Peter G Livanos has sold around 6m of his shares in Euronav, of which he his chairman of the board, which will reduce his stake in the Belgium-based company to 8.12%.
The stake owned by Livanos and his related entities has been reduced from approximately 19,000,000 ordinary shares in Euronav to 12,922,684 shares.
Livanos’ investment company Ceres Investments (Cyprus) (CIC) has entered into pre-paid forward transactions for the 6m or so shares, a statement said today.
“The pre-paid forward sale transaction is effectively a form of financing secured by a portion of the shares owned. It will allow CIC to finance other activities while retaining significant upside exposure to the Euronav share price,” CIC said.