Farstad Shipping, represented by its independent directors, has today written a binding agreement with Siem Oilservice Invest Holdings Limited, regarding the restructuring of the supplyrederiet, it goes forward of an announcement.
Farstad will issue a minimum of 702.000.000 new shares to the courses 1,4245 money, that is one billion. Siem will guarantee for one billion of the share issue, subscribe for and be allocated a minimum number of shares that brings the shareholding up to 50.1 per cent after the restructuring.
Siem will then put forward a mandatory offer for the rest of the shares in Farstad.
the Majority Tyrholm & Farstad AS, a preferential rights to subscribe for 105.300.000 new shares of 150 million.
the Rest of the shares will be offered to a mix of existing shareholders and other interesseholdere.
A significant proportion of the secured lenders support the agreement. The secured lenders will be asked to convert parts of the group’s secured debt to equity in Farstad, and to postpone the payment in installations to ensure the company financial maneuverability out 2021.
the Bondholders in Farstads bond will be prompted to convert all outstanding, a total of nok 1.4 billion, to equity in Farstad. Certain other creditors will also be asked to contribute.
the head office and our operations centre will remain in Ålesund.
Farstad Shipping rock to the bottom of the taperlisten on the Oslo stock Exchange, with a decrease to 32.6 per cent to 4.00 million. Thus, is the stock an to his surefire lowest listing was ever.
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