What are the tax and liquidity implications for shareholders receiving AKHH shares as a dividend?

Tax implications – In Norway, an in‑kind dividend is treated as a taxable dividend at the time the shares are credited to the shareholder’s account. The market value of the AKHH shares on the ex‑dividend date becomes the taxable amount and is subject to the ordinary dividend tax rate (generally 22 % in 2025, with a possible credit for foreign‑withholding tax if AKHH has overseas assets). The shares received become the shareholder’s cost basis, so any future sale will be taxed on the capital‑gain difference between the sale price and that original dividend‑value. For non‑resident shareholders, the dividend may be subject to Norwegian withholding tax (typically 15 % reduced by tax treaties) and the subsequent capital‑gain will be taxed in the investor’s home jurisdiction. Planning to offset the dividend income with any capital‑loss carryforwards or to hold the shares until a favorable tax year can reduce the net tax bite.

Liquidity implications – AKHH is a newly listed holding entity and its free‑float is limited to the shares distributed by Aker Horizons. Initial trading volumes are expected to be modest, which can lead to wider bid‑ask spreads and price volatility, especially if a sizable proportion of shareholders decide to liquidate immediately after the ex‑dividend date. Market depth on the Oslo exchange is thin, so large sell orders may move the price sharply. Traders should therefore assess the order‑book and consider using limit orders or participating in block‑trade venues to avoid excessive slippage. From a fundamentals standpoint, AKHH holds the same assets as Aker Horizons, so its valuation should track the parent’s performance, but the market may initially price a discount for the liquidity risk. An actionable approach is to monitor the first few days of AKHH’s price action, gauge the spread, and decide whether to hold for the longer‑term upside linked to Aker Horizons’ growth or to sell a portion quickly to lock in the dividend‑derived value while managing tax exposure.