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Geveran's Holding Interest in Flex LNG Reaches 82%
= K-Line also transferred its interest to Geveran =
The mandatory offer made by Geveran Trading, a subsidiary of Fredriksen Group of Norway, to acquire all issued and outstanding shares in Flex LNG Ltd. at an offer price of NOK8.00 per share expired on December 18, 2014. Through the offer, Geveran received acceptance for a total of 44,330,567 shares, corresponding to approximately 34.98% of the share capital and voting rights in Flex. This means that Geveran will, at completion of the offer, hold 103,579,341 shares in Flex, corresponding to approximately 81.74% of the share capital and voting rights.

Kawasaki Kisen Kaisha, Ltd. (K-Line) is one of the parties that accepted the offer by Geveran, announcing that it sold all of its holding shares in Flex on December 19. K-Line decided to review its investments due to some changes in business environment, after it had tried to develop business with Flex as a startegic partner since its investment to Flex in 2008.

Upon the mandatory offer, the board of directors of Flex released a statement on December 9 that the bid price was at the very low end of what it considers to be the fair market value, making no specific recommendation to the shareholders.

Flex was initially investigating possibilities of business by employing floating LNG units called "LNG Producer" to produce LNG on board without success. At the moment the company is buidling two LNG tankers instead.
last modified : Mon 05 Jan, 2015 [13:05]
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