Rickmers Group has moved to separate itself from Rickmers Trust Management just two weeks before investors vote to decide if they want to accept the company’s restructuring offer or put it into liquidation.
Rickmers Group has sold all of its shares in the trust to Brick Invest, a company controlled by Bertram R.C. Rickmers, who chairs both the trust and Rickmers Group.
A price was not given on the sale but Rickmers shares have plunged to just S$0.031 yesterday on the Singapore Exchange, having trade as high as S$0.39 in the past.
With the shares changing hands Rickmers Trust Management is no longer a fully consolidated subsidiary of Rickmers Group, effectively cutting ties between the two companies before a scheduled extraordinary general meeting where noteholders will decide on the future of the trust.
Rickmers Group will continue to hold an indirect holding in the trust via Rickmers Maritime.
The extraordinary general meeting is scheduled for October 31.