Telford Offshore Cuts Share Count
International offshore services company, Telford Offshore, has unwound the share trust originally set up when it was formed via a corporate restructuring in February 2018.
The 2018 restructuring brought the first four of Telford Offshore’s DP3 vessels into the group and assigned both shares and bonds to the former bondholders of Sea Trucks Group Limited (in liquidation) (STG).
Telford Offshore had then acquired a DP-3 pipelay and accommodation vessel and six offshore support vessels following a legal settlement between STG and West African Ventures.
The purpose of the trust was to hold shares in the group’s parent company, Telford Offshore Holdings Limited (TOHL), for up to one year following the restructure.
The former STG bondholders had that one-year period to claim their pro rata amount of shares, following which the remaining shares were due to be cancelled and the trust dissolved.
At the end of the one-year period, the number of shares cancelled was 1,538,489, and the remaining number of shares outstanding in TOHL is 8,461,511.