February 25 - Fairstar Heavy Transport has been boosted by a private equity placement of NOK 54 million (USD9 million) gross proceeds.
Norwegian and international institutional investors acquired 4.3 million shares at NOK 12.50 per share (USD2.10) in the placement. The share issue represents approximately 10 percent of the shares outstanding prior to the placement.
Mark de Haas, Fairstar CFO commented: "We welcome a number of new shareholders and we appreciate the participation of many current Fairstar shareholders. Our strategy to pursue high-value multi-voyage energy projects requires patience, focus and stable financial recourses. The accepted debt of other heavy transport players has resulted in a clear destruction of value for their shareholders by deep discounting in the spot market."