Aker Maritime previously obliged to postpone the agreed redemption of shares because of objections raised by the French company Coflexip
. Aker RGI now offers to buy all the shares in Aker Maritime at the same price as in the redemption offer. In practice this means that the redemption can be carried out in spite of Coflexip's objections.
In the original redemption offer the value of the Aker Maritime share was set at NOK 95. Since then the value of Aker Maritime's shares in Kværner and the CGG seismic company has fallen considerably. The loss of value amounts to about NOK 31 a share.
Even so, Aker RGI is offering to purchase Aker Maritime's shares at the same price as in the original redemption offer. The amount also includes interest for the period from mid October when the redemption was originally due to have taken place.
As in the original redemption offer, Aker RGI proposes that the settlement for the first 1 000 shares take place in cash. Including interest, the price is NOK 96 a share. Shareholders owning more Aker Maritime shares will receive settlement partly in CGG shares and partly in the form of a five-year listed bond issue to Aker RGI carrying
interest of three-months NIBOR plus 1.75 percent. For the first period interest is set at 8.63 percent.
Aker RGI's offer will be made to all shareholders in Aker Maritime, including those who have not accepted the redemption offer. The offer period runs from 3 to 14 December 2001. If the conditions of the offer are fulfilled, among them that the offer must be accepted by at least 32 per cent of the shares and that Aker RGI's shareholding thereby passes 95 per cent, redemption and settlement will take place on December 21 2001.
Aker Maritime's board will assess Aker RGI's proposal
and issue a statement which will shortly be sent to all Aker Maritime shareholders
. All shareholders will also receive an offer document which will be posted today by Aker RGI.