Bourbon BoD to Analyze Restructuring Proposals
Following the submission of financial restructuring proposals subject to conditions precedent, the Board of Directors of BOURBON Corporation reviewed today the two proposals which are considered relevant to the interests of the group, its employees, its partners and its shareholders.In particular, the Board relied on the review done by an ad hoc committee of four Directors (two of whom are independent) entrusted since July 2018 with assessing the impact and salient points of each…
BOURBON Committee to Examine JACCAR Bid
At its meeting of March 21, 2014, the board of directors of BOURBON noted JACCAR Holding’s proposed bid for shares of BOURBON. It decided to appoint a committee of four independent group directors (Agnès Pannier-Runacher, Guy Dupont, Philippe Sautter and Mahmud Tukur) to examine this project; this committee will solicit proper consultation in undertaking this review. The board will make a decision on the basis of their recommendations when the final terms of the offer are known. -Philippe Salle, replacing Philippe Sautter, who resigned, for the remainder of his mandate.
Jaccar Proposes Bid for Bourbon Shares
Bourbon has been informed of a proposed bid for its shares at a price of 24 euros per share, announced March 16, 2014 by its main shareholder, Jaccar Holdings. This offer is conditional upon obtaining 50.1% of the capital and bank financing. The offer would allow Jaccar Holdings to strengthen its position in Bourbon’s share capital and provide liquidity to shareholders. Jaccar Holdings has indicated that they do not intend to implement a squeeze-out following the completion of this offer. The proposed offer will be filed with the financial market authorities and the terms of the Offer will be subject to the discretion of the AMF. The…
Bourbon Plans Transformation Project
Bourbon is rolling out a transformation plan for its future growth. As part of its “Transforming for Beyond” project, Bourbon has decided to sell vessels worth $2.5 billion from its fleet and retain the vessels on bareboat charter for a period of 10 years. The terms of a first phase of the financial aspect of “Transforming for Beyond” was signed off on April 9th with the Chinese company ICBC Financial Leasing for up to 51 supply vessels either in operation (24) or under construction (27 with delivery within 14 months) for a total of up to $1.5 billion. The transaction will be closed within two months of its signing following completion of each party procedures. -right of first refusal in the event of ICBC Financial Leasing selling vessels during lease period.
