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.
