Golar LNG Raises $51M
Golar LNG has completed a directed equity offering of 4,000,000 shares mainly towards international institutional investors. The equity offering was significantly oversubscribed. The subscription price is NOK 88 per share, and the issue will give net proceeds of approximately USD 51 million. The company's share capital will after the registration of the share issue consist of 65,612,000 shares, each at a par value of USD 1.00. The managers of the directed issue were Enskilda Securities and Fearnley Fonds. The capital that has been raised will be dedicated to future growth of the business. Golar LNG maintains its expectations for the 2003 results, in line with what has previously been communicated to the market.
Frontline Completes $21.5M Placement and Purchase
Frontline Ltd., has completed a private placement of $21.5M in new equity, by issuing 600,000 shares to several institutional investors at a purchase price of NOK 246 per share. Carnegie ASA, Enskilda Securities ASA and Fearnley Fonds ASA acted as placement agents for the issue. The proceeds from the offering will be used to equity finance the acquisition of three Suezmax tankers. The vessels are built in 1989 - 1990. The purchase price for the vessels are totally USD 66.3 million. The vessels are sister vessels of four vessels already controlled by Frontline. The deal should not be seen as a strategic move away from modern double hull tonnage, but should be seen as an opportunistic deal to maximize Frontline's cash flow in the current strong tanker market.
Bergesen Board Recommendation Shareholders to Accept World Nordic Offer
accept the offer from World Nordic Aps to buy all shares of Bergesen. registered as shareholders as of 24 April 2003. paid on May 14 2003. On 7 April 2003 World Nordic ApS, a Danish limited company controlled by the Sohmen family, announced a mandatory cash offer for the A- and B-shares of Bergesen d.y. ASA (“Bergesen”). On 6 April 2003, World Nordic ApS entered into an agreement with Petter C. G. Sundt and Morten Sig. Bergesen to acquire their shares in Bergesen, in aggregate 16,575,106 A-shares. The price was NOK 180 per share, and included the proposed dividend of NOK 7 per share. capital of Bergesen. Pursuant to the Securities Trading Act Section 4-16, the Board of Directors of Bergesen shall make a statement regarding the offer.
Kvaerner, RGI to Establish Joint Ownership for Shipyards
Aker Kvaerner and Aker RGI have entered into an agreement to establish a joint ownership for their wholly owned shipyards in Germany, respectively Kvaerner Warnow Werft and Aker MTW. Among other conditions, the agreement is dependent on approval from Aker Kvaerner's and Aker RGI's lenders. The aim is to implement the new ownership by the end of 2002. Aker Kvaerner will own 40 percent of the two yards. shipbuilding. shipyards in Europe, USA and Brazil. the largest shipyard groupings in the world. combine their shipbuilding activities when the time is right. in which immediate synergies have been identified. management at each yard have studied alternative forms of cooperation. joint leadership team was established earlier this year. competitiveness.
