Marshall Islands-based Management Investor has transferred nearly a half-million shares of Global Ship Lease, bringing its stake down to 8.4% of 17.6m units outstanding.
The offloaded shares had a total value of $3.7m when they were sold at a $7.48 closing price on 1 October 2019, according to a Securities and Exchange document filed Wednesday.
They were worth a combined $3.41m as of early afternoon Thursday New York time, trading at $6.75 per share on the New York Stock Exchange under the ticker symbol GSL.
The Management Investor shares were transferred to beneficial shareholders as a special dividend.
Ian Webber-led GSL's top investors as of 31 December 2019 include B Riley Capital Management with an 11.90% stake and Nokomis Capital, which held a 7% interest at that time.
The company, which holds a market capitalisation of $119m, in March 2019 carried out a one-for-eight reverse stock split of its common shares, bringing its share count down to 9.9m from 79.5m.
GSL earlier this month took a step toward paying off $323m in debt maturing in 2022 by taking up an option to repay $46m in 9.875% secured notes issue in November 2017.
The New York-listed company took on the $323m in debt in an effort to do away with a $420m high-interest bond due in 2019.
This story has been amended to reflect the transaction’s intent.
