The Chairman of the Board at Saga Tankers, Mr. Øystein Stray Spetalen has decided to shift some assets around between his solely-owned investment firm Ferncliff and Saga Tankers.
Under the merger plan, Saga Tankers will acquire shares of assets owned by Ferncliff consisting of:
* 5,768,072 shares in Prospector Offshore Drilling S.A.;
* 46,162,086 shares in S.D. Standard Drilling Plc; and
* Shares in Vallhall Fotballhall representing a 35.64 % ownership interest.
In exchange, Spetalen will acquire 89,056,319 shares of Saga Tankers, or a 98.3 percent of Saga’s outstanding share capital. As of 1 January 2014, Spetalen owned 95.89 percent of the company.
Saga Tankers notes in a statement that “the Board considers that the proposed merger will strengthen the Company’s investment activities,” and the merger will be considered and voted over at an extraordinary general meeting of the company on or about 25 August 2014.