Sonata AS has accepted an offer from Kontrari AS and Kontrazi AS (controlled by Frode Teigen and family) relating to a sale of 14,285,714 shares in Belships ASA (30.2% of the company) and a merger between Lighthouse and Belships with consideration in Belships shares. The merger is expected to close before year-end 2018, subject to the closing conditions being fulfilled. The exchange ratio in the merger is based on an equity value of Belships ASA of USD 37.66 million, corresponding to a price per share of NOK 6.6, and an equity value of Lighthouse of USD 102.82 million.
ABG Sundal Collier acted as sole financial advisor to Sonata AS in its review of its long-term ownership and to Belships ASA in the evaluation of strategic alternatives.
 
About Belships
Belships is an owner and operator of dry bulk tonnage to reputable customers. The company was founded in 1918 and has been listed on the Oslo Stock Exchange since 1937, being one of the longest listed companies in Oslo. Following the merger, Belships controls a fleet of 16 dry bulk vessels, seven Supramax and nine Ultramax vessels (including one newbuild). The vessels are employed both in the long-term charter market and in the spot market. The company has, following the merger, a complete in-house management operation, with technical management based in Singapore and commercial management based in Bangkok.

Published: 5 Oct, 2018

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