Oslo, Norway, 28 February 2020
Vistin Pharma ASA (Vistin Pharma, OSE: VISTIN), announces that the company has reduced its exposure to the spread between ICE low sulphur gasoil and Sing380.
The changed exposure has been carried out by reducing the position in ICE low sulphur gasoil with 5,000MT in April and 25,000MT in December while keeping the exposure to the SING380 unchanged.
The transaction has been carried out to reduce the remaining overall risk in the portfolio of oil derivatives under the current market conditions.
The transaction resulted in a loss of approximately 46.5 million.
After the transactions, excluding the contracts that expire in February, the remaining positions are long in the spread between Gasoil versus Sing380 with 47,600MT and short on Sing380 with 30,000MT:
|Before transaction||After transaction|
|Sing380||ICE Gasoil||Sing380||ICE Gasoil|
|March||-11 100||11 100||-11 100||11 100|
|April||-11 100||11 100||-11 100||6 100|
|December||-55 400||55 400||-55 400||30 400|
|-77 600||47 600|
As previously communicated, any changes to the volumes and exposure will be subsequently announced.
For further information, please contact:
Lars Christian Stugaard
+47 47 63 05 22
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.
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