Fredriksen ups his stake in Golden Ocean

Fredriksen ups his stake in Golden Ocean

Oslo: Franklin Enterprises, a family trust belonging to John Fredriksen, yesterday came in for $6.2m of Golden Ocean’s $200m convertible bond offer.

Following the acquisition, Franklin holds in aggregate $84.6m in the convertible bond, convertible into 4,244,856 shares in Golden Ocean, equalling approximately 2.5% of the shares and votes in the company. Further, Hemen Holding, which is indirectly controlled by trusts established by Fredriksen, holds 74,436,122 shares in Golden Ocean, equalling approximately 43.12 % of the shares and votes in the company.

In addition, Hemen holds TRS agreements with underlying exposure to 195,648 shares in Golden Ocean. The expiry date of the TRS agreements is 7 September 2015 and the TRS price is NOK 29.68 per share. The foregoing calculations are made based on 172.6m outstanding shares in Golden Ocean.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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