STX Europe Sells Shares in STX OSV Holdings Ltd.
STX Europe Holding AS, a wholly owned subsidiary of STX Europe AS (STX Europe), has agreed to sell part of its equity interests in STX OSV Holdings Limited (STX OSV) to investment funds affiliated with OZ Management LP (Och-Ziff). The placement of 215,590,000 ordinary shares by STX Europe will be at a price of S$1.33 per share. This amounts to approximately 18.27% of the total issued share capital of STX OSV. Following the sale, STX Europe will hold 598,851,000 shares in STX OSV equal to a majority shareholding of 50.75%. STX Europe underscored that the placement was made with the objective of improving the trading liquidity of STX OSV. As a result of placement, Och-Ziff's shareholding in STX OSV will increase to 20.0%. STX Europe remains committed to STX OSV as a substantial shareholder, owning 50.75% of STX OSV post the placement.
STX Europe will use the proceeds from the share sale to reduce its corporate debt, loan to shareholders and for general corporate purposes. The shares of STX OSV are quoted on the Main Board of the Singapore Stock Exchange. STX Europe has obtained necessary consents to this sale of shares pursuant to the lock-up agreement entered into in connection with the IPO of STX OSV in November 2010. As part of the placement, STX Europe also entered into a separate lock-up agreement with OZ Management LP on July 8 2011 pursuant to which STX Europe agreed to not dispose of any additional shares in STX OSV until 12 November 2012 with certain limited exceptions.