Watchlist Update: Vow (VOW.OL)

Vow Rallies on VGM Deal – All Eyes on Q1 Results Next

What Just Happened?

Vow surged 13.4% on multi-year record trading volume exceeding 35 MNOK on Friday (May 16), following the announcement of its irrevocable acceptance to sell its entire 24.7% stake in Vow Green Metals (VGM) for NOK 35 million. Some large block trades were registered, suggesting institutional repositioning.

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What Could Explain the Spike in Activity?

1. Kistefos May Have Fully Exited

Kistefos AS, previously one of Vow’s largest shareholders, disclosed on April 24 that it had reduced its stake to 13.8 million shares (4.74%).
Interestingly, this remaining stake roughly matches the size of the big blocks traded on Friday, fueling speculation that Kistefos may have used the liquidity surge to exit completely. If so, this would:

• Remove another overhang that may have held back sentiment.

• Free up Vow’s shareholder base for new institutional interest.

2. Overhang Cleared on VGM Stake

By exiting its VGM position, Vow reduces financial complexity and frees up NOK 35 million in liquidity, addressing one of the overhangs the market has been watching.

3. Strategic Signal with HitecVision