Navigazione Montanari SPA, an Italian owner of vessels that are in the Medgas pool of vessels, has today announced that they will make an offer to all shareholders of I.M. Skaugen ASA to buy all shares at NOK 60 per share. The offer is a surprise and has not been encouraged by us. The price is also very low by all estimates of the value of the IMS shares.
The board of directors will deal with the situation on that basis and on the basis of what is required by the Oslo Stock Exchange rules and regulations and give their recommendation to the shareholders when it has been formally delivered.
I.M. Skaugen ASA has been working on consolidating the gas carrier business for some time and believe that there are many approaches to this. However, this is not considered by us to be the most attractive option to this issue.