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Latvian Shipping Company shareholder asks permission to extend share repurchase

Photo: siaserviss.lv.
Latvian Shipping Company shareholder Vitol Netherlands B.V. has requested permission to extend share repurchase offer.

On Thursday 29 June, Finance and Capital Market Commission received an application from Vitol Netherlands B.V. requesting permission to extend share repurchase offer.
 

The party offering share repurchase owns 141,489,336 or 70.75% of Latvian Shipping Company Shares.
 

The price of a single share in the repurchase offer is proposed at EUR 0.71 per share.
 

The term for the share repurchase offer is 30 calendar days from the day of the offer’s initial extension.
 

As it is known, Vitol Holding B.V. (Vitol Group) announced on 15 June that Vitol Group’s indirectly owned and controlled Ventspils Nafta transferred 99,880,361 Latvian Shipping Company shares to Vitol Netherlands B.V.
 

On 14 June, Vitol Netherlands B.V. acquired significant portion of shares from Estonian Fondo H Estonia by purchasing 39,249,118 company shares or 19.62% of Latvian Shipping Company’s share capital. Those shares were bought for EUR 21,979,506.08 (EUR 0.56 per share).
 

LSC performs cargo transports around the world, trains professional crew and offers technical management to owned and partner ships. The company is also listed on the Nasdaq Riga.

BNN/LETA

02-07-2017
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