Golden Ocean Group

[LionFlyer]

On this Golden Ocean topic, can anyone explain to me why it spiked up in September from 0.8 to 1.8? I never figured it out after checking SGX and there was no similar spike for the Oslo listing.

[swn]

There is an announcement of a delisting offer this morning but surprisingly there is no cash offer for minority shareholders who are not taking the offer of share swap. I wonder why SGX still approved such a delisting offer. I thought SGX has stated before that there should always be an alternative cash offer for minority shareholders who do not want to accept share swap offer. Can anyone advice on this?

[ghchua]

Since Golden Ocean is a secondary listing with a primary listing elsewhere, I don't think the delisting offer rule applies.

[CityFarmer]

I don't know the detail, has the article below given some clues?

Golden Ocean Group to be delisted on March 20

SINGAPORE (Feb 11): Golden Ocean Group ( Financial Dashboard) will be delisted in Singapore on March 20 as the dry bulk shipper proceeds with a merger with Nasdaq-listed Knightsbridge Shipping (KSL).

The union, first announced last October and to be effected through a share swap, is still subject to the approval of shareholders.

The last day of trading in Golden Ocean shares is March 16, the company said in a statement today.

Golden Ocean, which is also listed in Oslo, Norway, will be delisted from the Norwegian bourse after the merger. The enlarged entity, which will have a fleet of 72 vessels, will apply for a secondary listing in Oslo.

"Shareholders who do not vote in favour of the merger and are not satisfied that fair value has been offered for their shares may apply to the Supreme Court of Bermuda to appraise the fair value of those shares," Golden Ocean said in today's statement.

"Dissenting shareholders who properly exercise their appraisal rights will not have their shares converted to KSL shares at the time of the completion of the merger.

"Instead, following completion of the court proceedings, they will receive cash settlement equivalent to the value of their shares as determined by the Supreme Court of Bermuda."
http://www.theedgemarkets.com/sg/article...d-march-20

[cyclone]

Billionaire Fredriksen seeks investors for shipping-to-fish empire: media reports

Reporting by Terje Solsvik; Editing by Stephen Coates
AUGUST 30, 2019 / 1:16 PM

OSLO (Reuters) - Industrialist John Fredriksen is seeking investors to take larger stakes in his companies and could relinquish control of operations as part of a plan to reduce his workload, the Norwegian-born 75-year-old told two newspapers on Friday.

It was the clearest sign to date of a succession plan for Fredriksen, whose net worth has been estimated at more than $12 billion.

His self-made business empire includes oil-tanker firm Frontline (FRO.OL), dry bulk shipper Golden Ocean (GOGL.O) (GOGLT.OL) and rig owner Seadrill SDRL.OLSDRL.N, as well as fish farmer Mowi (MOWI.OL) and other companies.

“There are several ways this could be done,” he told business daily Finansavisen, while adding he did not plan to leave day-to-day operations to his twin daughters.

“They should not have to live with the work load I’ve had,” he added.

Instead, Fredriksen could seek to build even larger firms via mergers, and thus allow other industrial players to become the top owners of individual companies in his portfolio, he told TradeWinds, a shipping industry newspaper.

Another way to transfer power would be to bring outside investors with sufficient resources and skill into the companies as they are today, he added.

Frontline, one of the companies in the group, recently bought a fleet of oil tankers from Trafigura, making the Geneva-based trading house the second-largest owner of that firm with a stake of 8.5%, while Fredriksen holds 42%.

More details in https://www.reuters.com/article/us-john-...SKCN1VK0I9