Fredriksen Ups Osprey Offering
Norway's John Fredriksen raised his offer price for Singapore's Osprey Maritime by 12.5 percent in a move seen likely to result in a management change and possible de-listing of the group. Fredriksen, through his privately held World Shipholding Ltd., lifted his offer from S$1.00 to S$1.125 per share for the 38.85 percent of the tanker group he does not already own. Osprey shares ended up 11 percent at S$1.11 after hitting a high of S$1.16. Volume was thin at 660,000 shares. After the market close, the firm announced that its board member Charles Klotz had resigned effective January 10. It did not give a reason. The higher offer comes after criticism from Osprey management that World's initial offer undervalued the company.
World Shipholding Ups Osprey Stake
World Shipholding Ltd has acquired another 0.11 percent of Osprey Maritime Ltd, bringing its total stake in the Singapore group to 73.74 percent, Reuters reported. World, a private company controlled by Norweigian shipping magnate John Fredriksen, sweetened its offer price for Osprey two weeks ago from S$1.00 to S$1.125 per share. Osprey shares were steady at S$1.12 on thin volume at midday on Tuesday. World said in a statement to the Singapore Exchange it had bought 389,000 Osprey shares in the open market on Monday at S$1.12 per share.
World Shipholding Ups Osprey Stake
World Shipholding Ltd. acquired about 91.32 percent of the shares in Singapore's Osprey Maritime Ltd. as of the close of its cash offer on Monday. According to Singapore Exchange rules, World now has the discretion to suspend the listing of Osprey's shares after accumulating more than 90 percent of the issued and paid-up ordinary share capital.
Osprey Maritime To Sell LNG Operations For $635 Million
Singapore's Osprey Maritime said on Monday it agreed to sell its liquefied natural gas (LNG) operations to new subsidiary Golar LNG for US$635 million as part of a restructuring exercise. The marine and chartering services provider said in a statement the disposal was in line with the proposal by World Shipholding Ltd, its controlling shareholder, to reorganize and consolidate all of its LNG interests into Golar LNG. The sale also gives Osprey the opportunity to restructure its LNG assets and to repay existing debts. World Shipholding, a global energy transport giant controlled by Norwegian shipping magnate John Fredricksen, took over Osprey late last year. Osprey shares were de-listed from the Singapore Exchange on May 15.
