Update: Clipper Cleared to Buy Solvang Shares

Norwegian company AS Clipper received acceptances for the acquisition of 120 shares in compatriot Solvang ASA, owner and operator of ethylene and LPG carrier fleet on April 11.

Clipper has received acceptances for a total of 474,894 shares in Solvang in the acceptance period, Clipper informed.

The company holds 6.055,826 shares in Solvang, representing 24.56% of the total share capital and voting rights in this company.

Clipper and its consolidated parties have now a holding of 16.241,133 shares in Solvang, representing 65.88% of the total share capital and voting rights in Solvang.

The above figures are preliminary as registration and approval of acceptances through VPS have not yet been completed, according to Clipper.

On April 5, Clipper launched a mandatory offer to buy all outstanding shares in Solvang, with an offer price of NOK 25.5 per share and an acceptance period from April 6 to May 4.

Solvang manages and has a stake in a total of 21 ships, two Panamax VLGC newbuildings slated for delivery in 2017 and four 21,000 cbm newbuildings to be delivered in 2019.

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