Aker reduces ownership in Aker American Shipping (06.06.2008)
06.06.08
Aker ASA’s ownership interest in Aker American Shipping ASA is reduced from 53.2% to 19.9%. Aker’s involvement is changing, from being an active industrial owner to becoming a financial investor in the shipowning company.
Aker ASA’s ownership interest in Aker American Shipping ASA is reduced from 53.2% to 19.9%. Aker’s involvement is changing, from being an active industrial owner to becoming a financial investor in the shipowning company.
The shift is an implementation of the plan announced to the market in November 2007.
- We are proud that Aker American Shipping is on its way to becoming a significant ship-owner in the US market, says Leif-Arne Langøy, Chairman and CEO of Aker.
On 6 June 2008, Aker American Shipping Holding AS, a wholly owned subsidiary of Aker ASA, sold 9,182,520 shares at a price of NOK 90 in Aker American Shipping ASA and subsequently entered into a total return swap agreement with exposure to the same number of underlying shares in Aker American Shipping at a swap price of NOK 91.6928 per share. The total return swap agreement may be rolled on a three months basis. The final expiry date of the total return swap agreement is 6 June 2009.
Prior to the transaction, Aker owned 14,675,950 shares in Aker American Shipping through Aker American Shipping Holding. After the sale, Aker owns [5,493,430] shares in Aker American Shipping, corresponding to 19.9% of the issued share capital in Aker American Shipping.
Aker’s financial exposure to Aker American Shipping is unchanged, but Aker’s ownership interest and rights is reduced from 53.2% to 19.9% as a result of the transaction.
In November 2007, Aker announced that it planned to reduce its ownership interest in Aker American Shipping. The sale of shares is related to US Jones Act restrictions which would limit Aker’s further ambitions for developing maritime businesses outside the United States.
As a result of Aker’s reduced ownership interest, Gary Mandel, Chairman of the Board of Aker American Shipping, has informed the nomination committee that he will step down as Chairman, but still be represented on the Board. Ørjan Svanevik will withdraw from the Board, leaving Aker with representation on the Board consistent with its reduced ownership interest.
Aker American Shipping has informed that they intend to summon for an extraordinary general meeting shortly, in order to attend to this board membership matter and other corporate changes that should be considered by the shareholders as a result of Aker American Shipping no longer being part of Aker, including an adjustment to the name of the company.
For further information, please contact:
Geir Arne Drangeid, Aker Group EVP, tel: +47 913 10 458
- We are proud that Aker American Shipping is on its way to becoming a significant ship-owner in the US market, says Leif-Arne Langøy, Chairman and CEO of Aker.
On 6 June 2008, Aker American Shipping Holding AS, a wholly owned subsidiary of Aker ASA, sold 9,182,520 shares at a price of NOK 90 in Aker American Shipping ASA and subsequently entered into a total return swap agreement with exposure to the same number of underlying shares in Aker American Shipping at a swap price of NOK 91.6928 per share. The total return swap agreement may be rolled on a three months basis. The final expiry date of the total return swap agreement is 6 June 2009.
Prior to the transaction, Aker owned 14,675,950 shares in Aker American Shipping through Aker American Shipping Holding. After the sale, Aker owns [5,493,430] shares in Aker American Shipping, corresponding to 19.9% of the issued share capital in Aker American Shipping.
Aker’s financial exposure to Aker American Shipping is unchanged, but Aker’s ownership interest and rights is reduced from 53.2% to 19.9% as a result of the transaction.
In November 2007, Aker announced that it planned to reduce its ownership interest in Aker American Shipping. The sale of shares is related to US Jones Act restrictions which would limit Aker’s further ambitions for developing maritime businesses outside the United States.
As a result of Aker’s reduced ownership interest, Gary Mandel, Chairman of the Board of Aker American Shipping, has informed the nomination committee that he will step down as Chairman, but still be represented on the Board. Ørjan Svanevik will withdraw from the Board, leaving Aker with representation on the Board consistent with its reduced ownership interest.
Aker American Shipping has informed that they intend to summon for an extraordinary general meeting shortly, in order to attend to this board membership matter and other corporate changes that should be considered by the shareholders as a result of Aker American Shipping no longer being part of Aker, including an adjustment to the name of the company.
For further information, please contact:
Geir Arne Drangeid, Aker Group EVP, tel: +47 913 10 458
