Euronav has come out swinging again in the battle to retain its current board.
The Brussels and New York-listed tanker owner held a conference call for investors on Monday afternoon ahead of a vote on 23 March, at which major shareholder Compagnie Maritime Belge (CMB) is trying to replace all five supervisory directors.
De Stoop characterised this attempt as “brutal”.
“Once you control the board, you control the company,” he told the call.
He warned that Euronav’s strategy and governance will change if CMB moves in its own nominees, and the share price might suffer.
CMB’s owner, the Saverys family, is targeting decarbonisation and diversification for Euronav, potentially into container ships and bulkers as well, after blocking a merger with John Fredriksen’s Frontline.
De Stoop accused the family of attempting to win the Belgian owner “on the cheap”, saying a shareholder usually has to pay a premium to take over a company.
“Here it’s taking control through the back door. While this is very smart, we want people to be aware of it,” he told the call.
He also took issue with CMB’s claim that only a new board will be able to restore “serenity” after a tumultuous period.
De Stoop said: “I found that profoundly unfair. There was no tumultuous time before CMB decided to oppose the merger.”
Everyone else was backing merger
At the time of the agreement last year, Euronav believed everyone was in favour — other shareholders, employees, analysts and clients.
“The chaos was brought to us by CMB,” De Stoop added.
“So to say that by them taking over the boardroom they would be able to restore the chaotic situation they have provoked themselves, I thought was very cynical.”
De Stoop maintained that the board is not determined to force through a merger with Frontline above all else.
“The reality is somewhat different. The board and management is not trying to force anything with anyone; that would be a serious mistake,” he said.
“The company has a strategy which is a growth strategy; it is not specifically a strategy that would involve Frontline.”
The only reason Euronav has launched arbitration against Frontline for pulling out of the combination deal is that shareholders are entitled to know if they can receive damages, he explained.
But management is happy to welcome two representatives from CMB and two from the other major shareholder, Fredriksen, onto the board, and hopes discussions can take place to move the company forward.
