EuropeFinance and Insurance

Ocean Yield completes private placement

Oslo-listed Ocean Yield has completed the private placement of up to 13,462,857 new shares, which is equivalent to around 9.99% of its current outstanding stock.

Ocean Yield’s largest shareholder, Aker Capital, had pre-subscribed for 6,731,428 new shares, around half of the maximum number that were sold in the proposed placement.

But due to “strong” demand, Aker has been allocated zero new shares in order to give priority to other investors and improve the shares’ overall free float.

Aside from Aker, which already owns 72.9% of the company, the new equity was offered to Norwegian investors and international institutional investors.

The net proceeds will go towards financing further growth and for general corporate purposes, Ocean Yield said.

Danske Bank, DNB Markets, Nordea Markets, Pareto Securities and Skandinaviska Enskilda Banken were the placement’s joint lead managers.

Ocean Yield said its board considered the private placement to be a better alternative than a rights issue “since the company is able to raise capital more quickly, at a lower discount to the last trading price and with significantly lower transaction costs and risk”.

“We are pleased to announce this successful private placement, which is an important milestone in our efforts to build Ocean Yield into a substantially larger company. The share issue will also contribute to increase the free float in the Ocean Yield share, making it even more attractive for larger investors,” said Lars Solbakken, the company’s CEO.

This article has been updated to reflect the fact the placement has been completed.

Tags

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.
Back to top button
Close
Close