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2008 December 11   07:49

Sovcomflot accumulates over 75 per cent of Novoship's ordinary voting shares

On 5 December 2008 the six month period expired during which minority ordinary shareholders of Novoship had the right to sell their shares to Sovcomflot, at a price of RUB 81.82 per share, which followed a mandatory public offer for the outstanding ordinary shares of Novoship launched by Sovcomflot at the beginning of 2008, in accordance with Russian legislation and in line with best practice corporate governance.

In total, as a result of the two offers in 2008, Sovcomflot acquired 29.6 million ordinary shares of Novoship (7.9 per cent of Novoship’s total ordinary shares and 81.6 per cent of the ordinary shares held by minority shareholders). With the completion of this second offer period and a year after Sovcomflot became the controlling shareholder in Novoship, Sovcomflot has accumulated a 75 per cent absolute majority of Novoship’s ordinary shares. Together with affiliated entities, Sovcomflot now holds 98.2 per cent of Novoship’s ordinary shares. As of 16 October 2008, Novoship’s ordinary shares were delisted from the Russian Trading System (RTS).

“The consolidation of Sovcomflot and Novoship has created an energy shipping powerhouse and positioned the Group among the top five tanker owners globally. The integration of the operations of both companies is on track and well advanced, and we are heading for what is looking to become a record year for the Group in terms of revenues and net profit. Earlier this year we fully integrated our marketing and commercial operations and we have introduced a new unified corporate identity, to increase the visibility of the Group with its customers and business partners. I am confident that with the expanded capabilities of the enlarged Sovcomflot Group, we are able to provide higher added value services for the benefit of our customers” – commented Sergey Frank, President & CEO of Sovcomflot.

“In line with Russian legislation and international best practice standards of corporate governance, Sovcomflot has provided minority owners of Novoship ordinary shares with the opportunity to sell them at the same price at which Sovcomflot received its shares in Novoship from the Russian Federation. This price was based on an independent valuation, and provided minority shareholders with cash settlement at a time of extreme market volatility and low liquidity in the shares” – said Nikolai Kolesnikov, Executive Vice President & CFO.

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