Our position on this is as follows:
IM Skaugen has been promoting Gas carrier industry consolidation and this is one of our key objectives. Any such solution which is sufficiently beneficial to the I.M. Skaugen ASA's shareholders and that is based on commercial analysis will be recommended by the Board of Directors. The Board of Directors will seek to promote and safeguard the value of the shareholders' assets and will as such not exclude any alternatives in this connection. The alternatives that are put forward must, however, reflect the value of the underlying assets in a reasonable manner and the NGC competitive advantage as the cost and service leaders are key to us in this approach. The alternative solutions must give the shareholders of I.M. Skaugen a fair share of the synergies that can be realised through a sensible and industrially oriented consolidation.
It is our continued view that the proposals that are made by Navigazione Montanari to the IMS shareholders do not reflect this attitude. It is further our view that we will not enter into any talks or discussions re such gas carrier industry consolidations as long as the bid from Montanari is pending. It is also our view that it is not in the best interest of our shareholders that the Montanari offer is accepted and it should be declined.