In addition, ChemLog has terminated a total return swap agreement (TRS) with DnB NOR Markets for 3,000,000 A-shares which have subsequently been sold at NOK 44.00 per share as part of the total transaction.
The transaction was conducted through a book-building process and was managed by DnB NOR Markets and Pareto Securities AS. Following the transaction ChemLog owns no A-shares and 20,500 B-shares in Odfjell SE.
At the same time, Odfjell SE Odfjell SE bought 2,892,166 shares at NOK 44.00 per share. Following the transaction Odfjell SE owns 5,391,166 A-shares and 2,322,482 B-shares in Odfjell SE.
ChemLog has been a long time investor in Odfjell SE and say in a press release that they have had a good return on the investment. The ChemLog has interests in several segments of the shipping sector and say they will use the proceeds for further diversification in shipping. ChemLog was the second largest shareholder in Odfjell SE after the Odfjell family. The company is controlled by Peter G. Livanos and is represented by Ilias A. Iliopoulos as a board member in Odfjell SE.