Rebel shareholders have dealt another major blow to Norwegian offshore vessel owner DOF by replacing its entire board of directors.
A large group of minority investors who revolted against the Oslo-listed company’s restructuring plan voted out DOF’s four directors, Hans Olav Lindal, Marianne Møgster, Kathryn M. Baker and Harald Thorstein, and installed five of their recently proposed candidates.
The new board will now consist of Leif Salomonsen as chairman, Beatriz Malo de Molina, Merete Haugli, Tore Grøttum and the company’s second-largest shareholder, Bjarte Brønmo. The proposal was backed by a majority of 57.7%.
Salomonsen, a corporate restructuring expert, previously served as CEO of Norwegian offshore fabricator Kvaerner, among other positions. Malo de Molina has previously worked for shipping investor Christen Sveaas’ Kistefos holding company, as well as Goldman Sachs and McKinsey. She also sits on the boards of a number of companies, including as chair of Crux and board member of NEL, EMGS and Horisont Energi. Merete Haugli has board experience, which includes Farstad Shipping and Solstad Offshore, while Tore Grøttum is a partner in Finance Resources.
The real battle for DOF’s future started after the plan to save the debt-laden company was voted down despite the backing by the creditors, bondholders and largest shareholder Helge Møgster. It further intensified when Brønmo and Georg Wilhelm Bjørnestad the two shareholders controlling nearly 11% of the company, requested an extraordinary general meeting to elect a new board.
DOF filed a petition for reconstruction proceedings with the Hordaland district court earlier this month. The process was agreed upon between the company’s old board and the creditors if the voluntary restructuring scheme fails. The so-called forced reconstruction would leave the shareholders with 1% of the shares in DOF. If this is also voted down, DOF will enter bankruptcy proceedings.
“The board of directors will start work immediately,” said Salomonsen, adding: “Task number one is to get a complete overview of the work which has been done so far, the plans that are in place, and then gradually form an opinion on how to proceed. As part of this, the board will work closely with the company’s management, its creditors and other stakeholders that are central to the company’s future.”
