Fairstar Heavy Transport maintains the high ground in current constructive dialog with Dockwise
(Thomson Reuters ONE) -
Fairstar Heavy Transport N.V. (FAIR) noted the extension of the Mandatory Offer
Period by Dockwise with interest.
The Joint Supervisory and Management Boards of Fairstar noticed significant
factual discrepancies in the Dockwise Stock Exchange release this morning. In
the interests of giving our Stakeholders a truthful account of recent
communication between the two companies, Fairstar is releasing a copy of a
letter sent to the Boards of Dockwise on June 10, 2012.
Fairstar Board Members have met with Dockwise representatives on numerous
occasions. Fairstar has engaged in a pro-active policy of constructive
discussions. In spite of attempting to discuss a constructive, fair and proper
accommodation of all Fairstar Stakeholder interests, Dockwise continues to
believe that they are entitled to unilaterally dictate the composition of the
Fairstar Management and Supervisory Boards as well as the fate of our valued
employees and the contractual commitments we have made to our clients.
The "offer" by Dockwise to inject capital into Fairstar has been rejected on the
grounds that it is nothing more than a further guise by Dockwise to increase
their shareholding in Fairstar at a significant discount to the true value of
our Company.
Philip Adkins, CEO, of Fairstar points out: "Dockwise picked up an additional
6% of our company as of last night. Most of the original 54% of their stake was
purchased from financially distressed companies and poorly performing fund
managers under pressure to raise cash. The remaining 40% of shareholders who
have rejected the low-ball offer of NOK 9.3 are well funded, professional
investors who know that Fairstar is immediately accretive to Dockwise up to NOK
14 per share. The idea that Dockwise failed to acquire a meaningful amount of
shares in the original 30 day mandatory offer period because of "technical
reasons" is hilarious. The market is confirming the view of our Joint Boards.
NOK 9.3 is insufficient. If Dockwise wants to close this out, they will need to
raise their offer. If they fail to close this out on terms acceptable to the
remaining Fairstar shareholders, it is difficult to see how the current hostile
stalemate will change. We are dealing with a wolf in wolf's clothing."
A copy of the letter dated June 10, 2012 is attached as well as posted on the
Fairstar website.
For further information please contact:
Philip Adkins, CEO (philip.adkins(at)fairstar.com)
Ingmar den Blanken, Treasurer (ingmar.den.blanken(at)fairstar.com)
Web: www.fairstar.com
Tel: +31 (0)10-403 5333
*****
Profile Fairstar Heavy Transport:
Fairstar Heavy Transport N.V. is a leading provider of marine heavy transport
solutions, specializing in high-value cargoes for the offshore and onshore
energy and construction industries. Fairstar owns and operates three of the most
modern semi-submersible heavy transport ships in the global fleet, FORTE, FJORD
and FJELL. The 50,000DWT, open-stern semi-submersible vessel FINESSE is
currently under construction with Guangzhou Shipbuilding International in China
and will be owned and operated by Fairstar when she is delivered in October of
2012. Fairstar is based in Rotterdam and quoted on the Oslo Stock Exchange
(ticker: FAIR).
Press Release (PDF):
http://hugin.info/143837/R/1619323/517203.pdf
Fairstar response to Dockwise 10-06-2012:
http://hugin.info/143837/R/1619323/517204.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Fairstar Heavy Transport NV via Thomson Reuters ONE
[HUG#1619323]
Unternehmensinformation / Kurzprofil:
Datum: 13.06.2012 - 11:04 Uhr
Sprache: Deutsch
News-ID 155932
Anzahl Zeichen: 4346
contact information:
Town:
ROTTERDAM
Kategorie:
Business News
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"Fairstar Heavy Transport maintains the high ground in current constructive dialog with Dockwise"
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