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    Remøy vindicated by limited interest in shares

    News // December 1, 2016

    Åge Remøy, former owner of Rem Offshore, now merged with Solsatd, says there was little interest in shares he offered to sel which he owned in Solstad Offshore.

    Pursuant to an agreement with the Board of Directors of Rem Offshore and through his company, Forsa AS, he offered to sell up to 1,281,600 class A shares in Solstad Offshore ASA to minority shareholders in Rem Offshore. The offer period ended 30 November 2016 and at the end of the offer period, applications for 2,761 shares, corresponding to 0.2 per cent of the total number of shares offered had been received.

    The offer was put forward in response to criticism of the board of the company and Remøy as a principal shareholder in the aftermath of the financial restructuring of Rem Offshore. "The purpose was to give the minority shareholders in Rem Offshore the opportunity to take part in the new capital in Rem Offshore through  acquiring  class A shares in Solstad Offshore on the same terms as myself," said Mr Remøy. "The limited response indicates that only a very few of the other shareholders actually wanted to purchase shares on such terms. This demonstrates that there should be no reason to question the equal treatment of shareholders."

    "The outcome of the offer confirms the board's assessment that it was not realistic to obtain the necessary equity  from the  Rem Offshore shareholders,  other than from Åge Remøy, in order to complete the restructuring of  the company, given the critical situation and the time pressure we were facing. By making the offer the criticism of insufficient equal treatment is in itself rejected as  unwarranted and  unreasonable," said Inger-Marie Sperre, a member of the board at Rem Offshore.

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