As a result of an earlier transaction, Stolt-Nielsen Gas now holds more than 95% of the outstanding shares and votes in Avenir LNG.
This means that as the holder of these shares, the company is now able to acquire the remaining shares in Avenir LNG by way of a compulsory acquisition, in accordance with the Bermuda Companies Act, the Stolt-Nielsen subsidiary said.
The earlier transaction involved the acquisition of all the shares of Avenir LNG Limited owned by Golar LNG Limited and Aequitas Limited by Stolt-Nielsen Gas.
Stolt-Nielsen Gas’ Board said it would proceed with the compulsory acquisition, and a notice informing Avenir LNG's shareholders was issued.
The purchase price is $1 per Avenir LNG share, which is the same price per Avenir LNG share as in the earlier transaction.
Settlement under the compulsory acquisition will occur in accordance with the procedures for compulsory acquisition transactions registered in the Euronext Securities Oslo system (VPS).
The settlement amount per Avenir LNG share that a shareholder will receive is NOK11.19, representing the equivalent of $ 1 using Norges Bank’s mid-rate in the interbank market as published on 4th March, 2025.
Completion of the compulsory acquisition and settlement of the purchase price are expected to occur on or about 16th April, 2025 - subject to no shareholders applying to the Supreme Court of Bermuda for an appraisal of the value of their shares.
Following completion of the acquisition, Stolt-Nielsen Gas will action a de-listing of Avenir LNG's shares from Euronext N-OTC.
DNB Markets, a part of DNB Bank, is acting as financial advisor to Stolt-Nielsen Limited.
