Team Tankers International is convening a special general meeting of shareholders on July 13 to push ahead with plans to delist from the Oslo Stock Exchange.
“The Board has concluded that the Company’s shares are no longer considered suitable for continued listing, and there are limited benefits in continuing with the listing on the OSE due to lack of trading volumes, few and concentrated shareholders, the low share price, costs, and challenges of a publicly quoted market price on the Company’s M&A and S&P efforts and that such matters are not offset by the benefits of the listing,” the company led by Hans Feringa stated in a release today.
Team Tankers expects the delisting proposal to go through with more than 90% of shareholders indicating they approve of the move.
Team Tankers has been listed in Oslo since March 2015. After a brief two-month honeymoon period, its share price has been on a slow general decline ever since.