Allum Holding, Ferncliff Sell Stake in Saga Tankers
Norway-based shipping company Saga Tankers ASA said in a stock exchange announcement that Allum Holding AS and Ferncliff AS have today sold all of their 47,726,655 shares in Saga Tankers, representing approximately 17.9% of the share capital.
Ferncliff AS has sold 6,235,316 shares in the Company and Allum Holding AS has sold 41,491,339 shares in the Company. The price per share in the Secondary Sale was NOK 1.65. DNB Markets, a part of DNB Bank ASA, acted as sole bookrunner for the Secondary Sale.
Allum Holding AS and Ferncliff AS are both owned by Øystein Stray Spetalen, member of the Board of Directors of Saga Tankers. Following the Secondary Sale, Øystein Stray Spetalen and associated companies will own 172,841,799 shares in the Company, representing approximately 64.9% of the outstanding shares in the Company.
The reason for the Secondary Sale is to increase free-float and maintain a stock with public interest.
In relation the Secondary Sale, Øystein Stray Spetalen has entered into a lock-up agreement with the Bookrunner, for his and his associated companies' shareholdings in the Company for a period of 12 months following completion of the Secondary Sale.
Saga Tankers engages in the investment and management activities related to shipping, rig, real estate, stock trading, and other related businesses.
