Overseas Shipholding Group confirms Fredriksen stake
Frontline boss John Fredriksen has exercised his previously reported option to increase his ownership stake in Overseas Shipholding Group (OSG) to 9.7%. In an SEC filing yesterday, it was confirmed that Fredriksen is acquiring an additional 1,366,600 shares at $67.45/share from DnB NOR Bank, for a total of $92.2M. That option was previously announced as part of Fredriksen’s initial purchase on 20 March of 1,628,300 OSG shares for $66.19/share, for a total of $107.8M. The additional share purchases will bring Fredriksen’s ownership of OSG to 9.7%, for which he and related parties paid a total of $200M.
The new share purchase filing with the SEC confirms the deemed acquisition of the additional shares, to be delivered by 29 May. OSG is currently trading at $70.04/share.
The new share purchase filing with the SEC confirms the deemed acquisition of the additional shares, to be delivered by 29 May. OSG is currently trading at $70.04/share.