Fairstar Heavy Transport response to conditional Dockwise proposed acquisition of Fairstar
(Thomson Reuters ONE) -
Fairstar Heavy Transport N.V. (FAIR) has met with representatives of Dockwise,
today, in Fairstar's Rotterdam Headquarters. At this meeting, Fairstar provided
Dockwise with factual materials, including details about its future order book,
which demonstrate that the true value of Fairstar is significantly higher than
the conditional offer of NOK 9.3 per share. Fairstar has calculated the
replacement cost of the current fleet, the EBITDA contribution of the various
contracts in place for both on-shore and off-shore energy infrastructure
projects, as well as the immediate benefits the conditional proposal would bring
to Dockwise share holders. Fairstar has made it clear to Dockwise that in the
absence of a properly valued, unconditional offer for all of the outstanding
shares in Fairstar, the conditional and opportunistic offer made by Dockwise
will escalate into an increasingly hostile stalemate.
Fairstar Heavy Transport N.V. (FAIR) has appointed ABG Sundal Collier and SEB
Enskilda to act as financial advisors to the Company.
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 two of the most
modern semi-submersible heavy transport ships in the global fleet, FJORD and
FJELL. The 50,000DWT, open-stern semi-submersible vessels FORTE and FINESSE are
currently under construction with Guangzhou Shipbuilding International in China
and will be owned and operated by Fairstar when they are delivered in May and
October of 2012 respectively. Fairstar is based in Rotterdam and quoted on the
Oslo Stock Exchange (ticker: FAIR).
Press release (PDF):
http://hugin.info/143837/R/1605610/508535.pdf
FHT Dockwise presentation April 2012:
http://hugin.info/143837/R/1605610/508536.pdf
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Source: Fairstar Heavy Transport NV via Thomson Reuters ONE
[HUG#1605610]
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Datum: 24.04.2012 - 12:03 Uhr
Sprache: Deutsch
News-ID 1106692
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