Nol Shares News

Shares of Neptune Orient Lines (NOL) - now a wholly owned unit of French container ship operator CMA CGM - delisted from the Singapore Exchange (SGX) with effect from 9am September 07. CMA CGM said in a press release on Monday (Sep 5) that NOL had obtained the necessary waivers and approval from SGX for the delisting, which will take effect at 9am on Tuesday. CMA CGM has completed the exercise of its rights of compulsory acquisition of all NOL shares held by shareholders who did not accept the all-cash voluntary conditional general offer. The takeover has marked CMA CGM’s biggest ever acquisition and came as container lines sought to cope with a severe market downturn through greater scale.

CMA CGM has reported its all-cash voluntary unconditional general offer for Neptune Orient Lines Ltd (NOL) closed on July 18, 2016, with CMA CGM now owning approximately 97.83 per cent of NOL's share capital. Monday July 18 marked the last day of trading in shares of NOL on the Singapore Exchange. Trading in NOL was suspended. Singapore's former national shipping company was acquired in a 3.38 billion Singapore dollar ($2.5 billion) acquisition by the French shipping line CMA CGM. CMA has passed the required threshold allowing it to compel any remaining shareholders to sell; it has initiated the process for compulsory acquisition of the remaining two percent of shares on the market, at the same price offered for the voluntary buyout.

CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL). Following its all-cash voluntary conditional general offer (Offer) for NOL which was launched on June 6th, 2016, CMA CGM now owns 2,376,715,557 shares representing approximately 91.28% of NOL’s share capital. CMA CGM confirms that it intends to exercise its rights of compulsory acquisition to compulsorily acquire all the NOL shares held by NOL shareholders who have not accepted the Offer, at a price equal to the Offer Price of SGD1.30, in accordance with the Companies Act (Chapter 50 of Singapore). CMA CGM will therefore exercise its rights to compulsorily acquire the remaining NOL shares as soon as practicable after the close of the Offer.

Container shipper CMA CGM S.A. has crossed the 90 percent ownership threshold in Neptune Orient Lines Limited (NOL), enabling it to bring the Singapore company private. Following its all-cash voluntary conditional general offer (Offer) for NOL which was launched on June 6, 2016, CMA CGM now owns 2,361,044,044 shares representing approximately 90.68 percent of NOL’s share capital. With the public float of NOL shares now falling below the minimum threshold of 10 percent, the Singapore Exchange Securities Trading Limited (SGX-ST) may suspend the trading of NOL shares at the close of the Offer. In the event of a trading suspension, CMA CGM does not intend to take steps for the suspension to be lifted. In addition, CMA CGM intends to have NOL delisted from the Main Board of the SGX-ST.

French container shipping firm CMA CGM plans to delist Neptune Orient Lines (NOL) following its takeover of the Singaporean shipper, CMA CGM's vice chairman Rodolphe Saade told French daily Les Echos. CMA CGM, the world's third-largest container shipping company, said earlier this month it holds over 78 percent of NOL shares after buying Temasek Holdings' stake in a $2.4-billion deal agreed last year. Minority shareholders can sell their shares to CMA CG until July 18. Saade said he was confident they will sell and added that as soon as CMA CGM holds 90 percent of NOL, Singapore law will oblige any remaining minority shareholders to sell, after which NOL will be delisted.

France’s CMA CGM now holds over 78 percent of the shares in Neptune Orient Lines (NOL), bringing it closer to taking the Singapore company private. CMA CGM currently owns approximately 78.07% of all NOL shares, and does not intend to preserve the listing status of NOL. Further to the Offer Implementation Agreement, this change in control results in a change in the composition of NOL's Board of Directors. Consequently, a reconstituted Board of Directors, comprising ten members, has been appointed with effect from 9 June. The members of the reconstituted Board of Directors are Mr. Rodolphe Saadé (Chairman), Nicolas Sartini, Lars Kastrup, Serge Corbel, Ziad Tabet, Mrs. Mathilde Lemoine, Ng Yat Chung, Kwa Chong Seng, Quek See Tiat and Tan Puay Chiang.

CMA CGM has finally made its all-cash voluntary conditional general offer for all the outstanding shares of Neptune Orient Lines (NOL). This follows approvals by the relevant regulatory authorities in the European Union and China. The offer price is SGD 1.30 in cash per NOL share, which CMA CGM called a fair value and an offer that the company does not intend to increase. Acceptance of the offer is due by July 4, 2016. CMA CGM currently owns 10.5% of all NOL shares, and intends to delist and privatise NOL through the Offer. NOL’s majority shareholders (Temasek Holdings (Private) Limited and its affiliates), which own 66.78% of all NOL shares, will tender all of their NOL shares in acceptance of the Offer.

French container shipping group CMA CGM bought an additional 2.4 million shares in takeover target Neptune Orient Lines (NOL) from the open market on Thursday at $1.235 and $1.24 per share, says a report in the Business Times. Following the latest transaction, the Marseille-based company now owns 2.32% of its takeover target, NOL. Since CMA CGM announced its takeover plans in December 2015 the latest open market purchases were at a level below the SGD1.30 per it has offered for the Singapore company. The French liner giant has made several open-market purchases of NOL's shares since December 2015 when it launched a pre-conditional voluntary general offer for all shares in the Singapore-listed liner.

French liner giant CMA CGM has acquired last week a total of 2.26 million shares in Neptune Orient Lines (NOL), six months before it is scheduled to make good its S$3.4 billion takeover bid for the Singapore-listed liner, reports Business Times. It acquired 1.33 million (0.05 per cent stake) at $1.233 apiece) and 930,700 shares (0.04 per cent) at S$1.235 each on Jan 4 and Jan 5 respectively. This information was revealed by CMA CGM's financial advisers comprising the Singapore branches of BNP Paribas and The Hongkong and Shanghai Banking Corporation as well as JP Morgan. Marseilles-based container shipping group now has a 1.18% stake in NOL according to Singapore Exchange disclosures.

French carrier CMA CGM, which has announced its bid to acquire Neptune Orient Lines for S$3.4bn ($2.4bn) in cash, is slowly building a stake in Neptune Orient Lines (NOL) for less than the price per share it has offered in a planned takeover deal. CMA CGM has bought 367,000 shares of the Singapore-listed shipping company in the open market for S$1.24 each share, 4.6 percent below its offer price of S$1.30 a share. In an earlier (December 11) disclosure said it bought about 3.68 million NOL shares at S$1.22 per share, equivalent 0.14 percent of the latter’s issued share capital. The French line now has a 0.77 percent stake in NOL according to Singapore Exchange disclosures.

CMA CGM SA has bought about 3.68 million shares of Singapore-based Neptune Orient Lines (NOL) on the open market at S$1.22 per share. The shares purchased make up 0.14 per cent of NOL's issued share capital, reports Straits Times. The purchase price is at a 6 per cent discount to CMA CGM's offer to acquire all of NOL's issued and paid up shares at S$1.30 per share. CMA CGM SA has already made a $2.4 billion takeover bid for NOL to try to cement its own position as a global leader in container shipping. The proposed cash acquisition, announced in a filing with the Singapore Exchange where NOL is listed, values it at around Sg$3.4 billion ($2.4 billion). The total number of shares now owned, controlled or agreed to be acquired by CMA CGM is 10.8 million.

CMA CGM has secured the necessary financial backing to proceed with an acquisition of Singapore's Neptune Orient Lines (NOL), Reuters reports, citing two people said to be familiar with the matter. The French shipping giant is reported to have received “firm commitment” from lenders HSBC, BNP Paribas and JPMorgan to bankroll the deal. A takeover of NOL would boost the world's third biggest container line's position on transpacific routes at a time when operators are struggling with overcapacity and low freight rates. The price of a 67% stake in the Singaporean company is set at USD 2.2 billion. As the talks approach a Dec. 7 deadline…

Shares of shipping group Neptune Orient Lines (NOL) hit a nine-month high today, boosted by prospects of its logistics operations and hopes its weightage will rise in changes to the MSCI Singapore index. NOL, which is the world's sixth largest container shipper, is up 12.5 percent since the start of the year and has outperformed the benchmark Straits Times Index by 31 percent. "A lot of houses like this stock because it has been a great turnaround story. There is also speculation that it might be a beneficiary in the upcoming MSCI changes," a dealer with a Singapore brokerage said. The Singapore-based company, in which the government holds 33 percent, is a constituent stock of the MSCI index with a 1.18 percent weighting.

Shares of Neptune Orient Lines (NOL) fell almost seven percent in heavy trade last Thursday on talk there was some re-rating of the stock following changes in the MSCi index. The shipping group was down 15 cents or six percent at S$2.28 after hitting a low of S$2.26 earlier. Volume was a heavy 12.19 million shares. NOL had lost 10 percent of its value since the start of last week where it stood at S$2.54. "The selling has been very heavy since the start of the week. There is also an earnings downgrade by houses like Salomon Smith Barney," a broker said. A few houses have been downgrading the stock on concerns over higher bunker charges, but some analysts said it might be too early to state the actual impact on NOL.

Shares of Neptune Orient Lines Ltd (NOL), the world's sixth largest container shipper, sank as much as 2.5 percent on Thursday morning to their lowest level since March 2000 on freight rate concerns. By the midday break, NOL had crawled back to S$1.20, down one cent, from S$1.18 in moderate trade of 2.78 million shares. Analysts said there were increased worries for its earnings due to prolonged pressure in freight rates with no short-term recovery in sight for cargo demand due to slowing economies. "People are concerned over pressures in freight rates," said Albert Goh, an analyst at Kim Eng Securities. NOL scrapped a planned share flotation and U.S. listing of its oil transportation unit last month.

Shares of Neptune Orient Lines Ltd (NOL) slumped as much as 6.8 percent on Monday morning after it said it expects to book a profit for the full year but that the results would be much lower than the previous year. The world's sixth largest container ship operator fell to a 17-month low of S$1.08 before crawling back to S$1.11, down $0.05 in moderate trade of more than two million shares. The Singapore Exchange had suspended the stock after its president and CEO Flemming Jacobs warned of NOL's results in local papers, saying "the expectations now are for much lower results than what we saw last year". NOL said its business would be down compared with last year and that expectations now were for much lower results than last year, which was an exceptional year for the liner industry.

Neptune Orient Lines Ltd (NOL), the world's sixth largest container shipping group, apologized to shareholders in a Singapore newspaper advertisement on Thursday for its recent one-day share suspension and price drop. "It is regrettable if the suspension has caused you concern and inconvenience," Flemming Jacobs, NOL Group president and CEO, said in a Business Times announcement. The Singapore Exchange suspended NOL shares last Friday after Jacobs said in an interview carried in local newspapers that the Singapore-based company's reults would be lower this year. "The expectations now are for much lower results than what we saw last year," he was quoted as saying.

Shares of Singapore-based Neptune Orient Lines (NOL), the world's sixth largest container ship operator, were suspended on Friday pending an announcement. "We suggested a suspension pending an announcement by them," a spokesman from the Singapore Exchange told Reuters. NOL officials were not immediately available to comment but the market was speculating the firm may issue a statement on its performance expectations. The Straits Times newspaper quoted president and chief executive Flemming Jacobs as saying "the expectations now are for much lower results than what we saw last year". Falling freight rates and sluggish cargo volumes as a result of the global economic downturn have hurt shippers like NOL. NOL shares were trading at S$1.16 before the suspension.

Shipping and logistics group Neptune Orient Lines (NOL), which lost more than half its market capitalization since the start of the year, saw a staggering 26 million shares traded on Tuesday. By 0900 GMT, NOL ended at S$1.24 ($.72), up 19 cents, amounting to a market capitalization of about S$1.4 billion ($814.5 million). Fueling the shares of the national shipper were persistent buy calls by major research houses, even after NOL's share price collapsed to S$1 ($.58) by mid-March from S$2.35 ($1.37) in early January. Adding to market euphoria were expectations that NOL, in the red since 1997, would unveil strong results for 1999 on March 27, due to improved freight rates and asset sales, analysts said.

Shares of Neptune Orient Lines (NOL) fell almost seven percent in heavy trade on talk there was some re-rating of the stock following changes in the Morgan Stanley Capital International (MSCi) index. The shipping group was down 15 cents or six percent at S$2.28 after hitting a low of S$2.26 earlier. Aside from the index news, there is reportedly concern that the group could be affected by rising bunkering charges. Put in perspective, the drop is minimal considering that NOL has been a top performer on the Singapore bourse this year, up nearly 350 percent.

Shares of shipping and logistics group Neptune Orient Lines Ltd. (NOL) surged almost 10 percent last Tuesday on optimism over recent management changes, dealers said. "We are buying on the back of increasing confidence in the market, higher assurance that the Fed will not be doing anything drastic and hope that NOL's new management would bring positive changes," said one dealer. In late September, NOL announced the hiring of more senior executives from Sea-Land Services as senior officials for its container transportation arm, APL, including Fleming Jacobs as the new chief executive officer. The moves were seen as positive and reinforced the shipping group's commitment to grow its European and North American presence.

Shares of shipping and logistics group Neptune Orient Lines Ltd. (NOL) surged almost 10% on optimism over recent management changes, dealers said on Tuesday. Late September, NOL said it had hired more senior executives from Sea-Land Services as senior officals for its container transportation arm, APL. The move were seen as positive and reinforced the shipping group's commitment to grow its European and North American presence. Flemming Jacobs is NOL's new chief executive officer.