EuropeFinance and InsuranceOffshore

Minority shareholders seek to replace DOF’s board

Minority shareholders of financially-troubled Norwegian offshore vessel owner DOF are asking for a new board of directors shortly after the company’s proposed rescue plan was voted down.

DOF said in a regulatory filing a request for an extraordinary general meeting to elect the new board had been submitted on behalf of Bjarte Brønmo and Sans Invest which together hold 9% of the share capital.

Leif Salomonsen will be proposed as the new chairman, while other candidates will be presented before the general meeting to be held no later than December 14.

Earlier this month DOF failed to secure two-thirds of shareholders backing for the restructuring deal, supported by creditors, bondholders and the company’s largest shareholder Helge Møgster who controls just shy of 32% of the Austevoll-headquartered company.

A large group of minority shareholders (DOF Minoritetsgruppen), which hold over 30% of DOF, opposed the deal which involved the conversion of debt into shares.

DOF warned again on Thursday its creditors stood firm that no other available alternatives than the negotiated restructuring, which leaves the current shareholders with 4% of the shares unless the overdue debt of around NOK23bn is settled. In the event of the restructuring through a forced reconstruction and/or bankruptcy in the company, the shareholders would end up with less or no value compared to the proposed restructuring.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
Back to top button