OSLO, Norway–(BUSINESS WIRE)–Alpha Blue Ocean Group (“Alpha Blue Ocean”), an alternative investment firm specialising in providing innovative financial solutions for publicly listed entities, has welcomed the decision by the Norwegian Supreme Court to uphold the original decisions by an Oslo court and the Court of Appeal in relation to the Norwegian firm Induct and the European High Growth Opportunities Securitization Fund (“EHGO”). Alpha Blue Ocean is investment manager of EHGO.
Induct’s appeal was against the original decision by an Oslo court that Induct had to repay an outstanding loan of NOK 3,000,000 and penalty interest to EHGO, and also issue the remaining 179, 487 shares from the conversion notice of October 24th 2018 to EHGO. Induct subsequently appealed the decision at the Court of Appeal, which also ruled against them.
The Supreme Court also ruled that Induct had to pay EHGO’s legal costs relating to the city court, the appeal court and the Supreme Court cases. No further appeals are now possible for Induct.
Pierre Vannineuse, the founder of Alpha Blue Ocean, said, “This is a landmark victory for Alpha Blue Ocean in Norway and a tribute to the impartiality of the Norwegian courts. The verdict wholly justifies and validates the position that ABO has taken all along and which the Norwegian courts have now ruled in favour of three times in a row. This latest ruling finally closes the book on this case.
“This verdict is also a vindication of our business model that provides financing to dynamic SMEs and gives them the ability to grow. We firmly believe that by supporting these important businesses which may have not been able to otherwise secure capital from other sources, we are also supporting the real economy and helping to fund innovation.”