IMSK - New market maker agreement
(Thomson Reuters ONE) - IMSK - New market maker agreementI.M. Skaugen SE (IMS) has now entered into a new market makeragreement for the company's shares with Argo Securities AS (Argo).The prior market arrangement was terminated as per 26th of October2009. The arrangement is effective as of today. The new agreementshould provide our many smaller shareholders with a better liquidityscheme by offering larger bid / ask volumes and tighter spreadcompared to our previous arrangements.In addition to the "standard" market maker agreement, Argo will seekto improve the liquidity in larger blocks via a shared risk scheme.If Argo wants to buy a larger block of shares we at IMS may assistfor it to do so by entering into "put options" for the company'sshares that Argo may buy and resell. There is a shared risk on theresult of this between Argo and IMS and if the shares remain unsoldthe shares will be bought by IMS and treated as treasury shares. Anytransactions made by IMS under this arrangement will be announced,and will be in accordance with the authorization to acquire thecompany's own shares. The setup is clarified with the FinancialSupervisory Authority of Norway.We currently enjoy 2 200 shareholders where 99% of the shareholdersown 25% of the shares, and the new arrangement is intended to offerthese shareholders a more cost efficient and better liquidityarrangement.I.M. Skaugen SEIf you have any questions, please contact:Bente Flø, Chief Financial Officer, on telephone +47 23 12 03 30/+4791 64 56 08 or by e-mail: bente.flo(at)skaugen.com. This press releaseis also available on the Internet at our website:http://www.skaugen.com.Listed on the Oslo Stock Exchange under the ticker code IMSK, I.M.Skaugen SE (IMS) - is a marine transportation service company engagedin the hassle-free transportation of petrochemical gases LPG and LNG,marine transfer of crude oil and LNG, and the design and constructionof smaller and specialised high quality vessels.We are a fully integrated shipping company that designs, builds,owns, mans and manages our own ships. IMS customers are majorinternational companies in the oil and petrochemical industry, whomwe serve worldwide from our presence in Bahrain, Freeport and Houston(USA), Oslo and Stavanger (Norway), Singapore, Sunderland (UK) andNanjing, Shanghai, Taizhou, Zhangjiagang and Wuhan (China). We alsooperate recruitment and training programmes in St. Petersburg(Russia) and Wuhan (China) for the crewing of vessels.IMS employs approximately 1,700 people and currently operates about35 vessels worldwide. The fleet comprises petrochemical gas and LPGcarriers, Aframax tankers and lightering support vessels, barges andtugs.We have a comprehensive newbuilding programme in China, of whichthree 3,200cbm LPG vessels are delivered and sold; threepurpose-designed combination carriers with LPG/Ethylene/VCM andOrganic chemicals carrying capability; and up to ten advanced10,000-12,000cbm LNG/ LPG/Ethylene gas carriers, with delivery from2009 and onwards. IMS has invested and built up internal resourcesand infrastructure in China to ensure innovative and flexible vesselsat lower cost. During 2008 we also completed our latest fleet renewalprogramme for SPT, with the delivery of six new purpose-designed and-built Aframax tankers on a long-term bareboat charter.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 09.11.2009 - 11:30 Uhr
Sprache: Deutsch
News-ID 8111
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