Copyright © BusinessAMBE 2023

Nicolas Saverys, scion of the well-known Antwerp shipping family, has acquired some 84 percent of gas tanker shipping company Exmar after a second round of his takeover bid. But the company continues to float on the stock market.

In the news: Saverex, the family investment vehicle of Nicolas Saverys, announced this morning the results of its extended takeover bid for gas carrier Exmar. The executive chairman presented the bid in April, with which he wanted to take Exmar off the stock market and put it back fully into family hands.

  • Saverys, which controlled more than 45 percent of Exmar shares in April, was able to raise that stake to nearly 84 percent through investor buyouts.
  • But that is not enough to take Exmar off the stock market, as the 95 percent mark must be crossed for that to happen. With a solid 16 percent of the capital still held by the public, the gas tanker shipping company thus remains listed on the Brussels stock exchange.

More context: The failure of the stock market exit is not entirely surprising. Even from the launch of the takeover bid, some analysts thought the offer price was on the low side, and Saverys announced last month that it had no intention of raising that price.

Stock market adventure not over yet

The implications: Picking Exmar off the stock market may not have succeeded, but Nicolas Saverys, with a stake of nearly 84 percent, does have the prospect of the bulk of future dividends and value creation.

  • "Exmar will continue to be listed on the Euronext Brussels exchange as before, but with a whole lot fewer shares in free circulation. This could make future share price movements more volatile, especially since it is not excluded that Saverex or other parties could possibly buy additional shares on the market," KBC economist Tom Simonts writes in an analysis.
  • For example, Saverys could "simulate" the takeover bid by buying additional packages of shares at the same price in the coming weeks. Other large investors could speculate on this by buying back shares themselves.
  • But a sort of armed peace is also possible, where Saverex or other major parties stop making large purchases and the remaining investors simply let their financial fate depend on what major shareholder Saverys intends to do with Exmar.

Conclusion: Nicolas Saverys has gained more than four-fifths ownership of Exmar, but he is not immediately rid of the administration and reporting associated with a stock market listing.

(kg)

© The Content Exchange, source News