Singapore: First Ship Lease Trust (FSL Trust) has sold its entire shareholding of 18,266,649 shares in Danish struggling tanker firm Torm for $2.63m.
This disposal was made between 21 January and 28 January this year with FSL saying it was taking advantage of a recent and short term spike in the Torm share price following the various recent restructuring announcements from Torm.
The Torm shares owned by FSL Trust were issued as part of the restructuring of the nonperforming bareboat contracts in relation to FSL-25 and FSL-26 (Torm Margrethe and Torm Marie) in 2012. The shares were pledged to FSL Trust’s lenders as part of the term loan facility and in the custody of the lenders. [06/02/15]
