Shipping — April 2021
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Fredriksen-dominerte Avance Gas har fulltegnet emisjon
en time siden · Hanna Ghaderi
Det John Fredriksen-dominerte Avance Gas Holding har gjennomført en rettet emisjon på 12,9 millioner nye aksjer. Det ble totalt hentet inn 555 millioner kroner, og tegningskursen var på 43 kroner per aksje.
Midlene vil bli brukt til «generelle selskapsformål», som innebærer finansiering av selskapets program for nybygg, fremgår det av en melding natt til fredag. -
Det var sterk interesse for emisjonen fra norske og internasjonale investorer av høy kvalitet, og den ble betydelig overtegnet, opplyses det.
Styret foreslår gjennomføringen av en reparasjonsemisjon på inntil 644.950 aksjer til samme kurs som den rettede emisjonen.
I en egen melding opplyses det at Hemen Holding tegnet seg for 6.449.500 aksjer i den rettede emisjonen. Etter dette eier Hemen om lag 22,5 millioner aksjer i Avance Gas, som utgjør 29,11 prosent av aksjene. I tillegg eier Frontline, -
vor Hemen har 40,0 prosent av aksjene, totalt 442.384 aksjer i Avance.
Nettoprovenyet fra emisjonen vil bli brukt til generelle selskapsformål, som delvis inkluderer finansiering av selskapets nybyggingsprogram. -
Ifølge presentasjonsmateriellet til emisjonen planlegger selskapet å øke nybyggprogrammet ved Daewoo fra fire til seks VLGCer til en gjennomsnittpris på 78,9 millioner dollar pr skip gjennom utøvelser av to opsjoner. Nybyggprogrammet, inklusive opsjonene, ventes å være fullfinansiert etter emisjonen.
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For første kvartal 2021 oppgis det en TCE-rate på discharge-to-discharge-basis på 37.000-38.000 dollar pr dag, mens kontantposisjonen pr 31. mars 2021 var 95 millioner dollar.
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Containerrater steg 2,6% https://en.sse.net.cn/indices/scfinew.jsp
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Torm: Kapitalforhøjelse i forbindelse med levering af skib: https://www.proinvestor.com/investornyt/673872/torm-kapitalforhojelse-i-forbindelse-med-levering-af-skib
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"Avance Gas (BUY/TP N55) has announced the successful completion of a NOK 555m private placement at NOK 43/sh (4.7% below last close). Mr. Fredriksen signed for 50% of the placement, thus increasing his stake in the company from 24.93% to 29.11%.
The proceeds “will be used for general corporate purposes, which includes partly financing of the Company's newbuilding program” . The company has recently ordered four dual fuel VLGC newbuildings with a 91k cbm capacity, and has options for more.
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Given the recent rise in steel prices and improving backlog at yards, we have seen a significant increase in newbuild prices recently. It is thus fair to assume that Avance’s NB options are in the money, and that the main rational behind the equity raise is to be able to take advantage if this. Assuming Avance declares four additional newbuildings at a fixed cost of $78 each, and with newbuilding prices now standing 5-10% higher than in December, the options could potentially be $16-31m in the m
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in the money.
However, the placement was concluded at an estimated 24% discount to our pre-equity NAV of N56/sh and at a 9% discount to GAV. This equates to an approximately $24m dilutional effect (incl. fees) for current shareholders. Given that the company has been averaging a P/NAV of 0.6x over the past few years and being priced below 0.5x just last September, it is natural that management saw and opportunity with P/NAV at 0.80x as of last close yesterday.
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Thus, assuming the proceeds go towards declaring four additional newbuildings at a fixed cost of $78m each, the dilutional effect of raising equity below NAV is perfectly balanced with the assumed value of such options, and the deal would be neutral on NAV.
Given our positive view on the market fundamentals for VLGCs of the coming years, we believe it is an opportune moment to grow the fleet. Our only concern is that the market will peak before the assumed delivery during 2023. Thus, the impa
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from these potential four additional newbuildings is negligible and nevertheless too far out to have any significant impact on our valuation beside a potential rise in resale values ahead of delivery.
Given the assumed neutral impact in the medium-term from the deal, we keep our target price unchanged at NOK 55. We reiterate our BUY recommendation".
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Joakim Hannisdahl
@JHannisdahl
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41m
Baltic #LPG #shipping index +0% to $52/t (TCE $34k/d) -
Mærsk sætter skub i fragten mellem Asien og Europa https://www.proinvestor.com
/investornyt/673929/maersk-saetter-skub-i-fragten-mellem-asien-og-europa -
Finansavisen Mandagens aksjetips sender kursmål
til himmels -
LPG: F
earnley USD/day 35,660 -
Uddi1999...Der er ingen downtrend. Der er blot tilbagefald pga emissionen. Den slags er helt normalt efter sådanne.
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