Oslo, Norway, 30 March 2020
Vistin Pharma ASA (Vistin Pharma, OSE: VISTIN), announces that the company has closed all its remaining oil derivatives positions.
The company believe that closing of all the derivatives position is in the best interest of its shareholders, driven by the challenging and unpredictable environment in today’s financial markets.
After closing of all the positions the total loss for the Energy Trading business is approximately NOK 184 million, including previous communicated losses of approx. NOK 60 million. Current cash position in Vistin Pharma ASA after closing of the positions is approx. NOK 130 million, with approx. NOK 30 million dedicated to the pharmaceutical segment. The intention is to pay out a portion of the remaining cash position from the Energy Trading business to the shareholders. The dividend proposal will be announced well ahead of the Annual General meeting in May.
Closing of all the remaining positions is in line with the strategy of managing the derivate contracts to the best interest of its shareholders, that what was communicated in January 2019.
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For further information, please contact:
Lars Christian Stugaard
+47 47 63 05 22
LarsChristian@ferncliff.no
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About Vistin Pharma | www.vistin.com
Vistin Pharma is a Norwegian pharmaceutical company producing Metformin Hydrochloride (API). The Metformin is also available as Direct Compressible lubricated granules. As a solely dedicated European Metformin producer, Vistin Pharma is a well-positioned supplier to leading pharmaceutical companies. Vistin Pharma is headquartered in Oslo, Norway, and has highly qualified employees and a dedicated manufacturing facility in Kragerø.