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Odfjell doubles share capital to harness renewed investor interest.
(From Lloyds List)
Byline: Jerry Frank
NORWEGIAN parcel tanker giant Odfjell was set to double its share quota in Oslo this morning to harness renewed investor interest in shipping a day after loyal shareholders were thrown an extra NKr130m ($21m) dividend payment.
Shareholders at the extraordinary general meeting in Bergen yesterday gave approval to split shares in two on the Oslo bors alongside voting for the NKr6 per share reward.
Shares in Oslo just before close had risen yesterday by 3.32% by NKr13 to NKr405, which compares with the OSBEX benchmark performance of around NKr200 over the last year.
Odfjell's two shares for every one initiative follows similar moves by Norwegian shipping giants Wilh Wilhelmsen and Fred Olsen, both looking to capitalise on investors attracted by vintage shipping profits this year.
'This is just part of our strategy to increase liquidity and take advantage of renewed interest in shipping,' explained Odfjell vice-president Espen Bjelland, who also represented ...
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