Latest news from Heavy Lift & Project Forwarding International Magazine

Heavy Lift Across the World

Dockwise approves rights issue to finance proposed acquisition of Fairstar

May 11 - The Dockwise-Fairstar saga has rumbled on this week, with Dockwise advising that the financing of its proposed acquisition of shares in Fairstar Heavy Transport nv through the issuance of common shares in a rights Issue to existing shareholders a

Dockwise advised that on approval of the rights Issue, the share purchase agreement with Oceanus for 26 percent of the shares in Fairstar has now become unconditional and ownership by Dockwise in Fairstar is increased to about 54 percent.

Dockwise said the agreement with Oceanus will be completed in the next few days and that it will prepare an offer document for a (mandatory) public offer for the remaining approximately 46 percent shares in Fairstar at an offer price of NKR9.30 per share.

Dockwise expects to make the public offer on or around May 15, 2012.

Yesterday Dockwise issued 25,000 preference shares of par value USD5.00 each, to HAL Investments at an issue price of USD2,000 per preference share, raising gross proceeds of USD50 million.

HAL Investments is the European investment subsidiary of HAL Holding nv, an international investment company based in Curaçao, which is a shareholder in Dockwise, Boskalis Westminster and Vopak, among others.

Fairstar claims that the Dockwise offer undervalues the company's shares and On the G-Captain website, in response to queries about the price offered for Fairstar shares, Andre Goedee, Dockwise CEO has said: "We have put our price forward, and there is a lot of speculation about the remaining 46 percent. "We've said we find the 22 percent premium on the value of the stock prior to our offer, to be a decent proposal, and that's where we are."

Meanwhile, Fairstar has announced that it intends to re-open and continue its previously suspended AGM on May 14, 2012

The agenda of the AGM and the explanatory notes can be obtained on the website of Fairstar.

www.fairstar.com

www.dockwise.com 

www.halinvestments.nl

Heavy Lift | News

Damen ships multiple hulls with Boskalis thumbnail image

Damen ships multiple hulls with Boskalis

June 25 - Royal Boskalis Westminster’s heavy lift vessel Black Marlin has departed Shanghai loaded with 18 Concordia Damen hulls and a crane barge.
Views: 212
FROM THE MAGAZINE: Road rules drive cargoes on to rail thumbnail image

FROM THE MAGAZINE: Road rules drive cargoes on to rail

June 24 - Germany is seeing more project cargoes switching to rail as road regulations are more strictly enforced, while in Russia the sheer distances involved ensure the economic advantages of rail, writes Yvonne Mulder.
Views: 336
Duke steps up at Grieg Star thumbnail image

Duke steps up at Grieg Star

June 21 - Matt Duke is to succeed Camilla Grieg as ceo of Grieg Star, effective July 1, 2019. 
Views: 575

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.