Aker reduces its holding in Aker American Shipping
Aker ASA's ownership interest in Aker American Shipping ASA isreduced from 53.2% to 19.9%. Aker's involvement is changing, frombeing an active industrial owner to becoming a financial investor inthe shipowning company. The shift is an implementation of the planannounced to the market in November 2007.
- We are proud that Aker American Shipping is on its way to becominga significant ship-owner in the US market, says Leif-Arne Langøy,Chairman and CEO of Aker.
On 6 June 2008, Aker American Shipping Holding AS, a wholly ownedsubsidiary of Aker ASA, sold 9,182,520 shares at a price of NOK 90 inAker American Shipping ASA and subsequently entered into a totalreturn swap agreement with exposure to the same number of underlyingshares in Aker American Shipping at a swap price of NOK 91.6928 pershare. The total return swap agreement may be rolled on a threemonths basis. The final expiry date of the total return swapagreement is 6 June 2009.
Prior to the transaction, Aker owned 14,675,950 shares in AkerAmerican Shipping through Aker American Shipping Holding. After thesale, Aker owns [5,493,430] shares in Aker American Shipping,corresponding to 19.9% of the issued share capital in Aker AmericanShipping.
Aker's financial exposure to Aker American Shipping is unchanged, butAker's ownership interest and rights is reduced from 53.2% to 19.9%as a result of the transaction.
In November 2007, Aker announced that it planned to reduce itsownership interest in Aker American Shipping. The sale of shares isrelated to US Jones Act restrictions which would limit Aker's furtherambitions for developing maritime businesses outside the UnitedStates.
As a result of Aker's reduced ownership interest, Gary Mandel,Chairman of the Board of Aker American Shipping, has informed thenomination committee that he will step down as Chairman, but still berepresented on the Board. Ørjan Svanevik will withdraw from theBoard, leaving Aker with representation on the Board consistent withits reduced ownership interest.
Aker American Shipping has informed that they intend to summon for anextraordinary general meeting shortly, in order to attend to thisboard membership matter and other corporate changes that should beconsidered by the shareholders as a result of Aker American Shippingno longer being part of Aker, including an adjustment to the name ofthe company.
For further information, please contact:Geir Arne Drangeid, Aker Group EVP, tel: +47 913 10 458
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)