 2020, building
on more than 20 years long experience and maturation of the carbon capture
technology within Aker. Following an agreement with SLB, a joint venture between
SLB and Aker Carbon Capture was established in June 2024. The JV, SLB Capturi,
is headquartered in Oslo, with SLB owning 80% and Aker Carbon Capture ASA owning
20%, two strong companies with proven track record of building successful
industrial businesses positioned for substantial growth.
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Will this also likely flow into Aker Horizon’s coffers?
…………………………….
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Aker Carbon Capture, does anyone know about this situation?
Is it still worth buying this?
I’m not fully aware of the company’s situation
Today %
+14.29%
Dividends
Payments Ex-dividend date Dividend/share
May 7
April 28
0.98 NOK
March 19
March 10
Mikko Mäkinen has written something on the topic, I haven’t had time to delve into that either
What do you think?
Here’s Mikko’s story
I have occasionally slipped into making trades. It’s foolish if you’ve decided not to. Especially one case where the slip-up was a bit bigger. I have owned Aker Carbon Capture (ACC) on/off with quite good success. Now it was back in my portfolio when the stock had fallen significantly, but I believe that carbon capture from factory chimneys will grow enormously. It may not be as effective a solution as often presented, but I’ve thought that if support money pours in, projects will probably start popping up like mushrooms after rain.
The stock was perhaps a couple of percent of the portfolio when a month ago, the American giant SLB decided it wanted ACC under its own company. ACC would own 20% of the new company, receive 7.5 NOK/share in cash upon the closing of the deal during Q2. In addition, the company would retain a 20% ownership in the joint venture, which SLB commits to financing with debt. Then, in 3-3.5 years, ACC can sell its share. At a minimum, it will receive 1.7 NOK for its ownership. Additionally, it can receive 2.3 NOK in performance-based rewards if the joint venture performs well. Furthermore, SLB has the right to buy the share for 4.2 NOK even if ACC has no desire to sell (+ACC has the right to sell for 3.4 NOK under certain conditions, for which precise information has not been obtained). The structure is unnecessarily complex, but ultimately, the owners will receive 9.19-14 NOK in cash.
I know both the situation of ACC’s owner, Aker Horizon, and ACC itself quite well. That’s why I couldn’t resist placing buy orders for ACC, as I see no realistic obstacle to the acquisition going through, and it would be in the interest of the main owner, Aker Horizon, for ACC to pay out as much dividend as possible immediately, i.e., at least 7 NOK. So, if by buying at 7.5 NOK, one very likely gets a 7 NOK dividend in a couple of months and an option for an additional payment of 1.7-6.5 NOK, albeit years later, it’s a damn good deal.
But from my holiday’s perspective, it was a bit bad that all my buy orders have been executed as the stock has fallen below 7. Probably for legal reasons, the company didn’t want to say yet what would be done with the money. But the main owner, Aker Horizon, is already a holding company for green tech. Creating another holding company would be insane and would put Aker Horizon’s debt repayment in a difficult position, as many loans mature in '25-'26, and cash flow is not yet coming in, and the stock is at rock bottom. ACC should be left with minimal staff to keep the company running, so costs would also be small. The only logical solution is a large dividend. (25% is withheld from Norwegian dividends unless registered in advance; with NN insurance products, the withholding can be avoided entirely, but on the other hand, one does not get the tax benefit of the dividend, as 15% is tax-free).
Now I have over a million shares in my portfolio, and it’s a bit annoying, as I wasn’t supposed to do anything like this. The bet itself, in my opinion, has a very positive expected value, but I’m just not really happy that I had to get involved in this mess while on holiday. Especially 1.2 million shares are already over 40 thousand euros in the red.
If it turns out as I think, that the merger is finalized in June and the company distributes a 7 NOK dividend, it would be natural for the stock to rise above 9 NOK before the dividend. Although there’s a long time until the latter pay-off, one doesn’t need very high probability percentages for the additional purchase price and earn-outs for it to be worth paying over 2 NOK for the stock even after the dividend. Of course, in recent weeks, one CC deal went past ACC, but I’m sure many more will come.
Perhaps my problem, however, is that I always assume people would act more rationally than they actually do.
Well, this weighed on my mind, so I thought I’d write my thoughts down. As I’m in holiday mode, it might not be the clearest train of thought.
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The best time to jump in was undoubtedly before the dividend announcement. I exited the company today at a loss because I no longer consider it suitable for my investment portfolio, and because I believe I can destroy my portfolio faster elsewhere.
Below, however, are some thoughts on the current situation. I would emphasize, however, that I do not recommend getting involved in this until you feel you have a clear understanding of the company’s situation.
The company currently has 4.6 billion NOK in cash, which amounts to 7.6 NOK/share. The share price is currently 7.4 NOK, meaning the company is valued slightly below its cash reserves. The company promised yesterday to distribute 5.8 NOK/share from its cash to its owners.
In addition to its cash, the company also has some value because it still co-owns 20% of the joint venture with SLB, which SLB can either decide to buy or ACC can sell to SLB for at least 1.03 billion NOK, but the price could also be higher based on the current market value. ACC also has the possibility of a 1.36 billion NOK performance-based bonus by 2027 at the latest.
I don’t have a link, but I read somewhere today that Pareto estimated the current total value to be 8.8 NOK, which sounds reasonable. Based on this and what was mentioned above, the current price does not seem to fully reflect the total value, but for various reasons, the situation has been the same since the establishment of the joint venture. The markets do not price the company at its theoretical value and seem to value future cash flows with a significant risk factor. Therefore, there is no guarantee that the value will be realized better in the future than what has been seen today.
Edit. Mikko wrote in the blog you linked today that he even bought more, so apparently he at least believes the value will still be realized favorably for the owner. If I had to choose between the two of us, I would believe him.
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Does anyone have a view on what the remaining value might be? Is there any other hidden value left besides cash? Signed, ‘liquidating the rest’ with the stock price increase. It’s funny that the best opportunity for a reckoning came yesterday at the very last minute in this saga.
Edit: and liquidating the rest, I didn’t stay with a small position waiting for more data.
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Wiser ones, please enlighten me:
Today it was decided to close down the company and distribute the remaining assets as extra dividends. Cash 90 million and other assets 90 million on top. Total share capital 600 million shares. Share price now 0.20. The company’s market cap is thus 120 million, assets 180 million. Isn’t there quite a discrepancy there? I no longer have a position, but I’m considering a small play.
Edit: Apparently that 90 million has already been distributed as a dividend, so nothing to see here. You may disperse.
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Having followed a bit from the sidelines, what happened to this when it went up +50% today? 
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