DHT Holdings' new preferred shares gives voting rights equal to 10,000 common shares as the New York-listed company seeks to hold off a takeover from Frontline.
The Oslo-based tanker owner last night said it issued rights to purchase the new preferred shares as part of the proposed acquisition offer from larger peer Frontline.
Rights to buy the new preferred shares expire 28 January 2018.
The John Fredriksen-led shipowner said it would offer to swap 0.725 of its shares for each share of DHT Holdings, which is led by co-chief executives Svein Moxnes Harfjeld and Trygve Munthe.
DHT's board authorised the issuance of 15,000 new "Series C Junior Participating Preferred Stock." Each new preferred share carries voting rights equal to 10,000 regular shares in "all matters submitted to a vote of the stockholders," the company said in a filing.
Holders of the new Series C share will receive a dividend, which will be the greater of $10 per share or the amount of common share dividends multiplied by 10,000.
