Golden Ocean raises a feeble $7.8m as new equity offering falls flat

Golden Ocean raises a feeble $7.8m as new equity offering falls flat

The results of Golden Ocean’s offering of new equity on the Oslo Børs are in: the firm raised just $7.8m after selling less than half of the shares offered.

The Fredriksen-led company had earmarked up to 34,368,400 new shares for sale in the offering, but only 13,369,291 shares were allocated during the subscription period.

These shares were subsequently sold at a price of NOK 5.00 each, which raised gross proceeds of NOK 66.8m ($7.8m), Golden Ocean confirmed today.

The company had hoped to make up to NOK171.84m ($20m) from the sale of the 34.37m new shares.

The new shares will be restricted for the time being, and will become freely tradeable on the both the Oslo Børs and the NASDAQ Global Select Market during the the second half of 2016.

Fredriksen recently sold $510m worth of shares in Marine Harvest, the world’s largest salmon farmer, with a view to investing the funds in distressed dry bulk or offshore assets.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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