Latest news with #AvenirLNG
Yahoo
05-03-2025
- Business
- Yahoo
Launch of compulsory acquisition of remaining issued and outstanding shares of Avenir LNG Limited by Stolt-Nielsen Limited
London, March 5, 2025 – Reference is made to the stock exchange announcement of January 27, 2025, stating that Stolt-Nielsen Limited (Oslo Børs: SNI), through its subsidiary Stolt-Nielsen Gas Ltd. had entered into a share purchase agreement to acquire all the shares of Avenir LNG Limited ('Avenir LNG') owned by Golar LNG Limited and Aequitas Limited (the 'Transaction') and subject to completion of the Transaction, Stolt-Nielsen Gas Ltd. intended to offer to buy the shares of all remaining shareholders in Avenir LNG. The Transaction has been completed, and Stolt-Nielsen Gas Ltd. now holds more than 95% of the outstanding shares and votes in Avenir LNG. As the holder of more than 95% of Avenir LNG's shares, Stolt-Nielsen Gas Ltd. is able to acquire the remaining shares in Avenir LNG by way of a compulsory acquisition, in accordance with section 103 of the Companies Act 1981 of Bermuda (the 'Bermuda Companies Act'). The board of directors of Stolt-Nielsen Gas Ltd. has resolved to proceed with this compulsory acquisition, and a notice informing Avenir LNG's shareholders of the compulsory acquisition has been issued (the 'Compulsory Acquisition Notice'). The purchase price for the compulsory acquisition is $ 1.00 per Avenir LNG share (the 'Purchase Price'), which is the same price per Avenir LNG share as in the Transaction. Settlement under the compulsory acquisition will occur in accordance with the standard settlement procedures for compulsory acquisition transactions registered in the Euronext Securities Oslo system (the 'VPS'). The settlement amount per Avenir LNG share that a shareholder will receive is NOK 11.19, representing the equivalent of $ 1.00 using Norges Bank's mid-rate in the interbank market as published on March 4, 2025. Further information about the compulsory acquisition is provided in the Compulsory Acquisition Notice. A copy of the Compulsory Acquisition Notice can also be obtained free of charge during ordinary course of business hours at the offices of DNB Markets, a part of DNB Bank ASA at Dronning Eufemias gate 30, N-0021 Oslo, Norway. As outlined in the Compulsory Acquisition Notice, shareholders of Avenir LNG may, within a one-month period of such notice, starting on March 11, 2025, and ending on April 11, 2025, apply to the Supreme Court of Bermuda for an appraisal of the value of their Avenir LNG shares. Stolt-Nielsen Gas Ltd. is entitled and bound to acquire the Avenir LNG shares of shareholders of Avenir LNG on the terms of the Compulsory Acquisition Notice upon the expiry of one month from the date on which such notice is given, unless a shareholder of Avenir LNG applies to the Supreme Court of Bermuda to appraise the value of their shares within the one month period, whereby Stolt-Nielsen Gas Ltd. may within one month of the court appraising the value of the shares acquire all such shares at the price fixed by the court or cancel the Compulsory Acquisition Notice. Completion of the compulsory acquisition and settlement of the Purchase Price are expected to occur on or about April 16, 2025 (subject to no shareholder applying to the Supreme Court of Bermuda for an appraisal of the value of their shares). Following completion of the compulsory acquisition, Stolt-Nielsen Gas Ltd. will pursue a delisting of Avenir LNG's shares from Euronext N-OTC. Sponsored Norwegian Depository Receipts Equro Issuer Services AS ('Equro'), Avenir LNG's registrar in the 'VPS', is registered as the holder of the underlying common shares in Avenir LNG's register of members maintained at the registered office of Avenir LNG in Bermuda. It is not Avenir LNG's underlying common shares issued in accordance with the Bermuda Companies Act and Avenir LNG's bye-laws but Sponsored Norwegian Depository Receipts ('SNDR'), representing the beneficial interests in such common shares, that are registered in book-entry form with the VPS. Shareholders of Avenir LNG (i.e. holders of SNDRs) must therefore refer to Equro for exercising their rights as shareholders of Avenir LNG. Should a shareholder (i.e. a holder of SNDRs) wish to apply to the Supreme Court of Bermuda to appraise the value of their Avenir LNG common shares (and SNDRs), the applicable number of common shares of Avenir LNG must first be transferred to such holder, and Equro must be contacted (info@ for such transfer to be performed (and prior to any application to the Supreme Court of Bermuda being made). Further details are available in the Compulsory Acquisition Notice. SNDRs issued in the VPS have certain limitations and risks. You can read more about these limitations and risks in Equro's general business terms and conditions available at Equro's webpage. A service description for SNDRs is available at Euronext's webpage. Advisors DNB Markets, a part of DNB Bank ASA, is acting as financial advisor to Stolt-Nielsen Limited. For additional information please contact: Jens F. Grüner-HeggeChief Financial OfficerUK +44 (0) 20 7611 Ellie DavisonHead of Corporate CommunicationsUK +44 (0) 20 7611 About Stolt-Nielsen Limited Stolt-Nielsen (SNL or the Company) is a long-term investor and manager of businesses focused on opportunities in logistics, distribution and aquaculture. The Stolt-Nielsen portfolio consists of its three global bulk-liquid and chemicals logistics businesses - Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers - Stolt Sea Farm and various investments. Stolt-Nielsen Limited is listed on the Oslo Stock Exchange (Oslo Børs: SNI).Sign in to access your portfolio
Yahoo
27-01-2025
- Business
- Yahoo
Stolt-Nielsen to Purchase Shareholding in Avenir LNG Limited
London, 27 January 2025 – Stolt-Nielsen Limited (Oslo Børs: SNI), through its subsidiary Stolt-Nielsen Gas Ltd., has today announced that it has entered into a share purchase agreement to acquire all the shares of Avenir LNG Limited ('Avenir LNG') owned by Golar LNG Limited and Aequitas Limited (the 'Transaction'). The Transaction is expected to be completed during the first quarter of 2025 (subject to fulfilment of the conditions to closing under the share purchase agreement). Upon completion, Stolt-Nielsen Gas Ltd. will control approximately 94.37% of the outstanding shares and votes in Avenir LNG. Avenir LNG is an industry leader in small-scale liquefied natural gas (LNG) supply and is focused on supporting the marine energy transition through one of the largest fleets of small-scale LNG vessels. Avenir LNG owns and operates a fleet of five modern small-scale LNG bunkering vessels, with two newbuildings under construction. Commenting on the transaction, Udo Lange, CEO, Stolt-Nielsen Limited said: 'I am very pleased to announce this increased investment in Avenir LNG. This strategic move not only strengthens our position in the LNG sector but also underscores our commitment to pursuing more sustainable energy solutions for the maritime, industrial, and power generation markets. I am excited about the possibilities ahead and confident that this partnership will propel us into new avenues of growth and impact.' Jonathan Quinn, Managing Director Avenir LNG, added: 'Today marks an exciting new chapter for Avenir LNG as we continue to execute our strategy to become the leading small-scale LNG shipping and trading company. On behalf of the entire team at Avenir LNG, I wish to extend my thanks to the founding shareholders whose support and guidance has been instrumental in positioning Avenir LNG at the forefront of the marine energy transition since we launched in October 2018. With the increased support from Stolt-Nielsen Limited, Avenir LNG is well positioned to act dynamically as we pursue our growth strategy in this burgeoning market.' Subject to completion of the Transaction, Stolt-Nielsen Gas Ltd. intends to offer to buy the shares of all remaining shareholders in Avenir LNG. Further information about the offer (if launched) will be published on Avenir LNG's ticker 'AVENIR' on Euronext NOTC. DNB Markets, a part of DNB Bank ASA, is acting as financial advisor to Stolt-Nielsen Limited. This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Avenir LNG Limited, at the date and time as set out above.
Yahoo
27-01-2025
- Business
- Yahoo
Sale of Shareholding in Avenir LNG Limited
Golar LNG Limited ('Golar') has entered into a share purchase agreement for the sale of all its shares in Avenir LNG Limited ("Avenir LNG" or 'Avenir') to Stolt-Nielsen Gas Ltd. for a total consideration of approximately USD 40 million (the "Transaction"). The Transaction is expected to be completed during the first quarter of 2025, subject to fulfilment of the conditions under the share purchase agreement. Golar will remain a 25% shareholder and debt provider to Higas Srl, the HIGAS LNG storage terminal in Sardinia, ('HIGAS') that was spun off from Avenir LNG in October 2024. As of end October 2024, the book value of HIGAS was USD 40.5 million (on a 100% basis), of which $24.7m was shareholder loans and $15.8m shareholders equity. Golar CEO Karl-Fredrik Staubo commented: 'The sale of Golar's shareholding in Avenir LNG is in line with our strategy to focus on expanding our market leading FLNG position. Golar is proud to have founded Avenir LNG into one of the largest small-scale LNG shipping companies globally alongside our partners Stolt Nielsen and Höegh. Following the sale of Hygo Energy Transition Ltd. in 2021, our Avenir LNG investment was no longer deemed a core asset of Golar's portfolio. We wish the Avenir LNG team and Stolt-Nielsen all the best for the future development of Avenir.' FORWARD LOOKING STATEMENTSThis press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as 'may,' 'could,' 'should,' 'would,' 'expect,' 'plan,' 'anticipate,' 'intend,' 'forecast,' 'believe,' 'estimate,' 'predict,' 'propose,' 'potential,' 'continue,' 'subject to' or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law. Hamilton, BermudaJanuary 27, 2025 Investor Questions: +44 207 063 7900Karl Fredrik Staubo - CEOEduardo Maranhão - CFOStuart Buchanan - Head of Investor Relations This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Associated Press
27-01-2025
- Business
- Associated Press
Sale of Shareholding in Avenir LNG Limited
Golar LNG Limited ('Golar') has entered into a share purchase agreement for the sale of all its shares in Avenir LNG Limited ('Avenir LNG' or 'Avenir') to Stolt-Nielsen Gas Ltd. for a total consideration of approximately USD 40 million (the 'Transaction'). The Transaction is expected to be completed during the first quarter of 2025, subject to fulfilment of the conditions under the share purchase agreement. Golar will remain a 25% shareholder and debt provider to Higas Srl, the HIGAS LNG storage terminal in Sardinia, ('HIGAS') that was spun off from Avenir LNG in October 2024. As of end October 2024, the book value of HIGAS was USD 40.5 million (on a 100% basis), of which $24.7m was shareholder loans and $15.8m shareholders equity. Golar CEO Karl-Fredrik Staubo commented: 'The sale of Golar's shareholding in Avenir LNG is in line with our strategy to focus on expanding our market leading FLNG position. Golar is proud to have founded Avenir LNG into one of the largest small-scale LNG shipping companies globally alongside our partners Stolt Nielsen and Höegh. Following the sale of Hygo Energy Transition Ltd. in 2021, our Avenir LNG investment was no longer deemed a core asset of Golar's portfolio. We wish the Avenir LNG team and Stolt-Nielsen all the best for the future development of Avenir.' FORWARD LOOKING STATEMENTS This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as 'may,' 'could,' 'should,' 'would,' 'expect,' 'plan,' 'anticipate,' 'intend,' 'forecast,' 'believe,' 'estimate,' 'predict,' 'propose,' 'potential,' 'continue,' 'subject to' or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law. Hamilton, Bermuda Investor Questions: +44 207 063 7900 Karl Fredrik Staubo - CEO Eduardo Maranhão - CFO Stuart Buchanan - Head of Investor Relations
